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Loss Adjuster – Loss Assessor. Very similar names, very different responsibilities. And if you are in business it pays to understand the difference, as this could mean thousands of extra pounds in your pocket. Here’s a quick overview of how the two differ.

Everyone agrees that, in business, having the right insurance coverage is essential. Making a claim under that insurance policy can, however, be a minefield for the unwary. In most cases, if you submit a claim in excess of £3,000, there is a good chance that the insurance company will assign a loss adjuster to monitor your claim. And this is where things can get tricky. What you need to remember is that a loss adjuster is hired by the insurance company. It is his or her job to:

a) Make sure you have a valid claim under the terms of your policy.
b) Determine the extent of any damage or loss.
c) Try to minimise the amount that the insurance company pays out.

Although loss adjusters are supposed to be impartial, they know that future work prospects depend on them paring the settlement figure down to the bone. Get a reputation for being too ‘generous,’ and there is a good chance that the phone will stop ringing.

Because many policyholders are either too busy or too baffled by the process to fully pursue their claim, they often agree to the first offer of settlement made by the insurance company. This is rarely in their best interests. A far better strategy is for the policyholder to hire a loss assessor to handle the claim on his or her behalf.

Loss assessors cover much the same ground as the loss adjuster, except they act on behalf of the policyholder. Many work on a ‘no win, no fee’ basis, taking a percentage of the final agreed settlement, so you can be assured that they will fight for every penny to which you are entitled. Besides being skilled negotiators, loss assessors are not scared by all that hard-to-understand ‘small print’ in insurance policies – they’ve seen it hundreds of times before – and they also know the best way to present a claim. This is really important, since insurance companies tend to treat claims from loss assessors with a greater degree of seriousness. They know they are dealing with a professional and act accordingly.

Often, loss assessors are not called in until the last minute, by policyholders disappointed by their insurance company’s offer of settlement. While loss assessors can sometimes retrieve lost ground, it makes more sense to involve them in the claim right from the beginning. In most cases, they will more than pay for their fee by the increased settlement they negotiate.