Why is insurance a necessity rather than a choice for a business ?
Insurance is necessity rather than a choice for a business because life is full of uncertainties. Both life and property are exposed to risk or accidents. Death or serious injury causes by train or air accident or shipwreck, loss of goods and property in transit are common uncertainties. Everyone is exposed to one type of risk or the other. But is it impossible to say in advance as to one whose shoulder the heavy burden of such a loss is going to fall. It means that no one can be certain of smooth sailing in private life or business. Insurance does not end all these uncertainties but it minimizes the impact of such uncertainties so that there is a need of insurance.
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