Whether it’s for the home or a business, filing a property insurance claim is stressful. While a business owner may not be dealing with the same sort of sentimental losses they’d encounter if something happened to their home, they do have concerns about how a loss will affect their company and their workforce. Business owners have busy schedules, which means they don’t have time to deal with insurers’ stall tactics. However, a public adjuster works on your behalf, correctly interpreting your policy and negotiating with your insurer to settle the claim. Here, you’ll learn a few compelling reasons to hire a public adjuster before making a claim.
Getting a Better Settlement
Though a public adjuster receives a portion of your settlement, recoveries are typically higher even after fees. As an owner, you likely don’t have time to read the fine print on your insurance policy, but that’s a public adjuster’s job. During a claim, a public adjuster will use his or her policy knowledge to ensure you get the largest possible settlement.
Policyholders often don’t realize which types of damages they can claim, and that’s just the way insurers like it. When filing a claim, public adjusters know which types of coverage to look for, and they may uncover problems not detected by the insurance adjuster.
Focusing on Your Business
With the help of a public adjuster, you can shift your focus from the claim back to your business. In most cases, work must continue, even after a significant loss. When you work with a public adjuster, you can go back to running your company without worrying about the minute details of a property damage claim.
Getting Faster Results
As a business owner, it’s your goal to sort your claim out so you can put the loss behind you and get on with things. However, insurers sometimes delay claims for unknown reasons. Public adjusters are well-versed in the claims process, and they know which documents to include during submission. A public adjuster knows about common hold-ups and how to avoid or handle them.
Filing a property damage claim is a significant drain on your resources and time, just when the company needs your undivided attention. Today, business owners are increasingly realizing the advantages of working with public adjusters, such as reduced stress, bigger settlements, and increased claims documentation experience. It’s important to choose a public adjuster who is licensed to work in your state. While requirements vary, in every case, you should evaluate public adjusters thoroughly before making a hiring decision.
High-pressure sales tactics are a big sign to look elsewhere, as are a lack of industry and personal references. When considering hiring a public adjuster, be sure to ask for references from cases they’ve handled over the last few years and contact them if possible. It may seem tedious and time-consuming to verify multiple references, but if you have suffered a severe loss at your place of business, it’s important to have an experienced, capable adjuster in your corner.
Business Owner’s Guide to Getting the Most for Your Property Insurance Claim
Dealing with a disaster recovery for your business is no easy task. Download our Disaster Recovery tips as a resource to help you through the turmoil.
Your home has been damaged and you know you need to file an insurance claim. You’ve learned a public adjuster can help, but you’re still concerned about hiring one because you’ve heard some myths about them in the past. Find out the truth about how a public adjuster can help you.
Using a Public Adjuster Raises Your Rates
Insurance is necessary, but the cost is already high enough and you won’t want to pay more just because you’ve hired a public adjuster to help you obtain the full settlement you need. The good news is, hiring a public adjuster is not going to automatically raise your insurance rates.
You Can Lose Coverage for Using an Adjuster
Along with hearing a public adjuster can cause rates to rise, many people have heard that hiring a public adjuster can cause you to lose coverage and perhaps make it harder to find new coverage. As with the myth of your rates rising, hiring a public adjuster is not going to mean you lose your insurance coverage and it will not make it harder for you to find new coverage at any point in the future.
Public Adjusters Fraudulently Obtain a Higher Settlement
This myth is prevalent because hiring a public adjuster can help you get a much higher settlement than you would have received simply doing everything on your own. Many people incorrectly assume this means the public adjuster is fraudulently trying to obtain a higher settlement for you so they’re paid more.
The reality is, most people who do not use a public adjuster are missing out on a significant amount of money they could have received if they had the right help. When you hire a public adjuster, they work to help you obtain all of the money you should get.
Public Adjusters Don’t Do Much
Another common misconception is that a public adjuster doesn’t do much yet will take a significant portion of your settlement and leave you with less than you need to recover from the damages. The reality is, their money is a small percentage of the settlement you receive and you will get more money by working with a public adjuster than you would if you handled it all on your own. They work hard to make sure you get the full value of your property.
Anyone Can be a Public Adjuster
Becoming a public adjuster is not as easy as many people might believe. They cannot have a felony criminal conviction on their background and they must meet all licensing requirements to be licensed to work in your location. They also must keep up with all licensing requirements to continue to be licensed to work as a public adjuster and can lose their license for a variety of reasons.
