Final answer:
Business insurance is not a recent offering; it has a long history and has become integral to modern business practices, dealing with challenges such as imperfect information and negotiating better service rates for clients.
Step-by-step explanation:
The statement that business insurance is a relatively recent offering is false. Business insurance has been around for centuries, evolving with the complexities of trade and commerce. With the market revolution, greater scrutiny on businesses, and the development of modern financial markets, the role of insurance has expanded significantly. Insurance helps manage the risks involved with imperfect information, a problem evident in both insurance and financial markets. Insurers benefit consumers—notably in fields like health care—by leveraging their large clients base to negotiate better rates, making insurance a crucial component to modern business practices.