When it comes to insurance, it's not a ‘set it and forget it’ process. Every year, employers have to undergo a renewal process for some of their insurance policies. Whether it includes a renewal premium, or the cost paid at the time of renewal if the employer plans to keep the policy in place. At renewal time, some employers shop around each year for the best deal and others may never explore other options. Those employers who are willing to do the legwork and check into all the options will benefit from a financial standpoint and can often provide a better range of insurance options to their employees as well.
Before you pay the premium and renew your existing policy, take the time to discover how partnering with a professional employer organization (PEO) can help your business with this process and relieve the burden of annual premium renewals. This will give you more time to put into the other important aspects of keeping your business running smoothly.
PEOs and Health Insurance
Partnering with a PEO offers a number of benefits in regard to health insurance for your organization. Working with a PEO means you’ll have access to top-quality plans at a more competitive rate than you can find on your own. You’ll not only have someone actively working to find the best plan for your organization, but a PEO can negotiate discounts you might not otherwise qualify to receive. You may be paying too much for health insurance for your employees without even knowing it. And saving money with a redesigned benefits program is more accessible than it seems.
Not only does that affect your bottom line, but you are not able to offer the best coverage you possibly can - something that more and more prospective employees are looking at before they decide to hire on with a company. Once you work with a PEO and have the right plan in place, you can improve your ability to recruit and retain top talent. This is a benefit that can’t be overlooked in today's job market where the best talent often have a number of options when the time comes to find a job.
PEOs and Worker’s Compensation
Another type of insurance that is subject to a renewal premium is workers’ compensation. Workers’ compensation is a type of insurance that helps cover wages and medical benefits for employees who have been injured at work or while conducting business for their employer. Not only is it hugely beneficial when it comes to risk management, but it is also mandatory in most cases. In fact, employers who have at least one employee are required by law to carry workers’ compensation coverage in every state (except Texas). If your business does not have it, you could be at risk of stiff fines, a heavy lawsuit or even face criminal charges.
If you're overwhelmed by the prospect of finding the best workers’ comp for your business or you need help looking through all the plans, a PEO may be the right solution. A PEO can provide comprehensive workers’ compensation for your employees and will work with you on all aspects of risk management. In doing this, a PEO helps you as an employer to provide a secure work setting for all of your employees and reduce your liability in case an accident occurs.
With the benefits provided by a reputable PEO, it is much easier to make a decision when the time comes to deal with premium renewals. We invite you to learn more about PRemployer and the suite of HR services we provide to small and midsize businesses. We strive to offer a quality solution that fits every business.
