Risk is an important factor to remember when you own a business. Whether you are late on paying your taxes, or your employees are at risk of injuring themselves on the premises, every business has some risk. Risk can cause you to lose money. In some cases, you may lose so much money that you end up out of business entirely.
The good news is that a professional employer organization (PEO) can help. A PEO can point out risks you may not even realize you have. A PEO can also help you get rid of risk. When you reduce risk, you have a better shot at retaining your employees. If they feel you are handling their issues and keeping them safe, they are more likely to stay with you.
Similarly, if they know you’re keeping up with state and federal labor laws, they won’t feel nervous to work for you. Keeping your employees around actually saves you money because you don’t have to pay to train someone new. You also don’t lose profits when someone new makes a mistake while they’re learning.
Learn more about how a PEO partnership can reduce your risk and improve your business by calling NetPEO at (678) 376-1212 today. We can help you find the right PEO that can assess your risk and determine how best to help you. Every day you wait to make that call is another day you are at risk, so call now!
Employee Claims and Lawsuits
You could be doing everything right, and yet an employee of yours doesn’t see it that way. When you think of it that way, your employees can be your business’s biggest risk. You must take every step you can to protect yourself and your business.
Whether it is for sexual harassment, a workplace injury, or wrongful termination, an employee can file a lawsuit against your business that can bankrupt you in the end. This is where a PEO partnership can provide a significant benefit for your business.
A PEO can find you the right kind of insurance coverage to protect you from these kinds of risks. A comprehensive insurance package will include insurance that covers any legal expenses you could incur from an employee lawsuit. It also supports you if you need to pay a judgment to settle the case.
Without this insurance, you may need to sell part of your business or your other assets. This can significantly impact your business and your income stream. A PEO can get you the risk management insurance you need to make sure this never happens to you.
Federal and State Laws
As soon as you hire your first employee, you must comply with state and federal labor laws. A PEO can help you comply with labor laws like the Fair Labor Standards Act (FLSA) and the Occupational Safety and Health Act (OSHA). If you do not comply with these laws, you may suffer significant fines and other penalties. You also need to make sure you are paying your federal and state taxes in a timely manner.
For employees who decide to leave the company or whom you terminate, you may also have to follow the Consolidated Omnibus Budget Reconciliation Act (COBRA). COBRA applies to businesses with 20 or more employees. This act allows past employees to continue their health care coverage for a short time after they leave their job until they can get a new one.
If there are more than 50 people employed with your company, then you must also obey the Family and Medical Leave Act (FMLA). This law allows employees to take an unpaid absence for a familial event, such as parental leave for a new baby or to take care of a sick relative.
For state law requirements, you will need to check the laws for the state in which you do business. This can get confusing rather quickly, so a PEO can help with this, too.
At NetPEO, we may decide a certified Professional Employer Organization (CPEO) is the better option for your business. A CPEO is basically a PEO, only the IRS authorizes a CPEO to help clients with a focus on their financial matters.
NetPEO Is Your One-Stop-Shop to Finding a PEO That Is Right for Your Company
No matter what kind of business you’re in, you carry some level of risk. If you do not handle your risks appropriately, your business can go under and you and your employees can find yourselves out of a job.
A PEO can help you reduce or even eliminate your risk so that this doesn’t happen. At NetPEO, we help both small businesses and corporations find PEOs that can best help them with their needs. You may think you have everything under control, and you don’t need any help. While this may be true in the moment, you can’t predict the future. Every business can always get better. That’s where a PEO can help.
Call NetPEO today for a free analysis of your business at (678) 376-1212. If you’d prefer, you can also send us your information via our website. We will discuss with you the needs of your business, then compare them to the services offered by our national network of partners. Call NetPEO today and let us deal with the stress so you can put your attention on what really matters: your business.