What Is A PEO?
Like most employers, it's easy to find yourself working on other issues that are bringing in a dime of revenue. Professional Employer Organizations allow you to unload the garbage work and focus on profit-producing ideas.
A PEO manages all of your company tasks related to payroll, workers' compensation insurance, and Human Resources administration. The PEO’s team of HR experts assure that these duties are completed correctly and on time.
So instead of having piles of paperwork to do, the employer is free to concentrate on tasks such as client retention and sales. The employer still remains responsible for day-to-day business operations, such as hiring and firing and supervision of employees. This arrangement is many times called "co-employment".
Benefits Of A Using A PEO Company Include:
- Big discounts on workers' comp for plumbing companies, with no audits or down payments.
- Human resource assistance covering unemployment claims, compliance issues, EPLI and pre-employment screening.
- Outsourcing of payroll and HR compliance issues.
- One source for communication, billing, and everything related to employment.
Does A PEO Provide Workers' Comp Insurance?
Absolutely! For many plumbing businesses, workers' compensation insurance is one of the most costly aspects of owning their business. Fortunately, a PEO can really help an employer with work comp. PEOs can save employers up to 40% off their state rates, with no down payments or fees, and never any year end audits. The PEO makes it easy to get any certificates of insurance that are needed.
What Do PEO Services Cost?
The average administrative costs in using a PEO are between 2% - 4% of your annual payroll, which is much less than in-house costs. For example, if you have a $200k payroll - a 2% management fee would be $4k yearly. Considering complete payroll, work comp, employee benefits, risk management and HR services are included - the value of outsourcing with a PEO can't be beat. More importantly, you'll notice the time savings your plumbing company has gained to operate and work on growth instead of paperwork.
Why Use ELQ?
ELQ eliminates the hassle of interviewing providers and delivers the few that know your business with solutions that make sense. Need to lower your workers' compensation insurance rates? We can help. Want to outsource payroll headaches? We can do that, too.
Give us a call, ask questions and let's find out how your business can benefit.
