North Carolina Professional Employer Organization (PEO)
If you could offer better insurance and benefits to your employees for less money, would you do it? What if you found out there was a way to lower your workers compensation costs and protect your company from additional liability?
You can do all this and more when you work with a PEO.
What is a PEO?
Professional employer organizations or PEOs provide comprehensive human resources solutions for small and mid-size business. This includes insurance options for employees and your business.
PEOs operate as a co-employer with your business. The PEO is the employer of record for tax purposes, while you manage your business and your employees. A PEO takes care of the paperwork and you take care of the people and your business.
How does a PEO help my business?
While a PEO offers many services, one of the most important is what it can do for your employee benefits package and workers compensation coverage. PEOs negotiate on your behalf for better insurance rates. Because PEOs represent so many businesses and employees, their bargaining power is much greater than a single small or medium-sized business could ever be.
You and your employees enjoy reduced costs and better coverage. If you’ve never been able to offer benefits before, now you can with a PEO. And if you’ve wanted to increase your employee benefits but couldn’t afford to, a PEO makes it possible.
One cost of doing business is workers’ compensation insurance. Plenty of business owners get sticker shock when they see their new premiums each year. With the power of the PEO on your side, you’ll get a lower rate than you could on your own. With the safety and risk mitigation services PEOs offer, you can reduce your accident claims which helps keep premiums lower, too.
PEO and Insurance
A PEO can help with your insurance needs in multiple ways from employee benefits to employee protection.
Insurance Benefits for Employees
With a PEO, you can offer multiple forms of insurance for your employees as part of a comprehensive benefits package:
- Health insurance
- Vision and dental insurance
- Life insurance
You no longer have to negotiate rates or wade through multiple plans. Your PEO can help do that for you.
Insurance Benefits for Your Business
As a business owner, you understand the importance of protecting what you’ve built and the need for comprehensive insurance coverage. Your PEO can help you in two ways:
- More affordable workers compensation coverage
- Purchasing employment practices liability insurance (EPLI)
What is EPLI? It’s the insurance that protects your business if an employee sues for discrimination, harassment, wrongful termination, or retaliation. You do the best you can as a business owner and employer, but you never know when an angry employee will take you to court.
How much does a PEO cost?
Your price for working with a PEO will be determined on the services you use and the size of your business. You’ll pay a monthly service fee based on a percentage of your gross payroll or the amount of employees you have.
Interested in learning more about how a PEO can help your business and your employees? Contact Charlotte Insurance today.