Before we dive too deep into the details of PEO workers’ compensation solutions, let’s first define the term together. Nationwide defines workers’ compensation as a type of insurance that “provides medical expenses, lost wages, and rehabilitation costs to employees who are injured or become ill in the course and scope of their job. It also pays death benefits to families of employees who are killed on the job.”
Of course, we all want our employees to be happy, healthy, and safe. But when a crisis occurs, it’s good to know you’re not alone and that you have a proper plan in place. Most states actually require organizations with employees (who are not owners of the business), to purchase workers’ compensation to cover their employees if a problem were to arise. In fact, businesses that do not provide workers’ compensation coverage can face severe — and often extremely expensive — consequences. Punishments can range from paying claims out of pocket, penalty fines, imprisonment, and potentially losing the ability to conduct business in their home state. These repercussions can cause real harm to an organization’s financial state and/or reputation. Thankfully, these concerns can be eliminated with the proper workers’ comp packages and awareness. PEOs like INVO offer safety and prevention, cost containment, aggressive fraud investigation, and diversion programs to give you the comprehensive workers’ compensation solution you are looking for.
Modern workers’ compensation helps injured workers recover faster with minimal damage to the business. By partnering with a PEO, your business can better navigate the confusing, bureaucratic workers’ compensation landscape. The INVO team is skilled in all aspects of workers’ compensation to protect our clients and their employees. Learn more about our unique business solutions by contacting our team of seasoned business professionals.