What is a PEO
Employee Leasing Program
All About PEO Insurance
What does PEO stand for? Professional Employer Organization (PEO).
PEO insurance offers business owners cost-effective outsource the management of human resources, employee benefits, payroll, and worker’s compensation.
PEO clients focus on their core competencies to maintain and grow their bottom line.
A PEO handles your admin paperwork so you can focus on growing your business instead of being stuck in the employee leasing duties.
A PEO manages critical HR responsibilities and take over employer tasks while minimizing your admin duties. so you can stay focused on what matters.
A PEO will maintain an employer relationship with your employees and Stay on top of new regulations.
A PEO will contractually assume certain employer responsibilities and risks so you don’t have to.
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Is a professional Employee Organization (PEO) Right for your Buiness
What a PEO can do for your Business
Businesses today need help to manage increasingly complex employee related matters such as health benefits, worker’s compensation claims, payroll, payroll tax compliance, and unemployment insurance tax claims. They contract with a PEO to assume these responsibilities and provide expertise in human resource management. This allows the PEO client to concentrate on the operational and revenue-producing side of its operations.
Is a PEO for You?
Companies of all sizes struggle with growth, in order to stay competitive, you are constantly forced to do more with less. There are many factors that go into consideration when determining whether an employee leasing (PEO) policy is beneficial for your business. Some of these include your companies claims history, services offered, number of employees, payroll, type of services and percentage of work sub contracted, previous coverage history and even geography of where you conduct business. The first step in determining if a PEO is the best option for your company is to understand the history and services a PEO can provide for you.
Did you know?
According to the Stats on the NAPEO Website
ACTIVE: There are roughly 750 to 950 active PEO's currently in the United States
SIZE: The current size of the PEO industry is between $136 and $156 billion, as measured in gross revenues.
SERVICED: PEOs provide services to between 156,000 and 180,000 small and large businesses
A PEO is able to provide you with peace of mind
Just one claim can devastate your business!
A PEO can provide savings on worker’s compensation premium, benefits, products and services that are usually reserved for large companies with purchasing power. In addition to reducing the hard costs of running your business, a PEO also can improve your potential revenue as well. A PEO can offer valuable training for your employees to develop their skills and maximize their productivity.
Focus on your Business
When you partner with a PEO to handle your HR responsibilities, you have time to focus on core business decisions. Would you rather be perfecting your product or immersed in paperwork for an unemployment claim? Spend time on what counts and what is going to help your business grow.
Peace of Mind
Think of the PEO-like your trusted business partner. You won’t be alone to figure out if your business is legally compliant or has enough protection for a worst-case scenario. You can also protect your business and reduce your exposure to lawsuits stemming from claims such as discrimination, wrongful termination, or sexual harassment.
Do PEO arrangements lock me into annual contracts?
Typically, PEO arrangements have executed leasing agreements not contracts. This means that you are able to enter the arrangement under the ” pay as you go ” model and keep the policy active as long as you continue running payroll with the PEO. Generally speaking, it is always better to maintain coverage on a consistent basis and avoid gaps in coverage, however, most PEO agreements do not bind you into 12-month contracts or policies similar to a stand-alone (SAP) Policy. If you lose your projects or are unable to retain the employees and have to cancel the policy, typically most PEO’s will allow you to reinstate with them as long as you cancel the agreement without any outstanding balances owed.
Types of businesses suited to use a PEO model
Small to mid-sized businesses are best suited to the PEO model because the PEO’s bargaining power gives smaller companies the advantage of”larger company” benefits. Contractors in Florida are another prime example of companies best suited for the PEO model as most private carriers will require 2 years or more of consistent worker’s compensation history in order to qualify for a policy through the standard market. According to a study performed by the National Federation of Independent Business (NFIB) Research Foundation, small business owners stated that the most expensive help they receive is for tax paperwork and records, averaging at $83.69 per hour. This cost can rise to $100 per hour for companies with 10 or more employees!