As a business owner, you most likely have a lot on your plate at any given moment. Not only are you the creator, critical thinker, and problem solver behind the scenes, but you also have to consider the day-to-day operations of your business as well. It can be overwhelming for one person to handle, so being able to delegate or outsource certain tasks is crucial to keep things running smoothly.
Administrative tasks like workers’ compensation management can be complex and time-consuming, but there are solutions that can help. Professional employer organizations (PEOs) will often take on the duties of workers’ compensation, payroll, or human resource services. Let’s dive into 5 reasons your business should consider a PEO for workers’ compensation management.
1. You can focus on growing your business
Business strategy and growth shouldn’t have to fall to the wayside because of the administrative tasks that need regular attention within your company. Handling workers’ compensation can be tedious and time-consuming. By outsourcing that aspect of your business to a PEO, you can save valuable time and energy to focus on the areas of your business that need it the most.
2. Workers’ compensation can be complex to calculate
Calculating workers’ comp can be somewhat complex. Premiums will vary according to the employee’s classification, total payroll, the type of industry you’re in, and any previous claims history. While there’s a lot to take into account, working with a PEO can alleviate some of the overwhelm.
In addition to relieving some of the stress that comes with workers’ compensation claims, a PEO can help you save money in the long run. When you trust the professionals with the calculations, you can rest assured that no mistakes will be made. When it comes to workers’ comp calculations, getting it right the first time is incredibly important—otherwise there could be financial consequences.
3. PEOs will prioritize safety trainings for your employees
In many cases, PEOs will provide safety training programs that could help prevent future accidents on the job. Risk management services are crucial not only in helping keep your employees safe, but also in preparing for what to do in the event an accident does occur at work. Additionally, if an incident does take place, a PEO can help reintegrate the injured employee back into the workplace after their recovery. They can ensure the employee has had the financial and physical support they need before coming back to work.
4. You can tailor your workers’ comp to meet your company’s needs
One of the best things about partnering with a PEO is that typically you can tailor your workers’ compensation to meet your company’s specific needs. This is particularly great for small and mid-sized businesses that may not need the standard coverage provided to larger corporations.
PEOs often offer pay-as-you-go workers’ compensation programs, which can also be beneficial for companies that hire workers on a project-by-project basis. Working with a PEO for workers’ compensation management means you’ll be able to adjust your plan according to the duration and amount of coverage you need. This means you’ll have the coverage you need when you need it, without having to pay for something you don’t use.
5. You’ll have the expertise and experience of risk management professionals
Ultimately, working with a PEO means you’re leaving the workers’ compensation aspect of your administration process to a team of experienced professionals. You won’t need to spend tons of time figuring out how to run that aspect of your business—-you’ll simply need to find a PEO that checks all the boxes of what you’re looking for.
No matter what type of business you own or the size of your company, working with a PEO could be a great way to focus on what matters most in your business. You’ll have more time and space to work on growing your business, you won’t have to worry about calculation errors, your employees will have regular safety training programs, you’ll get a workers’ comp plan that’s unique to what you need, and you’ll have the expertise and experience of professionals in your corner. Keep these 5 reasons in mind when you consider working with a PEO for workers’ compensation management.
