If you’ve ever had to make a claim for your escape room or immersive experience venue, you may have encountered a Loss Adjuster.
This person usually arrives when you’re already dealing with the stress of business disruption or assessing damage, making it hard to understand exactly what their role is in the process. Are they on your side? Or are they simply working in the best interest of the insurance company?
To help clarify things, we’ve broken down the duties of a Loss Adjuster – as well as what you need to know when they get involved in your claim.
What is a Loss Adjuster?
A Loss Adjuster is an expert hired by insurance companies to assess claims. They help evaluate the validity of your claim and determine the payout amount based on your policy. While policyholders often assume that Loss Adjusters are working for the insurance company, their role is primarily to assure that the insurer is paying out the correct amount in accordance with the terms of the policy.
In some cases, the policyholder themselves may also hire a , if additional support is needed. However, in most situations, they are directly instructed by the insurance provider to investigate your claim, especially when it’s a larger or more complex issue.
For escape room and immersive experience providers, this could mean the Loss Adjuster will assess things like damage to your venue, equipment, or any claims related to customer injury. Their findings could significantly impact your claim outcome, which is why having someone in your corner is essential.
How do Loss Adjusters work?
When you make a significant claim, or if your claim is part of a broader pattern of incidents, your insurer will likely bring in a Loss Adjuster. From there, they might:
- Visit your premises to assess any damage.
- Interview you and your team.
- Request additional information, documentation, and evidence.
- Thoroughly review your policy to ensure it’s being applied correctly.
- Compile a report with their findings, which may influence your total payout.
This process can feel daunting, especially considering that some cases give the Loss Adjuster full authority to settle the claim directly with the insurer – without further input from you.
But having a representative like RiskBox in your corner ensures you’re getting the support you need throughout, and that your interests are well-represented in the discussions.
Can this approach harm your business?
Unfortunately, yes — Loss Adjusters can harm your business in some cases.
Their job is to protect the interests of the insurer, meaning they may not always take the time to fully understand the specifics of your business and coverage. For example, they may overlook certain nuances in your policy that could work in your favour, or misinterpret parts of the claim.
This can leave many business owners feeling frustrated and unfairly affected by bias – especially when they believe that the Loss Adjuster’s findings don’t reflect the true extent of their losses.
That said, Loss Adjusters do serve an important role in weeding out fraudulent claims and guaranteeing that insurers aren’t overpaying. Some Loss Adjusters are extremely thorough and even help clients secure more than they initially expected. But for business owners who are already stressed from a loss, the process can feel overwhelming.
Where does RiskBox come in?
At RiskBox, we don’t play games when it comes to your claims. We know your industry through and through, which is why we created No Spoilers – a brokerage service specifically tailored to the immersive entertainment sector.
When you have a claim, we ask that you contact us right away. This allows us to handle all communication with the Loss Adjuster on your behalf, ensuring that we present your case clearly and accurately.
We’re very selective about the Loss Adjusters we work with, only partnering with those who have proven expertise in assessing the types of claims that affect escape rooms and immersive experience venues. If we feel a Loss Adjuster is unethical or lacks the necessary expertise, we won’t work with them.
If a Loss Adjuster is involved, we’ll double-check everything in their report before it’s sent to your insurer, protecting you from any potential missteps. With us on your side, you can focus on getting your business back up and running while we handle the complex details of your claim.
How can I get in touch?
As claims increase, insurers are growing increasingly reliant on Loss Adjusters to protect their interests – so it’s more important than ever to have someone you can trust on your side.
If you’re looking for a broker to help you get the most out of your claim, turn to RiskBox. With a tailored offering geared to the immersive entertainment industry, and boots-on-the-ground knowledge of how your business works, we don’t play games when it comes to your claims.
Call us today at 0161 533 0411, email enquiries@nospoilers.co.uk, or fill out our online contact form, and one of our friendly experts will get back to you.