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Workers Compensation
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 As you may be aware, the workers compensation market has become quite unsettled over the past few years and it looks as though the situation may not change for some time. If you think the cost of workers compensation is high with your company, imagine how it must be with a PEO (professional employers organization), or more commonly referred to as employee leasing companies, with tens of thousands of employees. Employee leasing companies HAVE to maintain controls or the cost will drive them out of businesses. They do this by effectively managing their risk.When you use a PEO they assume all the workers compensation risks and liabilities. In the event of a claim the leasing companies are also responsible for claim management as well.Points to consider relating to workers compensation:
- Improves Cash Flow: Most PEO's require no down payment or upfront cost to cover workers compensation premiums. This also eliminates the year end audit since you are on a pay-as-you go plan. No Surprises at years end!
- Sharing the risks: By pooling your employees with thousands of other employees your company is able to share in the economies of scale. Imagine the buying power of a 25,000 employee company to yours.
- Loss Prevention: Employee leasing companies have a vested interest in keeping your employees safe. They are very proactive in helping your company run a safer workplace to help reduce claims therefore, costs as well. Most PEO's have in-house safety engineers to assist you in making yours a safe workplace.
- Certificates of insurance: In the event that your company needs a workers compensation certificate of insurance, they're just a call away. Most employee leasing companies have the ability to turn those valuable workers compensation certificates around quickly.
- Extended Limits: Higher numbers of employees means higher limits of workers compensation coverage, adding another measure of security for your company.
- Claims Administration: In the event of an "on the job" accident, simply call the number provided by the PEO and they take it from there. The PEO will make sure your employee gets the rapid quality care they need with helping them get back to work quickly.
Many PEO's, or employee leasing companies, offer onsite assistance to ensure a safe and productive workplace Employee leasing companies can offer:
- Competitive rates
- Aggressive claim investigation and settlement procedures
- Elimination of premium deposits
- Onsite safety evaluation
- Workers compensation safety manual specifically prepared for your company and industry
- Drug testing
- Elimination of audits
- Safety training and seminars
- Certified safety managers to help implement your programs
- OSHA 200 logs
- Issuance of Certificates of Insurance
- Compliance posters
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