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.