Most people know that a Professional Employer Organization (PEO) can help you streamline your payroll, give you access to
Most people know that a Professional Employer Organization (PEO) can help you streamline your payroll, give you access to affordable benefits from national carriers, as well as access to expert HR guidance. But what a lot of people do not know is that a PEO can also help you with your Workers’ Compensation insurance.
Even if you are a white collar company a PEO can make your Workers’ Compensation a breeze.
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Lower Work Comp Rates, a PEO offers lower rates than you would get on your own, because they have the buying power.
Claims Administration, the PEO handles all of your claims for you.
Year-End Audits, in a PEO you do not have to worry about owing money, or employees being misclassified.
Great question. Every business that has W-2 employees must have Workers’ Compensation insurance (unless you are in Texas). Let’s assume you are not in Texas for the sake of this blog.
Lower Workers’ Compensation rates reduce your cost per employee, which is always good. While white collar companies typically don’t focus much on Workers’ Comp claims management, but Blue Collar companies know first-hand what a burden Claims Management is and can be. And no one likes Year-End audits, which usually results in owing your carrier money.
These things are alleviated inside a PEO, and less things to worry about, that’s always good.
There are other benefits, and after speaking to Scott Hanson from KeyHR, a leading PEO provider, here are more reasons that might not be visible right away.
I asked Scott to give me a few reasons that are not as obvious. Scott highlighted that a PEO allows you to focus on improving your Modification Rating by utilizing a PEO’s Risk Management department and establishing best in-class practices.
Taking advantage of possible safety incentive programs that particular PEO’s might have. Get rewarded for having a focus on worksite safety measures.Scott added, that if your PEO doesn’t offer these services, and aren’t proactive - you’re in the wrong PEO. We agree, Scott. We agree.
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So in closing it’s important to consider why you should use a Professional Employer Organization (PEO) for your Workers’ Compensation.
Lower Workers’ Comp Rates - Save Money
Claims Administration - No Paperwork
No Year End Audits - No Fines or Fees
Lower Modification Rate(s) - Save More Money
Worksite Safety Measures - Being safe, save money
If you would like to know if you could get better Workers’ Compensation coverage, schedule a quick chat with us and we will help you.
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