Offering high-quality insurance coverage can be a major attraction for new employees and an effective retention tool for existing employees. However, this means that your business can become a target for insurance fraud.  Investing in private insurance investigations by a private investigator might be an option to consider.

Consider the Long-Term Savings

The annual cost of insurance fraud is estimated at $40 billion, according to the Federal Bureau of Investigations (FBI). This type of fraudulence costs the average U.S. family $400-$700 each year in premium increases.  Thus, insurance companies raise rates for business insurance plans as well. By investing in private insurance investigations, you can help to minimize the damage caused by fraudulent insurance claims.  This can save your business a substantial amount of money in the long run.

Save Payroll, Reinvest in Your Business

Another benefit of investing in private insurance investigations is the amount of payroll you will save.  Handling these investigations is time consuming, so allowing a third-party to handle it is almost always less expensive.  Think about the countless hours involved in researching claims, trying to find discrepancies and other issues that could indicate fraud. Now, think about how much money that will cost your business in payroll wages and related expenses. Instead of committing one of your employees to this type of investigation, hire an experienced private investigator in San Jose.  You’ll still be able to get the results from the investigation, but you will be able to reinvest those payroll wages and hours into the profitable aspects your business.

Is There Any Proof? 

Firstly, keep in mind that not all claims are fraudulent, and without proof, no action should be taken.  Pursuing any type of adverse action against an employee suspected of insurance fraud (from lay-offs and terminations to filing criminal charges) is dangerous without proof.  Pursuing those types of actions without substantial evidence can quickly backfire on you in the form of counter-suits, harassment claims, grievances and wrongful termination cases.

Rely on the expertise of a private investigator in San Jose to bear this burden and get the applicable evidence (if there is any) and quality results that you need.

The Bottom Line

Insurance fraud can cause detrimental damage to your company’s reputation and revenue.  Get in front of this issue by investing in the third-party perspective and expertise of a private investigator in San Jose. Doing so will save you time and payroll while preserving employee morale and emphasizing the need for integrity within the workplace.