Are you thinking about getting into the claims industry but are unsure of which role is best for you? Many job seekers looking to become an independent adjuster or staff adjuster are unaware of the job title differences, and how these differences will affect them. Keep reading to understand the specific differences between the two:
Staff Claims Adjuster: A claims adjuster who works for an insurance company, TPA or self-insured.
Independent Insurance Adjuster: A claims adjuster who works as a contractor for numerous insurance companies, TPA’s or Self-Insured’s.
Staff Claims Adjuster: As an adjuster, you can expect a Monday through Friday, 40 hours per week work schedule, depending on what company you work for. This role offers the stability of a guaranteed set schedule that many job seekers tend to need.
Independent Insurance Adjuster: Your working hours will depend primarily on the season. If a hurricane hits, you could be working 12+ hours per day to get all of the claims handled in a timely manner. If it’s a typical season, you could get steady work that fills up your Monday through Friday schedule or if it’s slow, you could possibly work only a few hours per week. While this position doesn’t offer the stability as a staff adjuster, it does offer the flexibility that many candidates are now seeking in their next role. The freedom to choose hours worked, as well as the frequency, is becoming more popular among job seekers.
Staff Claims Adjuster: You can expect the classic corporate benefits package, such as health insurance, paid time off (PTO), and a 401K, which many job seekers want and need.
Independent Insurance Adjuster: Since you are a contractor, your health insurance and 401K is your responsibility to initiate and manage. PTO consists of managing your money and work schedule, preparing yourself to live comfortably during the times you have no paycheck coming in.
[Related: Insurance Adjusters & Productivity: Here’s a tip on how to get more done in any of your claims jobs]
Staff Claims Adjuster: A staff adjuster won’t receive as big of an annual salary in the long run as an independent insurance adjuster, but you will have stability and benefits. Additionally, you will work 40 hours per week and have PTO.
Independent Insurance Adjuster: You’ll be given the chance to make a lot more money over time, but this also means working more hours without the benefits or stability of a staff claims adjuster.
The licensing requirements for both an independent adjuster and a staff adjuster are becoming more and more irrelevant because many companies are now having their employees become state appointed as well.
Deciding which of these opportunities is right for you really comes down to your lifestyle. If you’re single and have no kids or older and the kids are out of the nest, becoming an independent adjuster could be a great choice for you. You can work when you choose and make more money. If you have kids or just like having a set schedule, than choosing to be a staff adjuster would be the better option out of the two for you.
No matter which position you choose, Independent Insurance Adjuster or Claims Adjuster, the great thing about the insurance industry is there are always job openings. If you do decide to look into becoming a Claims Adjuster make sure you check out our newest openings today and sign up to receive Insurance Job Alerts from TheBestIRS to stay in the know.