03 Sep Intro to PEO Workers’ Comp
Are you a small business owner? Depending on your state and number of employees, you may need to purchase workers’ comp. This insurance steps in to pay the various expenses related to an accident on the job, such as medical and disability benefits. Do you already feel overwhelmed by the task of taking care of your current operations? You should consider outsourcing your workers’ comp duties to a PEO.
What is a PEO?
A PEO, which is short for professional employer organization, is a business that takes on various HR tasks for other enterprises. To help free up some time for an owner of small to medium sized businesses, PEOs can become a co-employer for his or her employees and look after payroll, insurance, and other tedious tasks.
Why purchase workers’ comp through a PEO? There are many benefits of purchasing coverage through a PEO:
• You may find you have more time to advertise and grow your business.
• Your business may receive a better insurance rate, thanks to the large amount of clients the PEO offers to carriers.
• Your responsibility for managing workers’ comp claims is shared or taken over by the PEO.
There are many things to consider before signing up with a PEO. To ensure you are able to make an educated decision, contact our agency to discuss if a PEO route is right for your business.