When to Consider Engaging a Consultant

Whether you are an insurance adjuster, risk manager, broker or other insurance professionals, at some point you may come across a project/situation that you cannot resolve yourself. More importantly, you may encounter a circumstance where the prudent course of action is to involve a third-party for an independent opinion and recommendation.

Whether it’s help with business continuity planning, cost estimate preparation, dispute resolution or pre-loss risk assessments (to name a few), hiring a consultant can prove invaluable if the consultant(s) can meet your expectations and bring clarity in assessments ultimately helping you make the important decisions you need to make.

Here are some key questions to consider when deciding if hiring a consultant is the best approach:

  • Is an independent evaluation needed of cost of repairs to a structure following a loss?
  • Will it be important to determine exact cause of loss for possible subrogation or coverage determination?
  • Are you faced with a possible dispute over amount of damage and will bringing on a consultant to provide an independent evaluation lead to resolution?
  • Does the insurance carrier have requirements that a consultant be engaged for damage evaluation if loss is over a defined threshold amount?
  • Do you need help writing a business continuity plan or require an independent evaluation of an existing plan?
  • Would having a pre-loss facility inspection, along with recommendations pertinent to loss exposure, be beneficial to your organization?

If you answered “yes” to any of the above questions, involving an experienced and trusted consultant may prove worthwhile. The independent firm should also further be able to assist with answering any questions above that you were unable to answer. Just be sure that the hired consultant understands expectations, that project parameters have been defined and that the lines of communications remain open.