Lord Hardwicke defines :
“Without insurance, no economy or trade can survive.”
Peter F. Ducker defines :
“It is not possible for industrial economy to work without insurance.”
In reality, today, in all types of business, insurance is compulsory. Insurance helps the entrepreneur by providing security from losses. It is a base of enterprise goodwill. It helps in providing financial support to business due to loss of important person for enterprise. It makes the enterprise efficient by providing a tension-free atmosphere, reduces the cost of product by providing cover from risk, helps in innovation and research, provides basic infrastructure for industries by capital formation. Insurance has helped very big corporate firms to develop and work in a tension-free atmosphere. Therefore, it is true that running business without insurance is impossible in today’s world.
