Insurance for Claims Adjustors

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How Claim Adjustors and Insurance Connect:

Claims adjustors evaluate insurance claims and decide whether or not an insurance company must pay a claim — and if so — how much.

Claims adjustors have various duties, depending on the type of insurance company they work with and what their company insures. Adjustors often assess property damage associated with a claim to determine how much the insurance company should compensate for the damage or loss — this could mean inspecting a private home or a business.

If you own a business within the insurance industry, you may want to consider the ways by which to safeguard your company’s livelihood by obtaining your own insurance policies, designed specifically to protect your needs in this sector.

Continue reading in order to better understand what types of insurance you might need.

Who needs Claims Adjustors Insurance?

  • Claims Adjustors
  • Claims Processing Services
  • Third-party Employee Benefit Services
  • Third-party Administrative Processing Services

What Insurance do Claim Adjustors need?

Due to the nature of this industry, adjustors may work long hours, including nights and weekends, depending on the needs of their clients. Adjustors also have the potential to face many hazards depending on the type of adjustments they are making. For example, property claim adjustors may be required to operate heavy ladders and perform various physically demanding tasks in order to investigate damaged property. As such, some adjustors must take additional measures in order to ensure they are protected. Insurance providers understand this need and subsequently offer several possible coverage options.

General Liability Insurance

General Liability Insurance is the most basic insurance umbrella and can protect any business and its employees from accidents and other on-the-job mishaps. General Liability Insurance usually applies to two categories:

  • Property Damage: Ensures your establishment has coverage if you or one of your employees damage or destroy someone else’s property. This includes the building or premises you are working on.
  • Bodily Injury: Provides your business with protection in the event that you or one of your employees injure or accidentally harm someone while working. This insurance type will take care of all medical care for the injured party and will also cover your legal fees if legal proceedings are sought against your company.

You’ll need this when...

You begin working as a claims adjustor. As an insurance professional assessing a variety of different types of claims, you may encounter several possible risks that may threaten your well-being and the financial wellbeing of your insurance business. Regardless of how carefully you work, there are always risks involved for any business.

For Example... If your property claims adjustor’s 50-pound ladder falls and breaks a customer’s window while investigating a claim, General Liability Insurance will cover the damage expenses and legal fees if the accident resulted in someone’s injury.

Workers Compensation

Workers Compensation can cover injuries to you and your employees while on the job, whether while physically checking out an insurance claim or in the office. Workers Compensation can also cover lost wages and medical treatment if an employee suffers a work-related injury or illness and is subsequently unable to work. This insurance can also reimburse workers for lost wages until they are able to go back to work. As an employer, this is ideal as it can also protect you from employee lawsuits.

You’ll need this when you Have employees on the company payroll. The laws differ from state to state, but usually, coverage to protect the welfare of your team is required by law. Regardless of your state’s laws, Workers Compensation is good to have as an employee-related lawsuit could harm your reputation and put your business at risk.

For example... If your employee is a claims adjustor working on a case related to a severe natural disaster, such as a tornado, and is injured by a falling piece of debris on the field, Workers Compensation can help cover his medical treatment and lost wages so that you won’t have to.

Business Owners Policy

As a professional in the insurance business, there are many several insurance policy types to consider; one is the Business Owners Policy. A Business Owners Policy normally includes Property Insurance, Business Interruption Insurance, and liability protection.

Of the several Business Owners Policies, each offers a different aspect of protection. Property Insurance can protect property and contents owned by the company, and can be standard or special, the latter of which provides more in-depth coverage. Business Interruption Insurance deals with the loss of income that can result from a natural disaster or another catastrophe, such as a fire, that interrupts or otherwise hinders the operation of the business. This insurance can also cover the expense of operating out of another location temporarily. Liability protection covers your company’s legal responsibility for the harm its actions may have caused others, whether due to an employee’s actions, use of defective products, or errors in services.

You’ll need this if you... Are in need of a convenient, streamlined way of protecting your business from several angles. In almost any situation, things can occur that can result in you and your company being held responsible for injuries or damages. Business Owners Policy bundles are a great way to make sure several different areas are covered.

