How Do PEOs Work With You to Lower Workers Compensation Rates?

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Many PEOs provide workers compensation insurance through the co-employment relationship, which takes some liability off your plate as a business owner. Because liability is shared, it should be in the PEO’s best interest to limit injuries, increase workplace safety and simultaneously lower your workers compensation rates.

A great PEO will work with you in three distinct ways to accomplish this:

Hands-on Risk Management: In high risk industries especially, it’s important for risk managers to see the workplace and your ways of conducting business firsthand. Risk assessments help identify areas that are an “accident waiting to happen” or pose a potential threat to you and your employees. Did you know that the small task of employee hand washing (or lack thereof) is the single most cited factor in outbreak investigations?  Your business needs to be equipped to stand up against aggressive lawyers in the event of a lawsuit. Your business may have overlooked areas that could result in a lawsuit or claim.

Safety Programs: PEOs can design a workplace safety program, and even organize and conduct safety trainings to ensure that employees are properly educated, aware of potential harms, and perform work more cautiously. It has been proven that when employees fully understand safety manuals and have resources (such as live demonstrations) available to them for additional help, workplace safety increases. Fewer injuries… fewer claims… fewer dollars to spend on workers comp!

Claims Management: Several claims against your business, and several lost claims, will undoubtedly increase your workers compensation rates. From an insurer’s eyes, you’re considered high risk.  PEOs manage claims for several million workers across the country as part of their service to small businesses. They are experts in risk management and go to bat on behalf of your business if and when a claim arises.

Ask what types of safety programs would be implemented or enhanced by your PEO in order to lower the number of injuries or claims from your workforce, and be wary of the PEO willing to sign you on without a thorough analysis.

If a PEO is willing to sign on your company without a thorough analysis, this may be a red flag. PEOs should ALWAYS care about your workplace safety and the amount of risk you have.

To learn more about risk management, safety programs, claims management, and what the ideal PEO relationship should look like, contact Employer Solutions Plus.

“Pay As You Go” Work Comp Solutions in Tampa

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Workers compensation insurance is required for almost every type of Tampa business, and while purchasing this insurance is necessary, it’s often very painful. If you’re in a high risk industry, the rates can be even more debilitating.

Without a strong work comp policy on your side, your organization becomes susceptible to tremendous financial risk should anyone get hurt on the job. So where does this leave you – Do you skimp on the coverage in order to afford it (not recommended, in some cases you could be violating the law) or do you choose your safest option, which may also be the most expensive, crippling your cash flow.

Have you heard of “Pay As You Go?” Employer Solutions Plus offers “Pay As You Go” programs linked directly to your payroll. Through this program, workers compensation insurance rates are calculated on actual payroll data and not on estimates. This approach eliminates large up-front deposits, end of the year payments, audits, and expensive finance charges.

Many Tampa clients choose the “Pay As You Go” route based on the elimination of down payments alone. We’ve had many clients that were required to put down as much as 100% of the estimated premium when working with previous insurers.

Say goodbye to that big financial burden! Interested companies must meet certain qualifying criteria, so be sure to contact us to see if your company qualifies! If you have an existing policy, no need to worry. Employer Solutions Plus can take a look at it for you, and determine what better options are available.

To reach us directly, visit our contact page.