Insurance for Claims Adjusters
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What Insurance Do Claims Adjusters Need?
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
A Fiduciary Bond (or Surety Bond) protects a fiduciary - someone who is granted power over another person’s interests or assets via a will or contract - from being sued for alleged fraud, embezzlement, or dishonest acts.
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defence fees & settlement costs.
Frequently Asked Questions
How much does Claims Adjuster 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.
Who needs Claims Adjuster Insurance?
- Claims Adjusters
- Claims Processing Services
- Third-party Employee Benefit Services
- Third-party Administrative Processing Services
Why does a Claim Adjuster need General Liability Insurance?
You’ll need this when:
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You begin working as a claims adjuster. 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.
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For Example: If your property claims adjuster’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.
Why does a Claim Adjuster need Workers Compensation?
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 adjuster 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.
What does an insurance claims adjuster do?
An insurance claims adjuster is a representative of an insurance company responsible for gathering the facts and reporting the details of claims by the insured. The facts gathered are then sent to the insurance company and then the insurance company will determine if the claim will be covered under the policy and how much the insurance company should pay for the loss.