Is a PEO the right Choice for your business? Your Guide to PEOs

If you are a business owner looking for an additional level of protection, then you might be interested in the benefits of getting PEO services. You must have heard about PEO’s but how can you be sure that if it’s something for you? A PEO is a business and insurance solution company that offers opportunities to companies that do not have enough capital or expertise on their own.

PEO’s are perfect for small and medium-sized businesses because they can offer employees an ownership stake in the company. This can be a great motivator for employees and it’s also beneficial to the business because they will have fewer variables that may cause them to stray from their goals.

How to be certain if you want PEO services

Do I have a plan for unexpected emergencies?

Am I finding myself spending too much time on administrative tasks like maintaining benefits and payroll, instead of the parts of my job that are interesting to me?

Do I offer employee benefits?

Should I offer benefits? Are they always covering the essentials?

Ask yourself these questions.

It’s only a matter of time before you decide whether you want a PEO or not

What PEOs do for your business?

About the above questions, Imagine a world where you are free from the headaches and hassles associated with managing payroll, unemployment PEO insurance, and workers’ compensation claims. You have access to experts who provide expertise in multiple areas including human resources compliance risk management and more – allowing you to attract better employees at no expense of your time or money.

Imagine an environment where a business owner or manager focused on increasing their company’s bottom line they can focus less on the headache that comes along with handling all those things such as processing employee paperwork, administrate benefits programs, manage finances, handle HR obligations, etc.

PEO works with companies to provide a mutually beneficial solution. PEO offers benefits such as lower costs and increased ownership in the company for employees, which ultimately leads to more productive workers who are always looking out for their interests without fear of being let go.

See what types of insurance are available for different needs and how it can be beneficial for your business and whether or not, will suit it.

The process of starting with a new PEO

The process of starting with a new PEO partnership can be easy if you know what steps to take.

Firstly, the business must decide which type of service they want out of their partner, the administration only, or more complete services such as payroll and benefits.

Once that is decided then an account representative will contact them about your company’s needs for coverage to provide accurate quotes and recommendations.

Questions to ask before signing up with a provider

Secondly, it’s vital to ask all the questions in your mind so there are no surprises when the work starts. This may include the following:

Do you have a low monthly fee with no hidden charges?

Does the PEO offer comprehensive coverage to help and protect your business from unforeseen circumstances such as accidents, injuries, and illnesses?

Is there support available if I need it?

What is the average wait time for a claim to be processed after an accident or illness occurs?

How much paperwork do I have to fill out when signing up with this PEO provider?

Is it easy to understand what needs filling out before submitting my application form?

If something goes wrong does the company provide legal service for me too?

Can they represent me in court if needed?

Can they pay any fines issued by law enforcement on behalf of my employees without involving them personally?

You can ask other questions if you have something specific in mind. If you don’t ask a lot of questions before signing up with a PEO company, you could unknowingly sign away your rights to their providers. You should be aware that not all personal service contracts are the same and some may have worse conditions than others.

Bottom line

A big benefit of a PEO is that your company won’t have to worry about any legal issues with employees. Beyond the convenience, this also means that you can focus on making and distributing products instead of worrying about such things.

You also don’t need to provide healthcare or other benefits like vacation days, sick days, insurance, etc. A lot of these things are taken care of by the provider in exchange for an established monthly fee per employee for these PEO services.

Another advantage is efficiency; you’ll have fewer payroll accountants managing everything internally and more time for running the business instead of waiting on payments from everyone’s checks every week.

This will save money because now you’re paying fewer people whereas; before there were three different companies (PEO + accountant + HR) who would all take their cut from each paycheck.