Our client was injured at work and denied medical expenses for surgery. Our firm recovered a settlement for him and he was able to get the medical attention that he needed. If you have been hurt at work in the Columbia, or Jefferson city area, please call us at 1-800-736-5206 or visit our website for a free consultation.
How much insurance claims adjusters can make per annum is the subject of considerable interest and speculation to those interested in a career in claims. As unstable weather continues into the fall, and the Atlantic hurricane season reaches its stride, its important to correctly understand the financial landscape of the adjuster industry.
Some folks have heard from their girlfriend’s brother or an estranged uncle that claims adjusting is a money tree. The money tree sits there blooming Benjamins, apparently just waiting happily to be plucked by any newcomer with the inside scoop. And as an added bonus, you really don’t have to do work. The opposite extreme is my own previous misconception of the monetary compensation for claims adjusters which is that they made next to nothing and it was essentially a dead end job. This is as far from the truth as the money tree concept but, I would hazard to guess, a much more prevalent misunderstanding.
So how much money does an insurance adjuster really make?
According to the U.S. Department of Labor, claims adjusters earned an average of $44,220 in 2004. The top ten percent earned more than $72,620. The bottom ten percent earned less than $27,220. This seems like a fairly significant disparity. What type of adjuster is at the bottom and what type at the top?
The answer to this question depends largely upon the type of claims adjuster you are referring to. In general, there are two types of adjusters: staff adjusters who are salaried employees of an insurance carrier, and independent adjusters who are independent contractors working for adjusting firms. This initial difference will make as much of a difference in pay structure as the type of claims actually handled – from worker’s compensation to multi-million dollar commercial properties.
Staff adjusters are typically going to be earning less than independent adjusters and in some cases dramatically less. $25,000-$60,000 is a reasonable salary range for a career staff claim adjuster.
An independent adjuster in a good year, however, especially if he or she works catastrophe claims, can make well in excess of $100,000.
Staff adjusters can make a good stable living. For independent adjusters, the opportunity can be a little more interesting and, I think, exciting. Independent adjusters working catastrophe claims make essentially a percentage of the amount of each claim they settle. This system of payment is known as a fee schedule and is formulated differently for each insurance carrier represented and storm situation confronted. For example, an independent adjuster handling hurricane claims may receive a fee schedule that pays $500 for claims between $3,000 to $5,000, $650 for claims between $5,000 and $7,500, and $750 for claims between $7,500 and $10,000. An adjuster will receive between 60-70% with the other 30-40% going to the adjusting firm they work for. Hurricane adjusters can easily average $10,000 settlement per claim and thus average between $400 and $500 dollars in their pocket per claim. A good adjuster should be closing 2 to 4 claims per day with superb adjuster closing 4 to 7.
Making over $1,000 a day as an independent adjuster working catastrophe claims is common and very attainable. In this way, a good independent adjuster can surpass six figures income in less than six months.
So, is this the money tree after all? Well, not so fast. Remember that catastrophes, especially catastrophes sufficient to employ significant numbers of adjusters, are relatively few and far between. During “dry” spells for independent adjusters, work can be scarce and competition fierce for the claims that do come along. That said, there is a tremendous and exciting opportunity for very real, very lucrative money when disaster does strike.
Whether its operating on staff or as independent contractor, claims adjusting offers potential for solid and, in some cases, spectacular income.
