MATCHING THEIR NICHE TO YOUR NEEDS
What do you love to hate about Workers Comp?
- Big deposits that choke your cash flow
- “Best guess” premiums that always seem to leave you owing more
- Time consuming audits to find out how far off the premiums actually were
- Big year-end payments that you wern’t prepared for
- Issues obtaining coverages since since your company is in multiple states
At PEO Source, you have options.
1. Professional Employer Organization (PEO) Option
PEO’s normally have a lower cost for workers’ compensation. Why? They buy in volume, covering tens of thousands of employees, to leverage their expenses. Opting for PEO coverage eliminates down payments, removes premium audits and helps manage risks. PEO’s agressively manage claims and expenses which means a lower cost to you. The biggest differences lay in the the carriers they utilize, their risk tolerance, states they are licenced in, rules and regulations outlined per state and the industries that they like… or don’t. A combination of these factors and more make up which companies that a PEO is willing to partner with. How do you know which ones to choose?
You don’t… but we at PEO Source do! Our industry experience and expertise make us the right connection in helping you choose the partner that best fits your needs!
Did we mention that under the Co-employment solution, that workers compensation coverage is pay-as-you-go,
with NO down payment, NO year end audit and NO state fees! Average Workers Compensation savings… 23%
But… not everyone wants or qualifies for everything in the PEO bundle.
In some instances, you can still take advantage of PEO offerings and “carve-out” your Workers Compensation plan.
In that case…
2. Shop Rates
The traditional marketplace is a competitive arena for carriers, just as much as it is for you. PEO Source partners with multiple insurance companies who carry Workers Compensation policies. We work with all industries to find the most-affordable WC plans to meet your needs.
Food for thought
You could work harder and sell more…let’s say $1000 in incremental revenue…and with an 8% net profit margin, you have $80 in your pocket. But if you could save $1000 on your Workers Compensation premiums, all $1000 fall to your bottom line. Now what if we could multiply this by 5x, 10x, or more? Now multiply that by 3, 5 or 10 years! Last time I checked, in order to stay in business, “profit is required”! You get the idea.
PEO Source has saved companies tens of thousands of dollars on their Workers Compensation plans. Maybe, we can do the same for YOU!
It’s your money. What do you want to do with it now? New equipment? Offset Affordable Healthcare expenses? SEP-IRA? Vacation in the Bahamas? Employee Bonuses?
Lowering overhead and managing risk are keys to keeping your business profitable. If you had a way to manage this expense to your company at no cost (looking is free)… why wouldn’t you?
Sample Workers Compensation Deck Page (PDF) - A snapshot of where you stand today combining all the key elements in one place that make up the rate and risk of your company: annual payroll, workers compensation codes used by your company, discounts, surcharges, terrorist fees, paperwork fees, limits of liability, etc.
Sample NCCI Mod Worksheet (PDF) - This only shows a high level of data; more detailed items and "per claim" details are in your Workers Compensation Loss runs.
Why Choose PEO Source?
We’re all about making the right connection, and we believe you deserve a custom solution to all the payroll, workers comp, liability and compliance issues you face.
At PEO Source, we work with you to assess your unique situation and find a vendor whose strengths fit your needs. To us, you’re more than a client.
We believe in sharing ideas via good, old-fashioned conversation and use that to determine if we’re the right fit for your needs.