Why you need workers comp
Why chose a PEOOver the years, PEOs (Professional Employer Organizations) have tremendously grown in popularity. PEOs offer numerous valuable services to clients. In most if not all arrangements between the PEO and client (s), the PEO agrees to conduct specified employer responsibilities for leased workers. They include some or all of the following:
How does PEO work?A PEO usually serves as an outsourced HR department that offers comprehensive employment services such as assistance with employer compliance, HR management, benefits, and payroll administration etc. A PEO normally serves as your strategic HR partner that can assist in:
Benefits to the employerThis leaves you with more time to concentrate or focus on your business Being a member of a Professional Employer Organization will help you to control your employees’ compensation claims and costs while assisting you to resolve the safety issues.An effective PEO’s safety solutions can significantly help in promoting a high-return “culture of safety” at your company. It can assist you:
benefits to the employee
For employees, PEO does the following:
•Delivers accurate and on-time payroll
•Processes claims responsively and efficiently
•Offers latest information in regulatory compliance
•Provides professional assistance when it comes to employment related issues
•Offers easy access to comprehensive benefits that are often unavailable
•Brings with it easy to read and comprehend practices, procedures, policies and handbooks
•Offers improved access to payroll information, vacation, personnel data, sick time accrual as well as specialized reports
How much does it Cost?
Because coverage requirements vary by state, the cost of Workers' Compensation depends on what type of work or business you are operating and where your business operates. Other factors that affect your rates include…
•The number of employees you have.
•The type of work your employees do.
•Your claims history.
•What locations you do business in
Like all insurance, Workers' Comp is priced based on risk: riskier industries and jobs are more expensive to insure than less risky ones. To make sure prices are as fair as possible, they're determined by classification codes: each type of work has a unique code. For example; One way to save money on your Workman's Comp policy is to make sure you've classified every employee correctly. The secretary for a construction firm, for example, will have lower rates than the bricklayers.
Workers' Compensation Insurance is regulated by the states. This means that having Workers' Comp is a unifying thread for businesses with employees, it also means the cost of this coverage varies significantly from one state to another.