PEOs do not necessarily need a license to provide your employees with insurance benefits. However, state law may dictate they do, depending on the PEO’s state. Both state and federal labor laws give PEOs their power.
Depending on the state, a PEO may only have permission to set your employees up with workers’ compensation or unemployment benefits. Other states may allow PEOs to help your employees get access to voluntary benefits that will attract new talent and help you retain your current employees. Voluntary benefits include health and life insurance as well as retirement plans and disability benefits.
A PEO can do wonders for your business. Learn more about the benefits a PEO can provide to your employees and your business today by calling our NetPEO team at (678) 376-1212. We can provide you with more information about PEOs, as well as set you up with the right PEO for your company.
Possible Insurance Benefits with a PEO
If your company’s benefits packages leave your employees less than satisfied, you may be interested in an upgrade. If you don’t have a plan in place at all, having a plan can help you attract – and keep – new talent.
With the right benefits package, your employees will feel less stressed about going to the doctor or saving for their future. Some PEOs can find you educational benefits as well. This leads to your team becoming more skilled. They’ll also be excited to pursue a degree they may not have been able to afford without the added assistance.
Happy employees focus more on their work and are less distracted by financial difficulties. Keeping your employees happy is the best way to keep your employees at all.
The Ins and Outs of Insurance Benefits
Smaller businesses pay more for insurance benefits. That’s just the way it is. Smaller groups almost never enjoy group discounts the way larger corporations do. However, a PEO can get you access to some of the better plans out there. Your employees won’t feel like they are paying too much for too little, and you’ll save money on the plans you choose for your team. It’s a win-win.
A PEO can get better rates than you might be able to find on your own. In some cases, a PEO broker can get you better rates than even an insurance broker can! The best part is that you don’t have to turn to an insurance broker at all. Your PEO can do everything for you, all within one organization.
A PEO can help your business offer benefits you might never have been able to offer before. It can also help you improve the benefits you already offer. These benefits include:
- Medical insurance, including dental and vision insurance
- Disability insurance
- Flexible spending accounts
- Life insurance
- Retirement accounts
- Educational benefits
Other Benefits a PEO Can Provide to Your Employees
In addition to insurance benefits, a PEO can provide other benefits to you and your employees that make life a lot easier for all of you. For instance, if you don’t have anyone available to run an HR department on site, or if your HR department is lacking, you can trust your entire HR department to a PEO.
This means you won’t have to worry about paying your payroll and taxes, nor will you have to worry about onboarding and training new hires. You won’t have to deal with worker’s compensation claims. A PEO can also handle any lawsuits for you and get you the right risk management insurance so your business doesn’t go under from a large judgment.
You never know when an employee may get hurt on-site and claim it was due to your negligence, then sue you for it. Something like this could stop a small business in its tracks and cause it to close up shop for good. A PEO can make sure you have the coverage you need to prevent this from ever happening to you.
A PEO can also assist with such HR-related matters as drug testing your employees, drafting employee handbooks, and providing paycheck stubs. A PEO can also keep track of employee sick and vacation time and verify a candidate’s employment before you hire them. A PEO is your right-hand-man, so to speak, for all things HR.
NetPEO Can Help You Keep Your Employees
A good insurance plan is something not many businesses offer. This is why your employees are more likely to stay if you offer one. If you can offer it to them at an affordable rate, that’s even better. But how do you do that without suffering financially yourself? That’s where a PEO comes in.
The main job of a PEO is to take away your stress so you can focus on your business at hand. Whether that’s handling your finances or assisting your employees with their HR-related needs, a good PEO can work right alongside you to keep your business performing its best.
Call NetPEO today for a free analysis at (678) 376-1212. You can also send us your information online. From there, we will match the needs of your business to the services provided by one of our trusted partners. NetPEO ensures it’s a match made in heaven because we follow up after you partner up to make sure it’s still a good match for the both of you.
Call us today, and let’s help you make your business more profitable and more appealing to current and future talent!