If you own a small- to mid-sized business, you probably have your hands full at work. Business owners are the brains behind the operation—simultaneously the big dreamer and the detailed-oriented glue that holds it all together. As rewarding as it is to own your own business, it isn’t without its challenges.
Administrative tasks like workers’ compensation, payroll, and other HR services are vital to the success of your business, but managing these tasks has the tendency to eat up a huge chunk of your time. Focusing on your strengths as a business owner can be difficult if it feels like you’re weighed down by the day-to-day.
So what can you do to optimize your time? Professional employer organizations (PEOs) offer support with these essential aspects of your business so that you can focus your energy where it’s best utilized. Keep reading to learn about the strategic advantage of a PEO managing workers’ comp for small- to mid-sized businesses.
Why workers’ compensation is important for small- to mid-sized businesses
Whether you have one employee or one hundred, workers’ compensation insurance is crucial in protecting your workers in the event an accident happens on the job. Workers’ comp can cover medical expenses, rehabilitation costs, and even lost wages while the injured employee is unable to work.
Traditional workers’ comp may seem costly—particularly for a small business with fewer resources—but there are other options available. The benefits of having coverage if someone gets injured at work far outweigh the cost.
Additionally, workers’ compensation not only protects the injured employee financially, but it also protects you as the business owner. If there’s no workers’ comp insurance in place and an employee gets injured at work, you could be responsible for paying out-of-pocket for their medical expenses.
What exactly is a PEO?
Sometimes referred to as a co-employer, a PEO steps in to handle the administrative side of your business for you. As the business owner, you’re still in charge of decision-making, so you aren’t relinquishing control to the organization. Partnering with a PEO simply allows you to outsource aspects of your business like workers’ comp and payroll services, ultimately creating more time for you to focus your attention elsewhere.
Advantages to partnering with a PEO for workers’ comp
When it comes to workers’ compensation insurance, what are some of the strategic advantages to working with a PEO?
PEOs allow you to optimize your time for company growth
Managing workers’ compensation can be tedious and complex. When you partner with a PEO you’ll have the knowledge of experts on your side to help you make the best decisions for both your employees and your business.
When you don’t have to worry about the administrative tasks that are essential to your business, you can focus on the mission of your company. As a business owner, it’s crucial that you rely on your unique skills and strengths for the growth and success of your company. By working with a PEO, you give yourself space to do that.
You could get better coverage for your workers while saving money
PEOs function by grouping all of their clients together so that they can get the best coverage possible for the lowest cost. Depending on your financial situation as a small- or mid-sized business, the traditional workers’ comp plan you find for the same price may not have great coverage.
You only pay for the coverage you need
One of the best things about working with a PEO for workers’ compensation is the flexibility it offers in terms of coverage. Many small- to mid-sized businesses hire short-term employees on a project-by-project basis, and therefore don’t need a plan quite as extensive as traditional workers’ comp.
Pay-as-you-go programs with PEOs allow the flexibility of stopping and starting the coverage whenever it’s needed. Additionally, instead of paying an estimated premium as a lump sum at the start of the year, you can simply pay in conjunction with your payroll—taking the guesswork out of what you’ll owe.
Strategic advantages of working with a PEO
For small- to mid-sized businesses with less manpower and free time, it’s important to know when to outsource. Handing over administrative tasks to professionals could be incredibly advantageous to the growth of your company.
Small businesses help keep their communities thriving, but being a small business owner comes with its challenges as well. If you own your own company, you likely have your hands full with projects and ideas. While handling the day-to-day tasks is necessary to keep your business running smoothly, strategy, creation, and growth are likely areas where you’d rather send your attention.
A professional employer organization (PEO) can manage your company’s administrative tasks like payroll, workers’ compensation, and human resources so that you have more time to focus on what you do best. Let’s take a look at the importance of workers’ comp for small businesses, some challenges that might arise, and how partnering with a PEO can help.
Why is workers’ compensation important for small businesses?
