Where can I get Hazard Insurance for my Business?

Where can I get hazard insurance for my business?

The modern concept of insurance was born out of a very simple and old notion: help. In the old days, mutual help rebuilt houses destroyed by Acts of God. Participation in such action was customary and somehow compulsory, otherwise you did not benefited from help in case your property had been affected by whatever calamity.

Remarkable moments in the evolution of insurance were the fourteenth century when the first known insurance contract seems to have been entered into in Genoa and 1752 when the first insurance company was established by Benjamin Franklin. The latter contributed to a large extent to the popularization of the insurance sector.

The sector made progress by ignoring the petty objections and ironies raised by skeptics. They claimed one cannot protect himself from each and every hazard and ridiculed this increasing concern for safety. Cecil Beaton’s words are a good example of such attitude: “Americans have an abiding belief in their ability to control reality by purely material means… airline insurance replaces the fear of death with the comforting prospect of cash.”

The result of the evolution of the insurance industry is evident in the specialization and diversification of the services provided by insurance companies. Their willingness and eagerness to cover as many risks as possible cannot however hide the fact that they thus gain huge profits.

Insurance products are addressed either to individuals or to companies. Corporate clients seem to bring more money to the insurance business due to the value of their property. Property should not be mistaken for the total assets; its definition includes only such transferable items as work buildings in course of construction, permanent fixtures, material and supplies. Indemnity insurance is paid for damage to a wide range of property under many kinds of insurance policies.

It is therefore recommendable to take out an insurance policy. If you are a small business, for example, you can protect your property under the general liability insurance. General liability insurance is just a type of business liability insurance which also comprises professional liability insurance (a kind of policy that addresses services providers who are prone to malpractice, errors, negligence and omissions), and product liability insurance (in case the usage of a certain product causes an injury to a person).

You can benefit from indemnity insurance under an insurance policy, in the event of an act of God.