Independent Adjusters vs Public Adjusters
What’s the difference between independent adjusters and public adjusters? Who do they work for, and when does an insurance policy holder need an adjuster that works on their behalf?
Adjusters are independent contractors that work for the insurance company. Insurance companies keep a roster of independent adjusters on hand, and when the company finds their own staff can’t handle the volume of claims being filed they will contract those claims out to an independent adjusting firm who, in turn, will have their adjusters work the claims.
Independent adjusters and adjuster firms play an important role in the insurance industry. Adjuster firms have the expertise and resources to handle the day-to-day claims and incidents that insurance companies encounter.
These companies have a national workforce of insurance adjusters who work on a day-to-day basis. This allows them to cover more territory and handle more claims than a public adjuster.
Independent adjusters are independent because they are usually self-employed contractors and not salaried employees. Independent adjusters can be compensated on a daily rate basis or through a fee schedule, whereby they receive a percentage of the claim settlement amount. However, there are several different ways independent adjusters can be compensated.
Public adjusters are paid by the insurance policy holder to handle claims on their behalf. They do not represent the insurance company, nor act on behalf of the insurance company.
Their job is to make sure the policyholder is treated fairly, and that a settlement is brought forth in a timely manner. Public adjusters negotiate with the insurance company’s claims staff to reach a reasonable agreement for both parties.
Public adjusters are normally hired when the insured is unhappy with the claims staff or when there is a potential for an unfair settlement. They are compensated by the insured when the claim is settled, and commission rates are often around 10%.
For the average policyholder, insurance companies can be difficult to deal with so public adjusters are often employed.
Before Hiring A Public Adjuster… Do Your Research
There are scammers in every industry, so before hiring a public adjuster be sure to do your research. Ask for references and past job experience before making a final decision. Also, check to see if the public adjuster is licensed in your state.
Always check Google, Facebook, or Yelp for reviews, and if no reviews are found, don’t hesitate to call the Better Business Bureau.
Next, make sure you understand all the terms of the agreement, you should not be pressured into signing anything.
Finally, no situation is the same and no public adjuster is the same, so ask about compensation before signing paperwork, or letting the adjuster begin to work.
As an insurance policy holder, it is important to know the facts. Your state’s insurance department may set the percentage that public adjusters are permitted to charge. This is because public adjusters are licensed and regulated.
Note: Just be sure to do your research to avoid making a bad situation worse.
Need A Reputable Public Adjuster?
At Major Adjusters, we believe that the best way to become an excellent public insurance adjuster is through hands-on learning. Our adjusters are taught by certified instructors in a comfortable online environment.
Upon completion of the license and certification, we offer a mentorship training program that equips new adjusters with the knowledge and skills they need to manage all aspects of a disaster.
All of our adjusters are prepared to help families facing challenging times. We are the only company that provides comprehensive certification and training programs for managing all aspects of a major disruption or catastrophe.
Hire a team member or Become An Adjuster Here: https://majoradjusters.com/products-for-adjusters/
I like that you mentioned that timeliness is also one of the things to expect from public adjuster services. I’m interested in looking for such services soon because I’m thinking about getting some major repairs done in my home soon. I’d like to see if any of them could be covered by my insurance.