According to Wikipedia
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
Insurance Provides Security to the Business
Insurance provides security to the business. because there are many loopholes of the business where business can face huge losses i.e, fire, theft, change of fashion etc. So, Insurance Provide backups to the business in this kind of situations.
Insurance Increased Productivity of Business
When the business owner will free fear of loses then he can devote his much time to the business. The Businessman owner can work better for the maximization of the profit of the business.
Insurance Empower to Start Business
Insurance empowers people to start their own business. Because it provides security to the business owner in order to save their business setup cost.
Insurance Promotes economic growth
When people start the business it brings taxes to the government that helps the economy to grow.
Click Here: Types of Insurance