For example... If a natural disaster occurs and your business is unable to operate normally in its normal location, your Business Owners Policy bundle may be able to cover the cost of working out of another, safer location while repairs are being made.

Errors and Omissions

As a professional in the insurance business, Errors and Omissions Insurance offers an invaluable protection service for your business. For most businesses, accusations of negligence or failure to adequately perform a professional service can result in complicated legal battles, even if there really was no mistake made.

The majority of business-related liability insurance can cover a variety of different areas, including losses related to property damage or bodily injury. However, it is important to consider the implications of other types of errors and omissions that can occur — often with very serious repercussions — in almost any realm of the business world. The possible errors and omissions that can occur change drastically depending on the type of business or industry. For example, a printing company has different risks than a lawyer does. Both may have similar needs in terms of liability but require radically different coverage types. Mistakes happen, and they often do, even to trained professionals with several years of experience in their field. This is why Errors and Omissions Insurance is an important insurance option to consider.

You’ll need this if you... Are a business that provides a service to clients for a fee. Claims adjustors, whether employed by an insurance company or an independent adjusting company, are in the business of providing services to clients on a daily basis.

For example... If a negligence claim is made against you or your company, the legal fees involved can add up quickly. Even if the claim is eventually found to be unwarranted, your company may have already eaten up a large portion of its financial reserves just to cover legal proceedings, simply because it didn’t have errors and omissions insurance.

Bonds

Bonds exist to provide a variety of financial guarantees, ensuring that contracts and other deals will be completed on mutually accepted terms by all involved. These Bonds work to protect consumers and other entities from fraud. When a principal breaks the terms of a bond, the injured party can file a claim on the bond in order to be able to recover losses.

A Bond is issued as a three-party contract between a principal, an obligee, and a surety. The obligee, usually a government agency, requires that the principal purchases a bond to avoid financial losses. The principal is usually a business owner and purchases the bond as a means of guaranteeing quality work is done. Lastly, the surety will issue the bond and financially guarantee the principal’s ability to perform the task in question.

You’ll need this if you... Are dealing with a project and would like to guarantee that all related project obligations are fulfilled. Regardless of where your company lies in relation to a project, you will need to understand your options that will help you to guarantee a project’s completion.

For example... If a construction project is not completed under prescribed terms outlined in the bond, the obligee can take measures to recover losses, financial or otherwise, if the principal has been deemed to have failed in fulfilling the task.

Creating the Right Insurance Policy

The above categories are only a few of the many potential coverage types for claims adjustors. There are many insurance types available to each company and combining the right ones can help make your company safer for you, your employees, and your clients. Each policy will cover different aspects of your company’s potential risk, helping to make sure your business has all of its bases covered.

How much does Claims Adjustor Insurance cost?

Insurance rates will vary depending on several different factors including location, business size, and type. You will be able to get a more accurate insurance quote by identifying the specific needs of your business with your insurance provider.

What type of insurance does this industry need?

Policy What is it? Why get it Popularity in your industry Want free quotes?
General Liability
This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy. General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

What is it: This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy.

Why get it: General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

Professional Liability
This policy, common in the professional services industry, helps to protect your business if a client believes they've suffered a loss due to a mistake or error made in a professional capacity. Your business may have contracts with clients or partners that require Professional Liability coverage, provide a "warranty or guarantee," or have clauses that require you to "indemnify or hold harmless" your clients. If so, Professional Liability coverage is often recommended. This coverage is also commonly recommended for any businesses providing advice related to legal or financial matters.

What is it: This policy, common in the professional services industry, helps to protect your business if a client believes they've suffered a loss due to a mistake or error made in a professional capacity.

Why get it: Your business may have contracts with clients or partners that require Professional Liability coverage, provide a "warranty or guarantee," or have clauses that require you to "indemnify or hold harmless" your clients. If so, Professional Liability coverage is often recommended. This coverage is also commonly recommended for any businesses providing advice related to legal or financial matters.

Workers Compensation
Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work. Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

What is it: Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work.

Why get it: Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

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