Beck Insurance Agency Shares a Brief History of Business Insurance in the USA

ReleaseWire

Archbold, OH -- (ReleaseWire) -- 06/23/2022 -- Beck Insurance Agency has decades of experience serving business insurance in Toledo, Bryan, OH, Sylvania, OH, Perrysburg, Defiance, OH, Wauseon, OH, and the surrounding areas. While business insurance coverage has come a long way since its early roots, Beck Insurance Agency mentions the importance of the history of insurance coverage to better appreciate its invention.

The concept of business insurance has been around since 4000 BC in the form of bottomry contracts for merchants living in Babylon. These bottomry contracts offered loans to merchants sending their goods across seas. If the goods were lost, then loans would not have to be repaid. If goods made it safely to their destination, the interest on these loans covered the insurance risk.

Interestingly, insurance coverage made it to the USA before the nation's independence. In 1752 Benjamin Franklin began the "The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire" which was the very first insurance agency in the new world.

During the industrial revolutions, insurance coverage began to evolve to keep up with new inventions, such as the automobile, and the modern American workplace. Some of the most common types of business insurance that evolved during this time include general liability coverage, workers compensation, and property insurance.

In the modern-day, insurance companies continue to meet the ever-changing demands of the business world by offering innovative business insurance solutions to companies both large and small.

About Beck Insurance Agency
Beck Insurance Agency proudly serves businesses with business insurance in Toledo, Bryan, OH, Sylvania, OH, Perrysburg, Defiance, OH, Wauseon, OH, and the surrounding areas. With experience offering insurance solutions dating back to 1948, Beck Insurance Agency has over 70 years of service providing insurance coverage to companies both large and small in their community.

As a family-owned and operated business themself, Beck Insurance Agency understands the importance of having ample insurance coverage to safeguard their best interests. From small business insurance, trucking insurance, commercial auto insurance, public entities coverage, and more, Beck Insurance Agency provides their clients with the comprehensive coverage solutions they require to stay protected from all angles. Visit www.beckinsurance.com to learn more about business insurance in Toledo, Bryan, OH, Sylvania, OH, Perrysburg, Defiance, OH, Wauseon, OH, and the surrounding areas!