How to Save on Insurance for Worker’s Compensation.
You can save on insurance for worker’s compensation by working with a reputable Professional Employer Organization, or PEO. Because they are taking a big risk, the right companies will put you through the wringer. They will flush out your vulnerabilities in the process and, you will be more capable of managing these problems while enjoying the much lower insurance rates you otherwise would have. Consider the following before writing PEOs off as being too good to be true:
- PEOs combine client payroll rosters to get the best deals. Just like Walmart in retail, PEOs can offer big discounts because they buy in bulk. Instead of providing your 50 employees with coverage, they are capable of buying into tens of thousands of plans. This not only opens the door to cheaper insurance but also policies with higher value. They help you offer better benefits and attract the best employees while keeping your costs low.
- PEOs compel you to go over safety plans and concerns. Regulations may be lax, but liabilities still exist. PEOs are not going to call you and offer rock bottom prices during a fire sale. These businesses offer up a generous service, and even if your state laws do not keep them operating on a short leash, their business owners will. By offering to bring you into their insurance pool, first expect to have your practices and set-up questioned. They will not allow your bad policies endanger insurance rates for the rest of their clients. Thankfully, many PEOs also offer safety management at affordable prices.
- PEOs will make sure you are well informed. Before providing a business with insurance for worker’s compensation, most PEOs will go above and beyond to ensure you have all the information you need. They deal with many clients and will not want to fiddle with enrollment just because of one company backing out. If you need more financial information prior to making the final decision, just ask. The best companies have no problem sharing this information because they know you do not have the numbers to get the same deals.
- PEOs can sweeten the pot with extra services. In addition to providing businesses with affordable benefit plans, professional employer organizations usually offer an array of HR services. These range from safety advisory to automation and more. Chances are, you can cut your budget and improve productivity by taking advantage of their other offers. Using their other services may also improve your eligibility for worker’s compensation insurance coverage or help in lowering your fees.
- PEOs will help you avoid late fees, lump sums and surprise year-end bills. One of the biggest benefits of working with a PEO is qualifying for plans which charge monthly for worker’s compensation coverage. These charges are based on real earnings instead of mere estimations. Several lower quality plans require a lump sum payment at the beginning of the year. These are the same kinds of arrangements resulting in surprise year-end bills when estimated payments haven’t covered all your obligations. Avoid lapsed coverage, inconvenient billing schemes and bloated totals by working with a Professional Employer Organization.
Find improved coverage and lower bills with help from PEO insurance services. Buying in bulk results in discounts, but a reputable company can offer you additional benefits. Improve your options today.
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