www.woodcarlton.com 866-490-8414 Wood & Carlton in Corinth and Pontotoc, Mississippi have over 30 years of experience helping injured workers work through the workers’ compensation process and obtain the benefits they’re entitled to. [GRAPHIC W&C, WOOD & CARLTON, PC, INJURY & DISABILITY LAWYERS, 866-490-8414, WWW.WOODCARLTON.COM, 516 Cruise Street | Corinth, MS 38835, 127 West Oxford Street | Pontotoc, MS 38863] Jeremy Hudson: When you’re injured at work, you’ve got a number of issues — [GRAPHIC: W&C, JEREMY D HUDSON, INJURY & DISABILITY LAWYER] — coming at you pretty fast, and one of the main things is that you have to decide: Do I wanna handle this on my own, or do I wanna take my situation to an attorney who does this every day, who knows the ins and outs of the process? Keith Carlton: At Wood & Carlton, we have — [GRAPHIC: W&C, KEITH S. CARLTON, INJURY & DISABILITY LAWYER] — over 30 years of experience helping injured workers work through the process and obtain the benefits that they’re entitled to. Jeremy Hudson: Our firm handles all kinds of workers compensation cases, from situations where people have injured their finger and had to miss a week or two of work, to cases where people have had traumatic injuries that’ve caused them to never be able to work again. Bobby Wood: We not only have a — [GRAPHIC: W&C, BOBBY R. WOOD, INJURY & DISABILITY LAWYER] — what I would consider to be a great legal staff, but we also have a medical staff. That is, we have two …
Take a look at some of Capron & Avgerinos verdicts and settlements to see how we have served our injured clients. Chicago office: 55 West Monroe, Chicago Illinois. Quad cities office: 5030 38th Avenue, Moline, Illinois 61265; www.capronlaw.com
www.facebook.com www.rameshkukathas.sampasite.com TTC strikes as deal falls apart A hopeful transit user waits for the Queen streetcar at 12:01 am, April 26, 2008. TTC strike survival guide Blog: TTC strike watch Video: Toronto commuters stranded Full coverage on transportation page Press Release: Transit Union Calls Strike Map: GO Transit routes and parking Video: Strike deadline set Strike would hit neediest the hardest Hospitals, hotel try to ease commute TTC union promises 48 hours’ strike notice Union leader mellows as style matures ‘Boy wonder’ energizes the TTC Liberal government scrambling to introduce back-to-work legislation to end strike by Monday morning Apr 26, 2008 01:55 AM Tess Kalinowski Transportation Reporter TTC workers, who walked off the job at midnight, could be back to work by Monday if Premier Dalton McGuinty can recall the legislature on Sunday and pass back-to-work legislation — a move requested late last night by Toronto Mayor David Miller. Calling Friday night’s unexpected strike by the 9000 transit workers “unacceptable and irresponsible,” a visibly angry Miller said he had asked union president Bob Kinnear to stick to an earlier commitment and provide the city with 48 hours notice of a strike, but Kinnear refused. The TTC drivers, maintenance workers and mechanics walked off the job after 65 per cent of the union refused to ratify a contract settlement reached with the transit authority last Sunday. “The Toronto Transit commission made every …
Because of the liability waiver that was bargained for decades ago, those injured on the job have always had an inherent disadvantage when it comes to ‘making them whole.’ In what ways do lawyers and judges try to ‘push the system’ to approach the ‘pain and suffering’ remuneration that the same injury might warrant in a Personal Injury case? Guests include Hon. Joseph Hakun and claimants’ attorney George J. Badey III of Badey Sloan and DiGenova. Melissa Schwartz of Naulty Scaricamazza & McDevitt and injured worker and Pennsylvania Federation of Injured Workers representative Dennis Straub provide the defense and injured worker’s perspective respectively. Atty. Christopher Naughton hosts. For more information on Badey, Sloan & DiGenova, www.lawbsd.com.
Carpal tunnel syndrome is often caused by chronic compression on a nerve that runs through your wrist area which can give you pain and numbness of the fingers, especially at night. Controversy exists as to whether carpal tunnel syndrome (CTS) is caused by work activities vs hobbies or some other medical conditions. If it can be proven to be caused by work and the case is severe enough, does this then allow the worker to claim the injury as a disability, meaning it limits one of your major life activities?
Two cases reached similar decisions where it was decided that carpal tunnel syndrome does NOT substantially limit a major life activity. In one case, a production worker was diagnosed with CTS resulting in pain and swelling in both her hands and wrists. The employee wore splints, took medication and went to physical therapy to deal with her injury. The employer took various steps to accommodate her condition, including granting her a medical leave of absence, placing her on a light duty job and allowing her to go to two rehab work conditioning programs, referring her to the company’s job placement division and approving her transfer to the job of her choice. However, she was eventually terminated for excessive absences.
The court ruled that she was not “significantly restricted in her ability to perform a class of jobs or a broad range of jobs in various classes as compared to similarly-situated persons with comparable training, skills and abilities.” Therefore, she was “not substantially limited in the major life activity of working.” The court noted that because of her educational background, she was qualified for numerous positions “not utilizing” the skills she learned as a production worker. Just because she could no longer perform repetitive factory work did not make her significantly limited under the ADA.
The second carpal tunnel syndrome case involved a meat cutter for Farmland foods. The court considered CTS a permanent impairment (remember, an impairment is not necessarily a disability), but the condition seemed to only prevent the employee from performing a narrow range of meat packing jobs (similar to the production worker in the first case). The workers‘ compensation doctor only restricted the employee from overhead reaching, which the company was willing to accommodate. The employee then brought in a separate doctor’s note stating he could not work in a cold environment, not handle meat products, and not perform lifting of more than 20 lbs. Such jobs did not exist at the plant and the employee was terminated. The court upheld the company’s decision.
To be classified as a disability one must be limited in the major activities of life (i.e. seeing, walking etc..) but also the Supreme Court suggested the following activities may be examined in determining whether the ability to perform manual tasks is “substantially” limited: Performing household chores, bathing, brushing one’s teeth, preparing meals, doing laundry or dressing.