No matter the size of your company, protecting your employees is a top priority. Providing safe working conditions and financial protection for your workers if an injury does occur is imperative for being a great business owner.
Workers’ compensation insurance is required by law in most states. Even in states where it isn’t mandatory, however, it’s still a good idea to have coverage in place.
If an incident happens on the job, workers’ compensation insurance can cover medical bills, rehabilitation costs, and lost wages. For you as a business owner, workers’ comp can help prevent you from paying out of pocket for an employee’s medical expenses after an accident.
Workers’ comp challenges in small businesses and how PEOs can help
Workers’ compensation can be a pain point for some small business owners due to its cost and complexity. While larger corporations typically have the financial resources to handle overhead, it can be difficult for small businesses to manage. How can working with a PEO help combat the challenges small businesses face when it comes to workers’ compensation?
1. PEOs help streamline the somewhat complex process of workers’ compensation
Managing workers’ comp can be somewhat tedious and time-consuming, and for small businesses with limited manpower, it can be incredibly challenging. From the confusion of calculating premiums to handling the complexities of claims, it’s a lot to manage—particularly when you have countless other tasks on your plate.
PEOs can help streamline the process by integrating workers’ compensation into payroll. They also handle everything involved with the claims process—from taking care of the paperwork to communicating with insurance and the injured employee.
2. They offer flexible pay-as-you-go programs so you only pay for what you need
With traditional workers’ compensation, businesses typically pay an estimated premium upfront to cover the entire year. At the end of the year, the insurer will perform an audit to determine the exact cost, based on things like payroll and the number of employees. This means you could be reimbursed at the end of the year, or you may actually owe money for the difference.
PEOs offer pay-as-you-go programs that are perfect for small businesses that may not be able to afford a lump sum at the start of the year. It’s also great for companies who hire short-term workers’ on a project-by-project basis. With a pay-as-you-go program, you’ll pay only for what you need during the periods of time you need it.
3. PEOs implement safety training programs to help avoid future incidents
No matter the size of your company, risk management is crucial to help keep your workers safe on the job. Small businesses may not always have policies in place to help keep the workplace safe the way a larger company typically does. PEOs may implement safety training programs to help mitigate potential injuries.
In addition to helping prevent injuries from occurring, PEOs also play a role in helping reintegrate employees back into the workplace after recovering in the event an accident does take place.
Partnering with a PEO as a small business
No matter the size of your company, risk management is crucial to help keep your workers safe on the job. Small businesses may not always have policies in place to help keep the workplace safe the way a larger company typically does. PEOs may implement safety training programs to help mitigate potential injuries.
In addition to helping prevent injuries from occurring, PEOs also play a role in helping reintegrate employees back into the workplace after recovering in the event an accident does take place.
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.
Remote work has been on the rise for years, but after the COVID-19 pandemic, things have shifted even more. Remote and hybrid—a blend of remote and in-person—work models have been coming to the forefront for many businesses, which has led to other changes in operations as well. How has the expansion of remote work impacted workers’ compensation insurance? Who’s eligible for workers’ compensation, what are some of the new challenges, and how can employers overcome them?
Are remote workers eligible for workers’ compensation?
Whether you work in an office, are sent on an assignment, or work from home, you’re still eligible for the same workers’ compensation benefits. Workers’ compensation is less concerned with where the accident happened and more with the cause.
For instance, if you get in a car accident while driving to or from a meeting with a client, you could still be entitled to coverage even though you weren’t on company property. While there may be causes of workplace injuries even while working remotely, keep in mind that evidence showing it was a direct result of the job is still necessary for a claim to be approved.
How has workers’ compensation insurance adapted?
With more people working from home on their computers, the types of injuries typically seen have shifted. A study from December 2022 shows that people who work from home experience more musculoskeletal pain than people who work in an office.
Offices tend to have ergonomic equipment to help support their employees as best as possible. At home, on the other hand, people may get comfortable on their couch or at the dining table to work for the day. A lack of ergonomic support can lead to muscle or joint pain, and for many remote workers, neck and back pain has become an issue. Over time, these issues could require some form of medical care.
