Get the Most Out Of Your PEO Insurance

A professional employer organization, or PEO, is an organization that works with companies to provide a variety of human resource services for the company through a co-employment relationship. This allows companies to focus more on growing their businesses rather than completing the behind-the-scenes work. If you are considering a PEO, it is also critical that you review PEO insurance. In your search and application there are a few things to keep in mind so that you get the most out of your insurance.

Select the Right Plan

There are a number of available PEO insurance options, so you should take the time to evaluate them and determine the right one for you. There are a few things to look for:

  • reputation of provider
  • benefit offerings
  • scope of benefits
  • representative support

Examining these characteristics can help you to select a quality provider and plan.

Understand Your Policy

Once you select a policy, it is imperative that you read it all the way through and familiarize yourself with what you can expect from the policy and what is expected of you. This can help to manage your expectations and prepare you to implement the policy correctly.

Utilize Your Resources

Your agent should serve as a knowledgeable resource regarding anything dealing with your policy. Should you have any questions or need assistance, reach out to them.

By heeding these tips you can get the most out of your PEO insurance. If you have questions about the policies themselves, contact your local provider.

How Will PEO Insurance Benefit Your Company?

As a professional employer organization (PEO), you offer a needed service to your clients. When they are able to outsource workers’ comp, payroll, training and employee benefits, it takes the pressure off of their company. The pressure, however, is then put on yours. Because of the risks you face, you need a proper PEO insurance policy. The following are some ways in which a policy will benefit your company:

  •  Legal Fees – If you are involved in a lawsuit because a client believes you did not provide them with the services they requested, your policy can help to cover the legal fees. This could include filing fees, attorney fees and a variety of other expenses you were not originally planning on.
  •  Settlement Fees – No matter the type of lawsuit, it’s possible the settlement could point in favor of your client. In such a case, you will often be responsible to pay a settlement to the client. Proper insurance coverage will step in to help you make this payment.
  •  Repair Costs – If your property was damaged due to vandalism or fire, a policy with the right coverage will help you afford the repairs. This could be essential to keeping your business running after unforeseen circumstances.

As you can see, there are some major benefits you can experience with the right PEO insurance policy. Contact your agent to learn more about the options you have and get covered today.