No matter what business you are in, you can probably find a specialized kind of insurance for it. There are insurance companies that specialize in bars, restaurants, and there is even an option for yacht club liability coverage. But you may be wondering how exactly insurance came out. Here are some interesting facts on the history of insurance.
The first insurance company was created by Benjamin Franklin in 1752 and was called the Philadelphia Contributorship for the Insurance of Houses from Loss by Fire. These companies offered coverage to houses constructed according to building standards, and in 1777 they hired chimney sweeps to maintain chimneys of insured houses.
In 1693, the first known mortality tables were created. Although not incredibly accurate, it was the first step in estimating human life. A century later, insurance companies started using the life expectancy tables. In the early 1900’s, the United States created their first ongoing workers’ compensation program, giving workers a better chance to collect damages from work-related injuries.
With its long history, insurance has made a lot of improvements and other changes in order to expand to what it is today. This has created a better situation for employers as well as employees. You can find all kinds of coverage, include yacht club liability coverage, by doing a thorough search.