Compensation questions

Insurance
#1

Hey Guys & Gals,

I was recently offered a position with a public adjuster helping with there initial inspections. (pre adjustment I am guessing but not 100%)
I will be responsible to inspect each unit of a large apartment complex both interior and exterior and prepare a xatimate scope. I will be traveling across half the country and will be using my own truck and equipment. My background is on the construction side of this business as a restoration contractor in Denver.

1, What is the industry average for this type of worker. I was offered a draw plus a percentage of claim and was curious what the average pay for that is.

2, Will my skills translate from the other side. I have processed 100’s of claims from initial knock on door to final payment. I know my way around xatimate and insurance standards. I will basically be thrown in the lions Den so want to be prepared.

Also if anyone has any resources or ideas on how to find more information on this topic it would be much appreciated. I also appreciate everyone who took the time to read this or reply.

Thanks restoration community!

#2

Nobody wanted to help?

#3

Okay, I’ll bite. It sounds to me this may be either a “one of a kind” or “one of a few” roles. When available, we naturally evaluate compensation with comparable roles and these can sometimes be found online. When that’s not available, you need to then make the assessment yourself. Weigh the following;

  1. Realistic hourly value of your skillset in the market. What is expertise like your’s valued on a 3 hour call charge in your local area as an example? Just YOUR TIME, exclusive of expenses.
  2. What is the expense value of vehicle use? Not just your vehicle but any vehicle. Reference the tax allowance you can claim for using your own vehicle for work. What can you claim per mile use?
  3. What is a reasonable allowance for consumables such as paper, technology, etc? Spread it over a year and divide by 365.
  4. If you are a contractor in this role, what are your licensing expenses? Are there cross jurisdictional considerations therefore increasing that expense? Is E&O insurance a requirement?
  5. What is a realistic financial allowance for continuing education? Aside from your field experience, what credentials do you have to be taken serious by the market you are serving? The market loves strings of letters on business cards. It gives the illusion of reducing risk.
  6. What is a percentage you feel is equitable from each claim? Remember, you are not the adjuster but rather a consultant. A percentage is another word for commission. Think about this one long and hard.

Throw it all in a spreadsheet and play with the numbers. Once that is done, go to market and test it!

Sounds like a cool gig!