History of USA insurance

The first insurance company in the United States underwrote fire insurance and was formed in Charleston, South Carolina, in 1735. In 1752, Benjamin Franklin helped form a mutual insurance company called the Philadelphia Contribution-ship, which is the nation's oldest insurance carrier still in operation. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses.

The first stock insurance company formed in the United States was the Insurance Company of North America in 1792. Massachusetts enacted the first state law requiring insurance companies to maintain adequate reserves in 1837. Formal regulation of the insurance industry began in earnest when the first state commissioner of insurance was appointed in New Hampshire in 1851. In 1869, the State of New York appointed its own commissioner of insurance and created a state insurance department to move towards more comprehensive regulation of insurance at the state level.

Insurance and the insurance industry has grown, diversified and developed significantly ever since. Insurance companies were, in large part, prohibited from writing more than one line of insurance until laws began to permit multi-line charters in the 1950s. From an industry dominated by small, local, single-line mutual companies and member societies, the business of insurance has grown increasingly towards multi-line, multi-state and even multi-national insurance conglomerates and holding companies.

Insurance in the United States

Insurance in the United States refers to the market for risk in the United States of America, the world's largest insurance market by premium volume. Of the $4.640 trillion of gross premiums written worldwide in 2013, $1.274 trillion (27%) were written in the United States.

Insurance, generally, is a contract in which the insurer (stock insurance company, mutual insurance company, reciprocal, or Lloyd's syndicate, for example), agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium). For example, a property insurance company may agree to bear the risk that a particular piece of property (e.g., a car or a house) may suffer a specific type or types of damage or loss during a certain period of time in exchange for a fee from the policyholder who would otherwise be responsible for that damage or loss. That agreement takes the form of an insurance policy.

"Insurance provides indemnification against loss or liability from specified events and circumstances that may occur or be discovered during a specified period."

About Insurance USA

Insurance USA was first launched in 1998. Our site provides an insurance learning center and marketplace where visitors can learn about insurance products and services and compare competitive offerings.

We strive to offer useful information on auto, life, health, home owner’s and other insurance products and have been working to do so for more than ten years now.

However, Insurance USA is not a licensed insurance agent and does not sell insurance itself, nor does Insurance USA recommend or endorse any specific insurer or insurance products.

Finding the right insurance products can often be a difficult, confusing and time consumning process.

Truck Insurance

Many business owners rely on their trucks as a means to their livelihood and it’s critical they have the best possible commercial truck insurance they can afford.

Whether delivering furniture or flowers, trucks are very often a crucial lifeline to financial stability and personal freedom. Insurance can help keep businesses moving by connecting them to commercial truck insurance policies designed to protect their investments while not breaking budgets.

We feature quotes from the most well-established and experienced A-rated commercial truck insurance carriers so businesses can rest assured they’re covered by a competent company who understands a trucker’s unique needs. Truckers can find policies that cover a whole variety of things such as auto, bobtail and general liability; motor truck cargo, property damage, workers compensation and more.

Best of all, it doesn’t matter whether you’re a seasoned veteran or a new rookie, we can point you to companies that require no minimum truck driving or business experience to obtain coverage while offering steep discounts to more experienced truckers. You will also have the guesswork taken out of state and federal filing with automated processes that can take less than 24 hours.

Van Insurance

Many businesses, including florists, couriers, caterers, electricians, plumbers, and many more, use vans as their means to their livelihood. That’s why it is so important to have proper van insurance coverage.

Van insurance protects you against financial calamity should you or one of your employees cause bodily or property damage to another person. You might also consider physical damage to protect your van in case it is damaged in an accident. Just make sure you carry enough coverage so repairs and replacement costs don’t erode your bottom line.

If you are an independent contractor and you use your van for deliveries or service calls, your employer’s insurance might cover the cargo you transport. In addition they may be able to cover you with liability insurance under their commercial policy, especially if they have an Any Auto policy.

You should check with your employer and verify what is and isn’t covered. Consider your own van insurance policy if you are only covered by your employer when you are making deliveries or performing service calls. Most van policies cover all types such as cargo, delivery, company/fleet, minivans, passenger, wheelchair, and step vans as well as Sprinter trucks.

SUV Insurance

SUVs and pickup trucks are typically the go-to vehicle for many small business enterprises. Whether you are a landscaper, contractor, or other skilled laborer, if you depend on an SUV for your business needs, having decent SUV insurance coverage is the best way to protect you and your business against financial loss.

At the very minimum you should ensure you have enough liability insurance to cover bodily injuries and property damage in case you are found at fault in an accident. Not having proper liability insurance means you are putting your business at risk. If you carry comprehensive and/or collision damage coverage your SUV will be completely protected from virtually all forms of physical damage, as well vandalism, fire, theft, and many more.

You should also seriously consider uninsured or under insured motorist coverage to offer protection in case you are in an accident with someone who isn’t covered with insurance. This type of coverage mitigates a large amount of risk that results from spending so much time on the road. Rules regarding uninsured/under insured coverage vary from state to state but carrying it is an excellent idea regardless of where you live.

Commercial Insurance

For small business owners who use a vehicle to transport products or people, haul equipment, or similar needs, a high-liability commercial insurance policy is likely the best option for protecting their investment.

Whether it is theft, vandalism, property damage, liability, or you need to cover employees or protect yourself against business interruptions, commercial car insurance is a valuable resource to have. If you own and operate a business and you don’t have commercial car insurance, you are putting your enterprise at great risk of losing money and even assets if you are sued due to an accident where in you or one of your employees is found at-fault.