Professional employer organizations (PEOs) offer comprehensive benefits packages to companies looking to take their workforce to the next level. One of the primary services offered by PEOs is insurance services. This includes the ability to set up workers’ compensation benefits and handle any workers’ compensation claims employees might file.
Most states require employers to carry workers’ compensation protection insurance if they have more than one employee. However, the exact requirements can vary on a state-by-state basis. By having extensive workers’ compensation protection coverage in place, you can ensure your employees are taken care of in the event of an on-the-job injury.
However, getting access to the most cost-effective workers’ comp insurance plans may only be possible if you have a co-employment arrangement with a PEO. NetPEO could match you with the right PEO for your business so you can protect your employees and your business from potential lawsuits and other legal actions. Contact our office today to explore your workers’ compensation insurance plan options.
Benefits of a PEO Before a Work Injury
Before one of your employees is involved in a work-related accident, it is crucial to partner with a PEO. Many reputable PEOs offer workers’ compensation insurance packages that will allow you to protect your business and your staff in the event of a workplace accident.
Unfortunately, no matter what industry you are in, work injuries are possible and common. This is true whether you work in construction, the corporate world, retail, or any other industry. The last thing you need is for one of your employees to suffer a devastating injury at work only to have a personal injury lawsuit for negligence brought against you.
These types of claims can destroy not only your business but devastate your relationship with your team members. If you hope to protect yourself and your staff, working with a PEO to obtain the right insurance coverage is crucial.
Filing a Workers’ Comp Claim
Once you are protected, if your employees are injured at work, they can file a claim with their workers’ compensation insurance provider and get access to the financial support they need when they need it most. With that financial support, they will not need to move forward with any legal action against your company. If they feel supported by their supervisors and your company as a whole, they may be less likely to pursue a lawsuit and more likely to stay with the company once they have healed from their injuries.
Workers’ Compensation Insurance Coverage
Workers’ compensation insurance coverage is designed to protect injured workers. Far too many companies fail to protect their employees, which leaves them open to financial liability when negligence contributes to their team member’s injuries. If you have workers’ compensation insurance coverage, your employees file a claim and can obtain wage replacement benefits and vocational rehabilitation benefits and get their medical expenses covered.
If you lose an employee to a fatal work accident, their surviving family members may have the right to death benefits through your workers’ compensation insurance provider. By working with a PEO insurance provider, you can get more comprehensive workers’ comp insurance premiums at a fraction of the cost. This way, your employees can cover their costs and start to rebuild their lives after a traumatic event without putting a strain on your business.
Workers’ Compensation Laws Across the Country
You may be legally obligated to protect your employees with workers’ compensation protection coverage. It depends on the state you live in and how many employees you have.
For example, in Massachusetts, all employers are required to provide employees with workers’ comp coverage. However, in South Carolina, only companies with four or more employees are obligated to provide workers’ comp.
Your PEO provider can ensure you are in compliance with state workers’ compensation laws no matter where you are located in the U.S. This way, you do not leave yourself open to potential liability if your team members are injured in an on-the-job accident. Failure to have workers’ comp when you are required to do so by law means you could face sanctions, be sued in civil court, and your business could even be shut down.
What Is PEO Workers’ Compensation?
PEO workers’ compensation is different from traditional workers’ compensation benefits in name only. Your business has the option of purchasing workers’ compensation benefits through a private Insurer, but this can be time-consuming and more expensive.
When you get your workers’ compensation coverage through your PEO, you have the opportunity to get extensive workers’ comp. protection benefits at a reduced cost. This is partially because of the fact that working with a PEO means you have a co-employer. With a co-employer, insurance companies may consider your workers’ comp packages less risky, as there are more employees on staff.
Your PEO will not only get you set up with thorough workers’ comp insurance plans, but they will also be responsible for handling the claims if an employee is injured at work and filing workers’ compensation records accordingly. Your workers’ compensation PEO provider will handle the human resources side of your business so you can focus on your company’s core values instead of administrative matters that can be easily outsourced.
If you are not sure whether your current PEO offers workers’ compensation coverage, the best way to find out is to reach out to your point of contact as soon as possible. If they do not offer extensive workers’ comp plans, or you are interested in considering alternative options, do not hesitate to contact our team at that PEO to see what we can do for your employees.
Get Your PEO Workers’ Compensation Plan Set Up Today
It is not enough to purchase the bare minimum amount of worker’s compensation insurance protection under the law. This may not be enough to protect your business or employees in the event of an on-the-job injury. Explore your workers’ compensation plan options when you get matched with the right PEO for your company.
NetPEO can help you find the best workers’ comp insurance programs available. Learn more about how to get started with a co-employment agreement when you contact us for a free consultation. You can reach us through our online contact form or by phone to get started as soon as today.