Diverse Clientele
Policyholders can range from businesses to individuals. Claims Adjusters may be involved in large-scale accidents and incidents, for example, a bridge collapse.
In the Wake of Experience
With experience and expertise come the opportunities to take up loss adjusting (investigating the loss) or legal discussions about the recovery of money from the party responsible for the loss.
Public vs. Independent vs. Company’s Adjuster
Some Claims Adjusters work as public adjusters. Often, they are hired by claimants who prefer not to rely on the insurance company’s adjuster. A public adjuster’s goal for a claimant is to get the highest possible amount paid to the claimant in return for a percentage of the settled claim. The purpose of Claims Adjusters working for insurance companies is to save as much money for the company as possible. An insurance company may also decide to engage an independent adjuster on a contractual basis to manage the claim.
What It Takes to Succeed as an Independent Claims Adjuster
Independent insurance adjusters operate as independent contractors and are frequently required to supply their adjusting equipment. These must-haves are not merely luxuries, but necessities, without which the job becomes difficult if not altogether impossible. They include a vehicle, helpful navigation & mapping apps, a laptop computer, a good ladder, a digital camera, measuring devices, and a tool belt. Having the right gear is critical for an independent insurance adjuster because it enables you to close claims with maximum efficiency.
More than One Hat
The life of a high-end Claims Adjuster is part “Antiques Roadshow,” part private detective, and part UN diplomat — especially when it is time to break some very bad news to a valued homeowner.
Potential Pros & Cons of Freelancing vs. Full-Time Employment
Being a freelancer Claims Adjuster offers freedom regarding flexible schedules, working hours, and location. They have full ownership of the business and can afford selectivity in terms of the variety of projects and clients presented.
While it has unlimited earning potential, freelancing comes with less stability and security, with inconsistent work and cash flow. There is more responsibility, effort, and risk involved. There are no paid holidays, and sick/maternity/paternity leaves are almost unaffordable. There is the added pressure of a self-employment tax and no eligibility for unemployment benefits.
However, a full-time Claims Adjuster has access to company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Despite that, they are susceptible to potential boredom and inability to pursue passion projects due to their lack of time or effort. With a lack of flexibility, ownership, and variety, there is also a need to budget extra money for commuting and attire costs.
When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.