What does a loss adjuster do for your small business?
October 12, 2021at7:00 AM
Every business is going to take losses. Whether this comes in the form of theft, vandalism, or natural wear and tear of equipment, you’re going to have to file claims for some of these losses. As a small business owner, you have plenty of other things to do and don’t have time to do these things on your own. This is where a loss adjuster comes into play. If you’ve never considered hiring an adjuster, you might be wondering, “What does a loss adjuster do?” At Delaware Valley Public Adjusters, we can tell you exactly what they’ll do for you.
Every loss that your business deals with is going to have a specific dollar value. Your adjuster will be able to identify the approximate amount of any losses that your business sustains. This will make it much easier to file an accurate claim with your insurance company that comes with the proper compensation that you need.
Helps determine if the loss is covered by insurance
Not all of the losses your business sustains are going to be covered by your insurance policy. Your loss adjuster is going to be an expert in the specific language and policies that come with your insurance plan. By having a loss adjuster, you have someone who can work with you right away to start filing your claim so you’re not doing guesswork.
Creates a loss report
With every loss claim that’s filed, there needs to be a loss report stating what exactly is included in the incident. Your claim will include the date the loss occurred, the amount the item was worth, the type of claim, and the amount paid. A loss adjuster is experienced in filing these types of reports and will create a detailed account with all necessary information your insurance company will need to get the ball rolling for reimbursement.
Reaches a settlement with the insurance company
Your insurance company is out to make money off its customers. While it’s there to keep you protected in case of an emergency, the ultimate goal is to maximize revenue while minimizing expenses. This means that your insurance company is going to work to minimize expenses by paying as little as possible in financial benefits. Your loss adjuster will work directly with your insurance company to reach an agreement on what is a fair financial settlement so you don’t miss out on money that you’re entitled to.
Negotiates with contractors
If the loss resulted in damage to your facility or other equipment, the damages should be covered in your insurance policy. You’ll often have to work with an approved contractor to ensure that the claim is covered and paid out properly. While the work should be covered, the insurance benefit might not pay for it in its entirety. Your adjuster will negotiate with contractors to help minimize your costs as they’re already guaranteed a certain amount of money from the insurance company. This can help to minimize your out-of-pocket portion.
Contact us for more
What does a loss adjuster do for your small business? In summary, they’ll make sure you’re covered and you receive the necessary compensation for your losses. Get in touch with our team at Delaware Valley Public Adjusters to find out more about what we can do to help your business. Give us a call at 856-975-5275 or send a message using our online contact form.