Insurance is a means of indemnity against unforeseen occurrences. There are different types of insurance which includes life assurance policy, fire insurance, burglary insurance, car insurance, marine insurance, flood insurance, agricultural insurance policy. All business owner needs to insured there business against any occurrences. My friend establish fish farm in the year 2018, he doesn't insured his farm against flooding, unfortunately there was a flood that wipe away all his fish farm and he loosed everything. Assuming he insured his farm, the insurer would have paid him the value of his farm, but since he doesn't take insurance serious, he learned his lesson in a hard way.