If you’ve suffered damage to your property, don’t let the myths surrounding public adjusters keep you from getting the money you deserve. They’re available to help you maximize your settlement so you can recover financially from the damages to your property.
Successfully Navigating Your Homeowners Insurance Claim
Dealing with a disaster recovery for your home is no easy task. Download Successfully Navigating Your Homeowners Insurance Claim as a resource to help you through the turmoil.
The professionals at Globe Midwest Adjusters International have been closely monitoring Hurricane Michael and its aftermath. We understand that when devastation strikes, it not only affects your business and property, but also YOU, as the chaos, confusion and conflicting information regarding your property and insurance policies can be overwhelming.
Globe Midwest represents commercial property and business owners, and works with property managers, law firms and CPAs to ensure policyholders navigate the insurance claim process and receive a fair and just settlement of their property insurance claim!
We understand how important it is to get your business and/or property back up and running.
How can Globe Midwest help you?
If your business or commercial property suffered any type of severe damage for which you an insurance claim will be made . . .
- We will review and explain your insurance policy and the available coverage applicable to your claim, including additional coverages such as code upgrade, etc . . .
- Investigate and analyze all property damage to your building, commercial contents and business.
- Prepare a well-documented repair cost estimate on your building and all damaged and destroyed contents.
- Coordinate all inspections and meetings with the insurance company’s employee/adjusters including all of their “outside experts”
- Review all relevant financial information and financial projections to determine best approach for your business interruption claim.
- Communicate with the insurance company adjuster and their forensic accountant to obtain ongoing agreements and partial payments throughout the claim period.
- Provide project management services for a streamlined experience during remediation activities.
If you or your clients have affected commercial properties or businesses please don’t hesitate to contact us directly.
A Public Adjuster Can Help Resolve Your Property Insurance Claim In The Aftermath Of Hurricane Michael
When your business or home is damaged, life becomes complicated enough without the additional hassle of pushing for a settlement. However, it often becomes a long, drawn-out process. While it seems unfair, it makes sense; when it’s your property that’s damaged, you’re the one with the most motivation to move things forward. When a settlement hits a roadblock, use these tactics to expedite the process.
Know About Your Policy
When you’ve got an understanding of your property insurance policy, you have the confidence to protect your rights. Every move an insurer makes is based on agreements, conditions, endorsements, exclusions, and policy definitions. These components define what the insurer owes you and what you must do to get what you deserve. If any of the language in your policy documents is unclear, ask your public adjuster for clarification.
Learn About Your Legal Rights
Your state’s consumer laws may give you additional rights, and one of your first steps should be to check the insurance commissioner’s website for information on the Unfair Claim Practices Act. Tell the insurance adjuster that you know your rights and the company’s responsibilities for claims contact, follow-up, and settlement.
As with most things related to insurance, it’s crucial to document everything during the claims process. After protecting your property from additional damage (as stipulated by your policy), it’s time to report the claim. Next, start taking notes and gathering documents. Your consistent knowledge, involvement, and documentation will prove the claim, and when the insurance adjuster denies making a statement, your notes will show who said what. Have a Way to Keep Track of Everything It’s an insurance adjuster’s job to monitor everything, and to level the playing field, you should do the same. Keep receipts and paperwork in a binder and use a computer to keep chronological notes. However, after a power outage or a flood, a notebook is an easy and convenient way to write down the day, time, and date of significant claims activity such as:
- Preliminary and follow-up phone calls to your insurer and contractors
- Conversations with insurance and public adjusters, so you won’t have to pull details from memory
- Contractor receipts and estimates for emergency loss mitigation expenses Receipts for temporary office space or accommodations
- Proof of expenses related to business interruption
Submit Proof of Your Losses
In the insurance industry, “proof of loss” is the documentation needed to substantiate your claim; it’s also a list of the claim’s formal details. Some insurance adjusters provide a form for claimants to fill out and submit, while others ask for proof in the form of repair estimates, property documentation, and receipts. When an insurance or public adjuster asks for proof of loss, be sure to ask exactly what they’re looking for.
Get the Right Kind of Help
Filing a property insurance claim is complex, but it doesn’t have to be a hassle. With help and advocacy from a public adjuster, it’s easier to navigate the process and get the settlement to which you’re entitled.