The first time anything similar to insurance was used, is thought to have been in Ancient China when merchants, faced with getting their wares down treacherous rivers, would agree to pay more for their loans if they were forgiven any loses to the river. Although this is thought to have been the first type of insurance, there is evidence that the Ancient Babylonians in 1760 BC also had a similar practice but prior to 1347 AD, insurance like this was only available where loans were involved. It was in the 17th century that Genoa merchants took insurance one step forward. These merchants would band together and agree that they would all pay to compensate any one of them that was to lose a load during the long sea journeys. Merchants continued to insure each other in this manner for the couple of decades but then in London, things changed, due to the great fire of London in 1666. During the fire, 13,000 buildings were destroyed and this prompted Sir Christopher Wren, who was charged with the rebuilding of London, to include an insurance house where 5,000 buildings were immediately insured. Around the same time, in 1670, Edward Lloyd opened a coffee house where merchants could meet wealthy landowners who were willing to invest (insure) the merchants. Ever since then, insurance has continued to increase in popularity and necessity and so is now a multi-billion dollar business.
Most of us will know about insurance due to our cars having to be insured and many of us will also know of it due to life or medical insurance but professionals are also insured with their own policies. Today it is now also possible for professionals in the motor trade industry to be insured. Of course though, as there are many different aspects to the motor trade industry, not just one policy could suit everyone. For that reason, some insurance companies have opted to specialize in motor trade insurance and so anyone in the motor trade profession should find leading motor trade insurance that suits them by first looking online. Once they have found an insurance company that specializes in the motor trade, they should be able to get that company to provide them with a tailor made policy that suits exactly what they do and no more. They can provide policies for both full time and part time workers, from those that work in car dealerships to those that just clean or park cars. Obviously each different policy has its own price but at least by having a tailor made policy, you know you are not paying for anything that you know you do not need, keeping the payments as low as possible. In this modern age, everybody expects everybody else to be insured and if someone isn’t, many times others will not want to do business with them, as there are always risks involved and someone has to pay for any damages from those risks come the end of the day.