Insurance is something that is beneficial to the world that we live in. The effect that it has on the public and business community is tremendously positive. The existence of insurance provides a feeling of security and creates jobs for the public as well as helps the business community flourish.
Security is an extremely important thing for the general public to have. Insurance enables the people to feel safe and know that if anything happens to them they will be taken care of. For instance, car insurance can be bought to cover all possible damages that occur in a car accident, health insurance provides money to pay doctors when you are sick, and life insurance is there to make sure your loved ones are taken care of if something were to happen to you personally. Knowing that you can buy insurance for almost anything you need it for helps the public to rest easy and to enjoy the things they have without having to worry about losing them. .
In addition to this, insurance provides the public with jobs. The insurance companies create tons of jobs for all different positions such as insurance brokers, adjusters, managers, and accountants. This is an extremely valuable secondary advantage of insurance. .
Insurance provides the business community with several advantages as well. Businesses make a lot of money owning an insurance company. They not only get money from all of the people buying their insurance, but they invest their money as well and therefore make money off of their money. It also creates competition. This means that other insurance companies are built trying to compete with already existing and successful companies. The companies then compete by making better insurance deals to attract more customers, which in turn benefits the public by giving them better deals and opening up more jobs with other companies.
With all of these advantages of insurance it may still seem to be harmful to the companies if they are bombarded with a series of customers that need to use their insurance.