As an employer, it's important to learn the key terms used by insurance consultants to enhance your ability to handle employee questions and concerns. But it's also important to learn the ways that an insurance consultant can help you manage and protect your business interests. Since many insurance consultants not only investigate claims but also provide services and training to prevent safety problems, take the time to learn the key terms they use so you can maximize employee health and safety initiatives and minimize liabilities.
When there is a financial loss because of wind, floods or other disasters, insurance investigators settle claims after evaluating and then documenting the details of those events to expedite financial recovery.
Risk management is a series of strategies and programs that monitor and identify various probabilities to limit risks. Risks can arise from a number of circumstances, including natural disasters and accidents.
Loss controls are methods taken to reduce the risk of loss through training programs and other measures. Potentially hazardous situations are analyzed to decide what course of action should be taken to prevent financial loss. For businesses, there are loss-control training programs to teach employers and employees safety measures to decrease loss due to accidents.
Insurance fraud is when someone knowingly tries to receive compensation from an insurance company by making false claims. Those who file fraudulent claims also affect those who don't, since fraudulent claims are one of the main reasons behind higher premiums. Many insurance investigators not only detect fraud but offer fraud prevention services as well.
Since many people attempt to process fraudulent insurance claims each year, many insurance consultants offer services or specialize in surveillance. They hire either insurance investigators or private agencies to monitor people suspected of fraudulent claims.
Litigation support is legal advice and support given to business clients dealing with insurance litigation. The services provided include legal advice, expert witnesses who will testify on your behalf and assistance in managing litigation documentation.