The secret to running a successful business is to maximize your profits while keeping your overall cost low. However, sometimes this is easier said than done when it comes to day-to-day management of your company. Between managing your payroll to keeping up with your benefits package to finding affordable workers’ compensation coverage, there is a lot that can take time away from focusing on growing your business. This is where the benefits of a PEO company come in.
Not only will be able to take over much of the responsibilities associated with the boring and mundane daily tasks required by your company, like payroll and insurance benefits, we also give you back time in your day to focus on what matters most, finding ways to make more money.
Read below to discover all the reasons why we think it is time for you to choose to partner with a PEO company to expand your business possibilities.
1. Reduce Your Workers’ Compensation Cost
Over the last few years, the workers’ compensation market has gotten a lot tougher for business owners. As regulations increase, it is becoming harder for employers to find affordable coverage. Because of this, many companies are looking to PEO’s to provide a lower cost option.
One of the many benefits of a PEO company is our master policy. It can be utilized to provide you with workers’ comp coverage with little to no down payment, no yearly audits, and a pay as you go plan based on actual payroll wages.
In most cases, it will be a more cost effective option than the traditional market can offer. We can also include Employment Practices Liability insurance which covers lawsuits arising from wrongful termination, discrimination, and sexual harassment. Issues that are becoming more common in today’s workplace.
Another benefit associated with working with a PEO for your workers’ compensation coverage is that the liability shifts from your company to the PEO. Meaning, it is the responsibility of the PEO company to manage all employee claims on your policy. In turn, this frees up your time to focus on more important, profit-producing responsibilities.
In the long term, a workers’ compensation policy through a PEO will help to reduce your overall business expense and may aid in improving loss history. Therefore, making it a viable option in today’s marketplace.
2. Take Over Your Payroll Responsibility
As you know, paying your employees is a necessary component of owning a business. Unfortunately, most business owners are not prepared to deal with the tedious aspects of processing payroll on a recurring basis. There are many tax filings and documents that go along with this responsibility that require a lot of care and attention to detail.
However, you can avoid all of this by outsourcing your payroll and taking advantage of all the benefits of a PEO company. Not only will a PEO manage your company’s payroll, they will also handle the tax filings and employer mandated compliance regulations also required by this task.
3. Manage Unemployment Claims
Unfortunately, the percentage of unemployment has risen to new levels over the past decade, and, with it, the time employers spend dealing with unemployment claims and hearings.
When an employee tries to file unemployment, this can affect the business owner in two ways:
The first way is the time it takes to deal with the state on fighting these claims. Each state has made it tougher on business owners to mitigate a claim for unemployment. It also takes time to file the necessary paperwork to battle an unemployment claim. If it is not done correctly, and in a timely fashion, the state will award the claim to the employee. Even if the state sides with the business owner, the time it took to deal with the claim takes away from running your business.
The second way unemployment claims affect owners involved the fact that every claim the state pays out may increase the company’s state unemployment tax rate. That rate is a percentage that can increase or decrease, depending on how the claims are handled and their reserves adjusted.
These claims directly affect the business owner’s bottom line. At INVOPEO, we will have our experts handle these claims in a timely manner, which may reduce the amount of claims that the state pays out.
This is just another way that INVOPEO can streamline your company and increase your profit.
4. Human Resource Management Services
The majority of small to medium size companies do not have a true HR department. That means issues with hiring, termination, and safety procedures can be handled incorrectly. This may increase your risk of lawsuits that can cost your company thousands, if not millions of dollars each year.
INVOPEO has HR certified specialists on staff that will assist our clients in all of the above areas. They are available for questions regarding any situation that the office manager or business owner may not know how to handle.
We can offer additional services that cater to the individual need of each client, including background checks and drug screens that assist in the hiring process. Every company has its own set of needs, we can tailor our services to best suit you.
5. Affordable PEO Healthcare and Voluntary Benefits
With the ever changing requirements and government uncertainty, healthcare is on everyone’s radar nowadays.
The good news is INVOPEO has a master health care program that our PEO clients can benefit from. As long as you have a minimum of five employees participating, your company is eligible.
What sets our plan apart from the traditional market is our deductible options. In the traditional market, each carrier will provide one or two deductible options that each employee can choose from. INVOPEO’s master plan will give the employee five to six options for a plan that fits their financial needs.
The rates may be better in some situation depending on the overall health of the participating group. Either way, our plan is designed specifically to help both employers and employees.
We also offer a variety of voluntary benefits, including accident coverage, critical care coverage, and cancer insurance. These benefits are guaranteed issue and are provided at no costs to the employer and very little cost to the employee.
Not only do these benefits help your employees prepare financially for the unexpected, we have found that the more benefits a company offers to their employees the longer they keep that employee.
6. Competitive Business and Personal PEO Insurance Quotes
INVOPEO can also provide competitive quotes on all of your personal insurance needs. We work with several industry partners to help clients find coverage for many commercial lines of insurance, such as General Liability, Property, and Commercial Auto.
We also offer personal lines insurance such as renter’s policies, home insurance, and life insurance.
If you are a client of INVOPEO, we can payroll deduct these premiums at your option.
Let us take a look at your insurance package to determine if savings are available.