PEO (Professional Employer Organization) Insurance offers various types of coverage, including health, life, disability, and worker’s compensation. It’s accessible to the client’s employees, allowing small businesses to offer competitive plans at affordable costs. Before choosing a PEO insurance plan, it’s best to find out how it can benefit your business.
Affordable Employee Benefits Costs
A PEO provides affordable employee benefits in NYC, allowing your employees to access the plans they need without going over their budget. Their coverage may include health insurance, vision care, dental care, life insurance, and disability coverage. Additionally, PEO plans can include retirement savings and commuter benefits. You can even use the plan to offer exclusive group discounts on a specific service or product.
Assistance With Workers’ Compensation
PEOs do more than just provide workers’ compensation coverage; a team of specialists also handles claims administration. This includes filing paperwork, answering employee questions about the accident, and conducting audits as needed. Furthermore, specialists can provide tips on creating a safe workplace, reducing the risk of employees getting hurt on the job. Finally, PEOs offer workers’ compensation through their own insurance plan.
Operate Your Business’ Payroll
A PEO plan’s benefits do not stop at insurance coverage and work compensation. It also takes on various payroll tasks, including sick-day accrual, documentation, tax withholding, and providing stubs and digital W-2 forms. You can also set up an automated system for sending out direct deposit payments on certain days. For payroll assistance, you can pay for each service separately or a flat rate for all services. A flat rate is ideal for gaining access to all payroll services offered by the PEO.
Employee Performance Reviews
PEO plans also assist in creating and administering employee performance reviews. The system teaches managers and supervisors how to give employee evaluations based on the company’s criteria rather than personal judgment, ensuring their work efforts fit in with your business goals. Leaders can also use the system to help employees grow, from setting goals to providing online training courses.
Rules and Regulations
This PEO advantage is especially beneficial for your human resources staff, as there are a lot of rules and regulations to remember and enforce. PEOs can explain the various regulations and offer updates on relevant changes. This way, it’s easier for your small business to stay up-to-date with regulations and follow the rules without any issues, from employee conflict to a pandemic or severe weather that changes operations.
Retirement Plans
As a business owner, you want to ensure your employees have access to helpful retirement options. This is where a PEO comes in, ensuring your employees’ retirement funds are secure. For example, your PEO may offer 401(k) plans to help your employees save towards retirement. Your employees may have the option to take money from their payroll and put it into their 401(k) plan. Your business can also match the amount taken from their payroll, allowing you to double your employees’ 401(k) savings.
Business Growth
You have the option of outsourcing your human resource tasks to a PEO professional who understands HR responsibilities, such as recruiting and onboarding. This way, you can focus more on daily operations, such as serving customers, maintaining inventory, and keeping track of revenue generation.
Transform Your Business With PEO Insurance
PEO insurance transforms how you run your business, from offering affordable health plans to staying updated on relevant rules and regulations. You can also work with a PEO specialist to maintain payroll and human resource tasks, making focusing on your business goals easier.
When you’re ready to look into small business health insurance in NYC, consider contacting Margolis & Associates for your business.