Insurance is the backbone of your business. Every entrepreneur and business owner needs to know that their livelihood is secure in the event of a disaster or accident.
Insurance companies know this too, which is why they paid out a record-breaking $135 billion to home and business owners in 2017, following a particularly severe year for natural disasters.
Contrary to what some people might believe, insurers want you to be appropriately covered in the event of an accident, which is why they routinely send out claims adjusters to assess the damage.
But what do insurance adjusters do? Essentially, they’re the people who will figure out how much insurance money you’ll get and what it is you’ll need to get back on your feet.
If you’re wondering “What does a claims adjuster do?”, read on to find out.
What Does a Claims Adjuster Do: The Basics
So what does an insurance claims adjuster do? Put simply, they will come to your damaged property and assess whether or not the insurance company needs to pay a claim to you and if so, how much.
They have a number of duties which are wide-ranging. They will determine whether your policy actually covers the loss you’ve suffered. Then they’ll have to assess whether the case is fraudulent or not, before calculating how much needs to be paid.
After this, it’s their job to contact people close to the claimant, such as doctors and employees, to gather more relevant information. Then they are tasked with negotiating the settlement and processing the payments.
Different Kinds of Claims Adjusters
Before you can confidently know what does an insurance adjuster do, you should be aware that there are three different types of claims adjusters.
The first and most common type is the so-called ‘company adjuster’. These are, naturally, people who work on behalf of your insurance company to assess claimant’s cases and calculate settlements. The vast majority of claimants will deal with this kind of claims adjuster.
Another type is what is known as an ‘independent adjuster’. These are from independent companies and agencies but will be hired by insurance companies on a case-by-case basis. They report back to the insurance company and essentially work for them throughout the case.
Some people prefer to use a truly independent adjuster, as they may not trust one working for the insurance company. This is where ‘public adjusters’ come in. These are hired by the actual policyholder, often out-of-pocket, to assess the claim on their behalf.
It’s worth noting that the first two types of claims adjuster won’t cost a claimant any money, as they just bill the insurance company for their work. A public adjuster, however, will cost you.
More Than Just Money
Those wondering what does an adjuster do might be surprised to find out that it’s not just about the money. Their main goal is to calculate the material loss your business has experienced, but that’s not the whole picture.
They will also assess any physical, mental, or emotional injury you may have suffered, which will also factor into the claim.
They will examine police records and work with authorities if it is believed a crime has been committed. They basically cover all angles.
Now when someone asks you “What does a claims adjuster do?”, you’ll be able to answer with confidence. If you have a claim to make and want to know more about how an adjuster can help you, don’t hesitate to get in touch with us today for all of the expert advice you’ll ever need.