Commercial insurance protects businesses against any risk threatening their future (Jess, 2011). Commercial insurance includes workers’ compensation, commercial auto and equipment breakdown, and cyber liability insurance. Commercial auto and equipment breakdown helps cover businesses that conduct their daily activities using automobiles or equipment. Workers’ compensation insurance is a law requirement for manufacturing, engineering, and construction companies. It will protect the company against lawsuits if work-related accidents and an employee’s injury occur. It also covers medical bills for the injured employee and provides wage replacement and vocational rehabilitation. Cyber liability covers cyber security threats in business-like data breaches (Woods & Simpson, 2017). Most businesses have most of their personal information on their servers. Hacking can have severe financial repercussions.
The difference between the three commercial insurance policies is what they cover or protect. Cyber security covers company data in case of hacking, workers compensation covers workers in case of an injury at work, and auto and equipment breakdown covers equipment in a business in case of breaking down. Billing for cyber security insurance may vary depending on security measures, the number of sensitive records, business type and size, deductibles, and the coverage level. Billing for workers’ compensation differs from one state to another. Some forms should be filled in by billing. The claim form is the first injury report and is completed when the employee seeks treatment for a work-related injury or disease (Guyton, 1999). The doctor attending to the patient should fill out the claim form. There is no co-payment or deductibles. The providers have to pay the compensation in full. In case of a machine breakdown, the auto and equipment insurance covers malfunction and damage of the machine, inventory losses, business income losses, and repairs.
Guyton, G. P. (1999). A brief history of workers’ compensation. The Iowa Orthopedic Journal, 19, 106.
Jess, D. C. (2011). The insurance of commercial risks: law and practice. Sweet & Maxwell.
Woods, D., & Simpson, A. (2017). Policy measures and cyber insurance: A framework. Journal of Cyber Policy, 2(2), 209-226.
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Commercial insurance ranges from individual health coverage to automobile liability coverage. All commercial policies have similarities and differences, and there are critical areas to address in billing for each type.
Describe at least three commercial insurance programs.
Provide the significant features of each program.
Discuss how these programs differ from each other.
Briefly describe how to bill for each program. Use your course and textbook readings and the South University Online Library to support your work. As in all assignments, cite your sources in your work and provide references for the citations in APA format.
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