Running head: INSURANCES 1

Insurances
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Business insurance is called commercial insurance. it Is advisable for business owners to
invent in commercial insurance as it can be contributory in protecting the business from fatalities
caused by disastrous and unexpected circumstances. Protection offered by the insurance policy
could be against property damage, liability and burglary and could also covers for employee
grievances and business disruption. It is very risky for a business that operates without insurance
coverage, the owner jeopardizes his enterprise to loosing property and money particularly in
times of unpredicted events. It is not difficult to find an authorized commercial insurance agent,
who should be in a position to explain the different types of insurances available and help the
business select the preeminent kind for its specific requirements.
There are different types of commercial insurances, one property insurance i.e.
machinery, removal of debris fidelity, bonds, tenants, crime, and business interruption and law
insurances. Two is the liability insurances; malpractice, omission and errors and automobile
insurances, third are the insurance for workers compensation (In Sametz, 2002). It is important
for the firms to make payments by the due dates else to call the customer care for early reporting.
Liability insurances Is the insurance for which a policy holder compensates another party
as a result of damage or loss. It is compensation over a loss believed to be from an action of
inadvertence legally considered to be negligent hence resulting to damage of material goods or
person. Unlike other insurances, it is a current phenomenon. Among the type of liability
insurances are; marine that protects individuals owning boats and other operators, professional
that protect doctors and other professionals and product liability for producers of consumer
goods (Faruqi & Bery, 2004). The policy holder makes payments to the insurance company who
in turn make compensations to the damaged individuals. The liability insurance faces the
challenge of the snowballing court awards for harms and also compensation for willing fully
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misused products. Liability insurances are aimed to help defend the complainant, to protect the
complaint and also to solve a realistic claim. They have a few restrictions and limits that define
the maximum amount the insurance company can pay, they include, split limits and combined
single limit.
Self-cash payment is for patients without insurance coverage. Individuals who lack
money to pay for insurance services pay cash for their health services, it is quite challenging
since in the current eras paying for healthcare cost is quite expensive yet being ill is not
predictable. Each year medical bills fluctuate most times being on the rise which creates a real
hardship for personal and family budget, as much as the health facilities lose a lot of money due
to unfinished payments by patients It is important for them to set negotiable rules and payment
guidelines to cover every patients requirements, for instance publishing their payment rates for
all patients to know and compare which health facility could cover them according to the amount
they have, placing strategic payments for patients for proper filing application so that patients
can receive help even after discharge (Khan & Senhadji, 2000). Patients are obliged to take care
of the remaining bills if not complete.
Government offers different types of insurances to its subjects; they include medical
health insurances, automobile insurances car insurances, its employees insurances and more.
Some of the government insurances help cover For instance the Medicare is a health insurance
for the requirements of its subjects, people above 65 years, those with disabilities set by the
government. It pays for their hospital care, nursing facilities and hospital care. The governments
insurance companies happens to be more favorable since they have less expensive payment rates
and also are likely to meet every individuals requirement, they have less restrictions and their
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due date of payment is manageable. Their rules are different from the rest and not so strict unlike
the other insurance services.
Yes it is possible to reduce charges for the self- pay patients, this is by 1, having an
officially written payment policy which contains basics like the type of payment policy
acceptable and when payments are due this is to educate the patients and what is expected of
them in paying their bills. Second is by decreasing the number of uninsured patients by advising
them accordingly on the importance of insurance policy and how to apply for the insurances,
third is for the health facilities or the care providers employ a qualified staff to help the patients
with their financial challenges and lastly by placing an understanding with patients on their
obligation to pay for the services they are offered, the amounts of debts of any and when they
are likely to paying to an agreement about the strategy to follow before offering any
Self-pay patients are required to pay for the remaining bills if for instance if they are
aided to pay, but for those with insurance services the balance is not their problem only if they
have paid their payments in full amounts, the insurance company should be in a position to cover
for their full payments. It is necessary to make contract language with some patients to ensure
full understanding with clients, this way every client will be obliged to meet the terms of the
agreement.
In conclusion from the discussion above we realize its on the best option to have an
insurance coverage if in a position to pay for the payments, to avoid great losses of property and
goods or injuries in unpredictable event.


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References
Faruqi, S., Bery, S. K., & Economic Development Institute (Washington, D.C.). (2004).
Financial sector reforms, economic growth, and stability: Experiences in selected Asian
and Latin American countries. Washington, D.C: World Bank.
In Sametz, A. W., & New York University. (2002). Financial development and economic
growth: The economic consequences of underdeveloped capital markets. New York: New
York University Press.
Khan, M. S., Senhadji, S. A., International Monetary Fund., & IMF Institute. (2000). Financial
development and economic growth: An overview. Washington, D.C.: International
Monetary Fund, IMF Institute.