Did you know that offering health insurance is one of the best things you can do to grow your business? It has among the best ROI for business benefits. Healthy employees are happier, more productive, and more likely to stay loyal to your company.
Getting quality health insurance at an affordable price is easy when you have a St. Petersburg PEO on your side. NetPEO can help you get health insurance services through a PEO with one simple phone call and an interview. Here’s why working with a professional employer organization is the best way to get health insurance as a small business in St. Petersburg.
Why You Must Offer Health Insurance
According to a study commissioned by the US Chamber of Commerce, employer-sponsored health plans generate a 47% ROI from reduced direct medical costs, higher productivity, and tax benefits. This percentage is expected to rise.
If you don’t have health insurance, you’re at an immediate disadvantage for retaining your employees. We all need health insurance to cover our medical costs, and most people get it through their employer. Once someone gets worried about their health, they’ll start seeking it as soon as they can.
Also, your employees will also be sicker without it. Sicker employees means lower productivity and more stress on your staff. People need to take longer off work to recover when they lack insurance because they can’t get the care they need.
Paying for Health Insurance as a Small Business
Getting good health insurance as a small business is difficult. Insurers know you want it, but will charge you higher premiums because you have fewer employees. This puts employers in a bind. They can pay more than they can afford, or take plans that don’t cover what employees need.
A St. Petersburg PEO that offers health insurance services can help you cut through the red tape. They can find a plan that’s affordable, meets the needs of your employees, and handle all the management of the plan on your behalf.
If you get insurance on your own, you’ll be stuck with administering the plan, paying premiums on time, and answering employee questions about the plan. You don’t have time for that, so why not turn it all over to a team of experts in a St. Petersburg professional employer organization?
The Advantages of a PEO for Small Businesses
In the smallest businesses, an owner can handle payroll and HR questions to a point. Yet there will come a time as you grow that the overhead of processing payroll and handling HR draws you too much away from profit-generating activities. Each benefit you add, like health insurance, adds to the complexity.
PEOs give small businesses access to HR and payroll experts at a lower cost than hiring in-house, and with a greater level of company loyalty than outsourcing. PEOs work through a co-employment model, which puts skin in the game on both sides and gives business owners advantages when working with insurers and benefit providers.
PEOs pool their client’s employees into a larger group. With a larger group, they can negotiate for much better premium rates and health insurance benefits. Your company could gain access to enterprise-level benefits without paying huge prices, even after paying the cost of the PEO.
PEOs and Workers’ Compensation
Workers’ compensation is a form of required health insurance that almost all businesses in Florida must carry. It covers a worker’s injuries and wages if they get hurt on the job. Without it, you could be held liable for these, plus face large fines from the State of Florida for not having it.
This required benefit is often a business owners’ first tangle with the complications of the insurance industry. Working with a PEO can take away the burden of knowing if you’re doing everything right and gives your workers confidence that their claims are getting handled by someone who knows the system.
Working with a PEO on workers’ compensation issues can be a first step to learn how helpful it is to have the expertise of skilled HR and payroll professionals on your side. The penalties for noncompliance with workers’ compensation law is severe, so keep yourself safe by speaking with an expert!
Other Ways a PEO Can Help You
You can hire a PEO to handle just a few tasks or have them handle your entire HR and payroll needs. NetPEO will help you and your PEO come to a contract agreement that works best for your needs. Some tasks a PEO can help you with include:
- Payroll and tax services
- Recruitment, hiring, and onboarding employees
- Termination of employees
- Creating company policies and employee handbooks
- Regulatory compliance
- Risk management
- Handling employee HR and payroll questions
- Installing employee portals for simple questions
- And much more
These are all important tasks that growing companies need to tackle, but they need specialized experts. As an owner, you don’t have the time to become an HR and payroll specialist. You have enough on your plate with your business goals!
Probably the most important way a PEO helps you is by freeing up the time you’d take handling these tasks and releasing you from the worry about doing them incorrectly.
Why Go With NetPEO?
NetPEO is a PEO and PEO brokerage service with a nationwide network of professional employer organizations. Our service connects businesses large and small with PEOs that can help them with their challenges.
Where we stand out is our aftercare. Our relationship doesn’t end once you sign a contract with a PEO. We perform regular follow-up meetings with you to make sure the relationship is working. We can pass feedback back to the PEO to help them understand what’s going wrong.
If it doesn’t work out at all, we can also help you transition to a new PEO or to leave your PEO behind entirely. In the best-case scenario, you become so successful that you can hire your own HR and payroll staff thanks to our help!
Contact NetPEO for Free Quotes
If you need a St. Petersburg PEO for health insurance services or any other HR or payroll need, contact NetPEO. Our PEO brokerage service will select the exact PEOs that fit your size, industry, and needs. To get started, call or email our offices to schedule an appointment.