When one buys insurance, the claims procedure sounds so simple: a person suffers a loss, a person files a claim, you receive your money. The reality can often be more difficult, and it may be to your advantage to employ someone familiar with the statements process to help you–and which someone would be a public insurance adjuster.
By definition, a general public adjuster is a representative for your policyholder who interacts using the insurance company and helps the policyholder in presenting their claim for insurance advantages. Because claims for business deficits are often complex, in many cases, business owners may find it worthwhile to delegate the task of dealing with them to someone who specializes in offering such a service. Most company owners and even managers find that their own time is better spent on revenue-generating activities rather than navigating the actual unfamiliar flow of an insurance coverage claim.
If you decide to retain the public adjuster, it’s important to possess the right one–one who is familiar with commercial claims, who has dealt with claims similar to yours, as well as who has a reputation about honesty and integrity. Be skeptical of an adjuster who guarantees more than you are entitled to–word gets around, and insurance providers know who those adjusters are. The insurer’s insurance adjuster will likely scrutinize the work of the questionable public adjuster much more carefully, and a filled claim could lead to charges associated with insurance fraud.
Public adjusters are listed in the yellow pages under “adjusters, ” however your best bet for finding you are through referrals. Ask the company’s adjuster who these people like to work with. Most organization claims adjusters appreciate dealing with a reputable public adjuster since it makes the process easier to them. Also, ask other company owners for recommendations.
Find out how long the adjuster has been in the company, what their insurance statements handling background is (you want one with strong statements experience from both the insurance provider side and the policyholder side), get and check recommendations. Fees are negotiable, as well as typically based on the amount retrieved. They range from 8 to fifteen percent, with most in the 10 to twelve percent range. Most company owners who have used a general public adjuster say the fee is well worth it and is ultimately under what it would cost to get done the job internally.
Lastly, once you’ve hired an insurance adjuster, don’t totally abdicate obligation for the claim. Insist that this adjuster provide you with regular position reports and copies associated with correspondence, and consults along with you as significant events happen.