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.
Tasks:
Describe at least three commercial insurance programs.
Provide the major features of each program.
Discuss how these programs differ from each other.
Briefly describe how to bill for each program.
Sample Solution
1. Professional Liability Insurance: This type of insurance provides coverage for businesses and professionals in the event of a lawsuit. It protects against claims arising from negligence, errors or omissions, or other professional services that result in injury or financial loss to others.
2. Commercial Property Insurance: This type of insurance covers losses resulting from damage to business property due to fire, theft, vandalism, and other perils specified in the policy. The policy also typically includes liability protection for any bodily injury caused by accidents on the insured’s premises.