Did you know that businesses using Professional Employer Organizations (PEO) typically see a 40% growth rate in revenue?
Managing payroll, HR, and benefits can become too costly, making many employers seek alternative options.
If you’re looking to outsource some of these needs, you should consider PEOs and what they have to offer.
Keep reading to discover key elements of PEO insurance, whether you want to get it for yourself or your staff!
1. It’s a Third-Party Insurance Provider
One of the first things to understand about PEO insurance is that it’s an insurance policy provided by an organization, not the company you work for.
The Professional Employer Organization offers unemployment, health, and life insurance policies to participants. Many companies are starting to outsource insurance benefits since it can save time and money. These organizations are well-versed in policies and can help people find the best packages according to their needs.
Not only will the organization help with insurance, but they can also assist with payroll, HR, and tax needs!
2. They Work Around the Globe
Whether you work inside border lines or have to travel abroad, you can benefit from PEOs.
Global PEOs operate in other countries, especially where insurance isn’t required of employers. Canada, the United States, and Australia are a few examples of countries with successful PEOs. You can view here for more info about getting an insurance policy through them no matter where you are.
Smaller businesses have the opportunity to provide excellent insurance to the staff at a great cost. Since many businesses are utilizing PEO services, you can likely continue them in future jobs.
3. PEO Plans Are More Affordable
If you’re looking for a policy that’s affordable for yourself and your staff, you should consider investing in PEO insurance.
PEO plans are typically more affordable since the organization has so many employer clients. They can afford premium prices and accounts, resulting in cheaper prices for employees.
Small businesses often fail to provide good insurance since they don’t have enough people. This organization would prevent that from being an issue.
4. Coverage May Be Limited
With most PEO plans getting ordered in bulk, it makes it challenging to find custom coverage.
Your coverage options may be limited with PEO insurance when compared to other private options. Seeking help from an insurance broker may be appropriate if you have specific needs for your coverage. Take time to consider your health conditions, along with your family’s to determine if the plan will work for you and your team.
Will PEO Insurance Benefit Your Team?
Running a business involves a lot of important details, and you don’t want to make mistakes with benefits or payroll.
A wonderful solution that could save your team time and energy is PEO insurance. PEO insurance works great for smaller companies and can help you find an affordable plan. Although coverage can be limited in certain locations, it can still lead to excellent health and life insurance plans.
If you want to learn more about insurance policies and managing a business, check out our site for the latest content!