July 10, 2020

What Makes a Private Investigator Beneficial to Businesses?

Investigator Beneficial to Businesses

Investigator Beneficial to Businesses

Private investigators are commonly associated with personal matters, but they’re also invaluable for dealing with business situations.

There are many tasks that a private investigator can perform. This includes actions like background checks on prospective employees and business partners or performing surveillance on a questionable employee filing a worker’s compensation claim.

While a private investigator does come at a cost, it is often well worth it when it results in saving your company from entering into an unfavorable agreement or paying out on a fraudulent claim.

Above all, a good private investigator provides you with peace of mind because you’ll have more information about any situations that you deal with.

We’ll go over some of the best benefits of hiring a private investigator below so that you can understand why you need one!

Background Checks

One of the most-performed activities by a private investigator is background checks.

You’re likely very familiar with background checks. If you’ve ever applied for a job and went through an interview, then the next step is typically a background check.

This entails several pieces of information, which depend on what your employer’s priorities are. Your employment history, criminal records, driving history, and credit report are all a few things that are often explored.

Many times this background check is performed by searching through a database, but a private investigator is more effective at finding this information. Not only do they have access to these databases themselves, but they also know where else to look and can even find well-hidden secrets.

A background check completed by a private investigator is much more thorough and reliable than the results you find from using a website.

Due Diligence

Private investigators are also fantastic at performing due diligence.

This process is very similar to a background check and is used to look into another party’s history. It is done to verify that a potential partner is worth doing business with and that they’re trustworthy.

Typically, due diligence is performed to prevent financial harm from resulting. If due diligence goes well, then a transaction can be completed. However, it can stop one from happening altogether if something problematic shows up.

Private investigators are excellent at performing due diligence because they’re proficient at investigation and intensive research. This is what is required to generate a report that you can then make an informed decision on.

Surveillance

Another typical duty of a private investigator is surveillance.

This likely doesn’t come as a surprise to you because this is often what private investigators are shown doing when they’re on TV. Truth be told, private investigators do conduct surveillance depending on what your investigation goals are.

Surveillance may seem like a personal matter, but it can also be helpful in business. You won’t be investigating to see if a partner is cheating on you, but you will be looking to see if a worker is behaving fraudulently.

There are several reasons why you might want to surveil someone, but it certainly isn’t something that you can do yourself. You have work to do and it would be easy for someone to identify you.

On the other hand, a private investigator is discrete and can get your results without getting caught.

Workers’ Compensation Cases

One thing you might need surveillance for in particular is a workers’ compensation case.

This is relevant when an employee becomes injured and wants benefits to cover their expenses. They will file a case to try and obtain compensation from your business’ insurance company.

Depending on the circumstances, a case may be worth contesting if you believe that your employee is being fraudulent. For example, they may be exaggerating the extent of their injuries to receive a bigger settlement.

A private investigator can surveil this employee and see if they’re lying. If they’re claiming that they have injuries preventing them from walking, like a broken leg or spinal injury, then their case can be thrown out if you find proof of them walking.

The reason why you might want to dispute a case is because a successful claim can raise your premium. Unless there’s a good reason for a worker filing a claim, then you shouldn’t let your premium raise unnecessarily.

Employee Termination

You might also want a private investigator to help with the process of firing an employee.

There are two parts to this.

The first one includes finding grounds for termination. If you believe that an employee is doing something worth firing them for, then you’ll likely want proof of it.

A private investigator can keep tabs on an employee and potentially catch them doing something illegal. If they’re found, then this will give you a good reason to fire them without suffering repercussions.

The other part of this involves having them there while you fire someone, like security. Some private investigators carry a firearm and this can help dissuade a disgruntled employee that you’re trying to fire from doing anything.

While private investigators are good for digging things up, they can also serve as someone who keeps you calm while terminating someone.

Debt Collection

The last benefit of a private investigator is debt collection.

This is especially relevant for anyone who owes you a significant amount of money. An amount that you can’t overlook and need to recover.

Some people who gain an abundance of debt will try to run away and hide from collectors. This might be effective for your average collector, but a private investigator is different.

A private investigator can determine exactly where someone went and pin them down. This will make it easier for you to collect from them.

The way this works is that a private investigator will also look into your debtor’s assets. From here, you can then move forward with a legal judgment and garnish wages if necessary.

Closing Thoughts

Private investigators are an excellent tool that you can use for many facets of your business. Their skillset is great for personal matters, but it’s also excellent for business dealings.

Private investigation work involves intensive research that provides you with great information for making better decisions.

There are many situations you might want a private investigator for. This includes background checks, due diligence, surveillance, workers’ compensation cases, employee termination, and debt collection.

Should you ever need background information or proof of wrongdoing, then a private investigator is a perfect way to come up with it. This information can make a big difference if it saves you money and prevents a negative outcome.

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