The health of your company depends on healthy employees who stay around to do their jobs. Offering health insurance is a powerful way to accomplish both goals, but getting health insurance as a small business is expensive and difficult.
One way to shortcut the process is by using a Fort Lauderdale PEO broker to find a PEO that offers health insurance services for your company. A PEO can be the stepping stone between having no insurance and needing to hire a full-time HR staff to find and administer your benefits.
Why Is Health Insurance Expensive for Small Businesses?
Insurance companies offer cheaper services when you can pay more premiums. They can either charge more per person, or you can have many people pay into the same policy plan. A small business has to go with the first option.
Also, because you have fewer people paying, the benefits are also often worse. If you pick the wrong plan based on price alone, your employees may end up feeling like their insurance does not save them any money when they use it. That can make them angry that you’re taking money for premiums without getting the benefits.
It is a dilemma. You probably cannot afford to hire more staff to get cheaper premium rates, but you need health insurance to keep the employees you have from jumping to another company. It’s also harder to get top talent if you have a poor benefits package.
How PEOs Help Companies Get Health Insurance Services
A professional employer organization brings expert HR and payroll staff to businesses that need help in these critical areas. After a business grows to a certain size, owners cannot handle these tasks without cutting into profit-generating activities. PEOs pick up the slack and lend their experience.
PEOs usually work in a co-employment setting, and this is the secret in Fort Lauderdale PEO health insurance services. Under co-employment, your PEO will combine your employee numbers with all of their other clients because, on paper, it will appear like your employees work for the PEO.
This lets the PEO approach benefit providers with far greater numbers. If a PEO has 500 or 5000 “employees”, they can leverage that larger pool of premiums to negotiate for enterprise-class rates and benefits.
Can They Help With Workers’ Compensation?
Absolutely. Workers’ compensation is often the first required benefit employers must provide in Fort Lauderdale. Once you have a single employee, depending on your industry, coverage requirements will require you to have a policy in place and all the regulatory signage and procedures.
A PEO can help you choose the right workers’ compensation plan for your business, and might bundle your health insurance and other insurance benefits with the same provider. This could create additional savings for your company.
NetPEO uses their network of nationwide PEOs to find a PEO that suits your company the best. PEOs can specialize in industries and in business sizes, as well as local and state laws. Our role as Florida PEO brokers is to find just the right PEOs for your business.
Will I Lose Control of My Employees Under Co-Employment?
Co-employment sounds like a scary term, but it’s only a way to help the PEO get you the best benefits possible. You retain all rights to hire, fire, and control the tasks and schedule of your employees. The contract between you and your PEO spells out which duties fall to the PEO and which fall to you.
Co-employment gives the PEO authority to act on your behalf to administer HR and payroll tasks. The only reason they would step in about an employee is if there was a serious HR or payroll issue that needs to be addressed, the same as if you hired similar staff under your own company.
These contracts are flexible. You can assign as many or as few duties to the PEO as you like. They can even work with your existing staff to share tasks so you don’t have to give up any employees, though most small businesses hire a PEO to free up the time of their employees.
What Else Can a PEO Help Me With?
Fort Lauderdale PEOs offer more than health insurance services. They have full-service HR and payroll staff ready to handle anything your company needs in these areas. Some common tasks they can help your company with include:
- Choosing appropriate benefits and managing the plans
- Handling employee inquiries about HR and payroll issues
- Ensuring you’re compliant with regulatory requirements
- Creating policy documents, employee handbooks, etc.
- Creating employee portals to help your staff check on benefits, vacation, payroll, and more
- Recruit and hire employees for your company
- Handle terminations effectively, efficiently, and in line with regulations
- Risk assessments
When you contact NetPEO for a free quote, we will discuss with you what your needs are and what you might face as your Fort Lauderdale business grows. There may be regulatory landmines you’re not aware of, and we can help you anticipate them and get you the staff you need to handle it before they become a problem.
What If I’m Not Happy with My Benefits or PEO?
NetPEO does more than find you the best PEOs for your current needs. We also check in with our clients regularly to make sure the relationship is going well. We pass on feedback to the PEOs so they can improve your processes.
If you’ve grown beyond your current PEO or if you’re unhappy with their performance, we can also help you change PEOs to another one in our network. This regular follow-up process is why NetPEO has one of the highest customer satisfaction ratings in the industry.
We don’t connect you with a PEO and then leave you behind. We’ll be there to support your company every step of the way until you grow to where you no longer need a PEO.
Get a Free Quote from NetPEO
Are you ready to get health insurance services from a Fort Lauderdale PEO? NetPEO is ready to hear from you and get you a free quote. To get started, contact our offices by phone or email anytime to schedule an appointment.