A PEO (professional employer organization) is a firm where you can outsource certain employee management tasks. These include workers’ compensation, fiduciary liability and employee benefits. When looking for the right PEO insurance program for your needs, it is vital to keep an eye out for specific things you might need.
Compliance with Industry Standards
Research should always be conducted on a PEO firm before agreeing to anything, and the first thing you want to do is make sure they abide by all federal and state regulations. Proper accreditation is essential in ensuring a company has what you need.
Accreditation by ESAC
Above all else, make sure that the company you are dealing with has been accredited by ESAC (Employer Services Assurance Corporation). This is the easiest way to tell if the PEO firm has a steady track record of financial reliability.
Value Being Offered
Hiring the right PEO firm can bring about significant savings in the long run. A good PEO will allow you to increase your company’s profitability and overall productivity. These benefits should not just be a short-term goal but a long-term one.
There are numerous firms out there that promise stellar results, but you will want to do plenty of research on your own to ensure that you get the best PEO insurance out there. Doing your research now will save you plenty of headaches in the future.