All You Need to Know about Insurance Fraud

According to a study done by the Coalition Against Insurance Fraud, the cost of illegitimate insurance claims average around $80 billion each year. It is in a company’s best interest to verify each insurance claim mainly because fraudulent claims end up raising the price of insurance for everybody else as well.

Some of the types of insurance fraud claims that call for an investigation include workplace injuries or personal injuries, vehicle accidents, as well as property damage claims.

Hiring a third-party investigation service provider helps the claims adjuster make a more informed decision on whether or not to proceed with a claim. Insurance investigators are mainly used to prevent inflated or false claims mainly because inaccurate or illegitimate claims are unjustifiable under the law and can lead to the punishment of the individual making the claim. By identifying a fraudulent claim early on, an insurance adjuster can avoid having to pay a significant amount to the individual making the false claim.

Insurance adjustors rely on interviews and records, which are used as evidence in order to conclude whether a claim is legitimate or not, which is why you should always hire experienced private investigators in Palm Beach. There are various types of insurance investigations that require the expertise of Private Investigators in Palm Beach.

Types of Fraud Investigated

The following are some instances where private investigators in Palm Beach can be hired to conduct a proper investigation of an insurance claim.

Worker’s Compensation Claims

Fraudulent claims of worker’s compensation are dangerous to the financial well-being of any business. This is the reason why it is crucial to determine if a worker’s compensation claim is indeed legitimate. This is where Private Investigators in Florida come in to examine whether the worker’s compensation claim is legitimate or fabricated.

Private investigation service providers will look closely at two areas to determine the legitimacy of a worker’s compensation claim. The first is to find if the injuries stated in the claim by the employee are true. The second and most important factor will be to determine if the employee was on the workplace premises when they were injured. For example, if an employee gets injured after work hours but comes in the next day and files for worker’s comp, it is considered a fraudulent claim.

Personal Injury Claims

Personal injury claims are not to be taken lightly since they can be as hazardous as other fraudulent claims. A personal injury claim is filed against both an individual person who is deemed responsible for the injuries that have been sustained as well as against a business. But the claim will be fraudulent if the individual making the claim slipped in their own home and wants to make a personal injury claim to an individual or company.

Theft Claims and Property Damage

Private Investigators at Palm Beach can also investigate theft claims and property damage as well. Common property damage claims include water and fire damage or vehicle accidents. Common theft claims include robbery, theft, and hijacking.

Private Investigators in Palm Beach are frequently called in to evaluate theft claims and property damage, such as examining burn patterns and the cause of the fire in the case of fires. The information that is gained through the expertise of private investigators in Palm Beach is priceless to insurance companies, lawyers, and home owners.