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During these turbulent times, we want to make sure that our businesses are operating as well as possible. The more efficiently your business is run, the more efficiently your business is run, the more you will get out of it. So, it is best to make sure that you are covered from unanticipated incidences. One of the most significant challenges that a business owner faces is property damages and losses due to unexpected incidences. These damagers can drastically affect normal business operations, which is something we do not want at all! A business owner’s responsibility, after damages occur, is to get the business back to normal. So this is where a public insurance adjuster comes in!
What is a Public Insurance Adjuster?
They are licensed, independent insurance experts, are the only property loss professionals who work on behalf of policyholders. Individuals and businesses hire public insurance adjusters when they need assistance in filing a claim or feel a claim amount offered by an insurance company is incorrect.
They are experts in the details and language of insurance policies and at filing and adjusting claims. Whereas an insurance company provides its internal insurance adjuster after you file your claim, and they work on behalf of the insurance company. Not you. A public adjuster works on your behalf to ensure that your claim is the accurate and maximum payout is paid to the policyholder.
Reasons to hire a Public Insurance Adjuster
There are several reasons that a business may hire a public insurance adjuster to help with their insurance claim.
Reason 1: Business Restoration
Catastrophic events such as hurricanes, earthquakes, water damage, theft, and other damages cannot be predicted. And neither can pandemics. The process towards restoration is tedious and exhausting, and overwhelming for business owners—especially small businesses. However, having a public insurance adjuster on the side lifts this massive load from the business owner’s shoulders. They recognize the horrific consequences of the events. During the claims process, a portion of the assessment and evaluation is the safety issues after an incident happens. A vital part of the restoration process is making sure that everyone involved in the business is safe.
Public adjusters perform detailed evaluations so that accurate losses can be reported. They then mitigate the damages and relieve the business owner of all the responsibilities that are associated with the damages. Everything gathered in the documentation is necessary for the negotiation process with your insurance company. The evaluation is critical as it is a step towards restoring your business. Working with an experienced public insurance adjuster assures that all damages will be assessed appropriately.
Reason 2: Negotiation
Arguably the most stressful part of the claims process; negotiating with the insurance company. Say the insurance company presents an unfair or denied claim, what happens to the business after? Insurance companies also use complicated jargon in their contracts and settlement offers, and it’s a headache to look at, but this should not stop you from receiving the maximum payout! A public adjuster ensures that you have an insurance expert fighting for your side during the process. They are there to negotiate on your behalf and to fight for the maximum settlement amount.
Reason 3: They Are With You to the End of the Line
In other words, public adjusters are with you for the duration of your claim. They provide extensive services from the initial consultation to full business recovery. Furthermore, public adjusters are typically compensated once the settlement is agreed upon and paid. They work with policyholders for the life of their claim and often offer additional resources to ensure that the restoration is complete.
Reason 4: Expertise
Most policyholders and business owners might not have a lot of experience in handling an insurance policy and are unaware of the local laws associated with the claims. And why should they be? They have their own business to think about. However, this lack of understanding and training may result in a lower settlement payout. A public adjuster will help you use their expertise to build your case and to make sure you are not cheated out of any settlement.
Reason 5: Public Adjusters are not Compensated until you are.
When dealing with policy claims, the last thing you or any business owner is going to want to think about is the sum they are going to have to pay the public adjuster. When you are on your journey of working with a public adjuster, there is not usually an upfront fee, which saves a bit of pain. Most public adjusters work on a contingency fee basis and are compensated when the settlement is dispersed. In a way, since the adjuster’s payment is based on the settlement amount, they will definitely fight to get you a more considerable compensation. An expert adjusting firm is crucial during the insurance claim process to help cover damages to your property, restore it, and return it to normal business operations.
Reason 6: Save Time
If you are time-concentrated, this is another, more common reason businesses may use a public insurance adjuster. If the adjuster deals with the claim, it allows business owners to get on with their core functions and meet their goals.
Things to Know and to Ask
So far, everything sounds all well and good. However, it is also good to do your research. When it comes to payment, some public adjusters may charge flat rate fees hourly (this is unusual). Furthermore, the price is higher if the compensation is lower to ensure the public adjuster covers their costs. For example, if a claim is £50,000, they may have a fee of 15%, but if the claim is £300,000, they may have a fee of 5%. You must not work with any other individual, such as a contractor or an attorney that offers private claim adjustment services, if they are not licensed to do so as it is against the law.
This is your business and livelihood, so research is critical. Look at past reviews, ask for customer testimonials and get proof that they are certified by all relevant authorities. Working with a cut-rate or non-licensed public adjuster could result in severe difficulties with your claim. Do they have the right level of experience, and what are their terms of communication? You should always do some screening first, so ask the following questions:
- Are you licenced to practice public adjusting?
- Will you handle my claim personally
- How many claims have you sorted out in this area?
- What are your credentials, public adjusting, and estimating skills and experience?
- What are your fees and charges?
Dealing with damages to your business is not an easy task and requires an expert. But at the end of the day, as a policyholder, you have little to lose. Many firms offer to visit a property loss free of charge to help a policyholder determine the severity of damage and whether they should file an insurance claim. Even if you or the policyholder is confident in the value of their property loss, it is good practice to get a second opinion on a costly event like an insurance claim. For example, suppose part of a roof is destroyed by wind. In that case, the policyholder risks miscalculating the cost of a new roof and neglect to include the cost of removing the damaged roof altogether.
Policyholders need to be conscious that they are claiming the correct amount, and hiring a public insurance adjuster can help ensure that.
