Types of Insurance Adjusters
There are three different types of insurance adjusters differentiated by what they do. These include company adjusters, independent adjusters, and public adjusters. Keep reading to learn more about the different types of insurance adjusters.
Types of Insurance Adjusters
Company Adjusters
These include workers employed full-time by an insurance company’s claims department.
Independent Adjusters
Insurance companies use independent adjusters who work for adjusting businesses on a contract basis. An independent adjuster is hired by insurance firms to expedite claims processing. Only insurance firms may use these adjusters.
Public Adjusters
These are adjusters who work as freelancers. Policyholders hire them on a contract basis.
Adjusters come into play when a policyholder makes a claim. The insurance company usually hires a company or independent adjuster to do the survey. However, some policyholders may be skeptical about the adjusters of the company. They may, therefore, prefer to get the service of a public adjuster instead.
There are several reasons why an insurance company could choose an independent adjuster instead of a company adjuster. Such reasons may include high demand, a small number of regional employees, and the requirement for a highly skilled adjuster.
A Public Adjuster’s Job Description
There are many similarities between public adjusters and company or independent adjusters. These include assessing medical and police records, inspecting property damage, and analyzing the policy language.
However, there are two distinct types of public adjusters. There are those that work for the insurance company and those who work for their client’s benefit.
Public adjusters are frequently entrusted with significant amounts of time and money by their clients. As a result, most jurisdictions mandate that public adjusters get a license to protect the public.
In jurisdictions like New Jersey, California, and others, getting an adjuster’s license necessitates taking a course and passing a test. As a general rule, a licensed public adjuster must be present when an adjuster’s staff conducts an inspection.