The changes brought on by working from home have, in turn, meant workers’ compensation has had to adapt to fit the new needs of many employees. Often times, insurance providers can offer plans or programs specific to the needs of remote companies who have work-from-home employees.
What are the challenges in determining eligibility?
When it comes to workers’ compensation insurance, several factors play a role in eligibility—from the work status of an employee to what happened when an injury occured. In an office setting, it’s much easier to keep track of what’s needed to help determine whether or not an employee could receive compensation for their injury.
Business owners or managers can clearly see what’s going on in the office. If an incident occurs and someone gets hurt, there are typically people around to witness what happened and provide details.
Additionally, whether or not the accident occured during working hours is relatively straightforward. At home, the lines become blurred. An employee can easily claim they get injured during working hours when in actuality that wasn’t the case. In theory, remote workers could claim any incident that occured was due to their job. Because of those blurred lines, having proper documentation of injury or illness is necessary in order to make a claim.
How can you help protect your employees?
Navigating workers’ compensation can be complex—particularly now that things have moved drastically toward remote work. Many mid-sized businesses are turning to PEOs—professional employer organizations—for support.
Implement Effective Workers' Compensation Solutions for Remote Work
Partnering with a PEO for workers’ compensation means they’ll take handle all of the daunting tasks that come with the territory. PEOs place high priority on safety at the workplace—even when that isn’t an office. Ultimately, proper risk management is the best way to help prevent injury.
Safety trainings are a great way to help employees make the right choices for their health by putting emphasis on ergonomics, being observant, and encouraging taking enough breaks throughout the day—whether they’re in an office or at home.
Additionally, some employers may choose to provide their remote workers with ergonomic equipment to help promote proper posture while working.
Ultimately, keeping open lines of communication with your employees is crucial when you have primarily remote workers. Build a working relationship based off trust, and implement safety trainings regularly to help protect your employees.
How Long Does it Take to Get Workers Comp in Florida?
If you’re a business owner, independent contractor, or employee in the state of Florida, you may be asking yourself the same question that many of us have asked at one time or another:
“How long does it take to get workers’ comp in Florida?” The answer is not as simple as you might think.
How long can you expect for your workers comp to kick in? Do you find yourself wondering how long it takes to get workers comp in Florida?
With all the paperwork and regulations involved, you may be starting to feel a bit overwhelmed. But don’t panic; getting your employees the coverage they need can be simpler than you might expect!
Read on for an overview of what goes into getting workers comp coverage—from understanding eligibility requirements to filing official claims and ensuring prompt payment. And if you stay until the end, we promise some witty commentary (and coffee) too!
Well, maybe you should get your coffee now!
Injured at work?
The length of time for an injured worker to receive compensation depends on many factors.
For example, if the injury was caused by a third party—such as a defective product or unsafe work environment—the process may take longer than if the injury was caused by an employer’s negligence. Additionally, any delays in filing a claim could result in further delays in receiving benefits.
The other factor that affects how quickly an injured worker can receive benefits is the availability of medical resources and evidence related to the injury.
In some cases, it can take weeks or even months before an employer has all the necessary information required to make a decision on whether to approve a claim.
As such, it is important for injured workers to collect and provide all relevant medical information as soon as possible.
It is also significant for those seeking workers’ comp benefits in Florida to understand that there are certain deadlines they must meet when filing their claims. If these deadlines are not met, their claims may be denied, and they may lose out on crucial compensation they deserve.
After you notify your employer of an injury, Florida law requires that your insurance carrier begin providing worker’s comp benefits within three weeks.
You can expect to have these payments in hand shortly thereafter!
Issues You May Encounter With Getting Your Workers Compensation
Sure, the above timeline looks great – if you’re one of those lucky few whose claim is approved on sight. But sorry to burst your bubbles – most carriers will do their best Sherlock Holmes impression in searching for something they can use against you and deny your carefully-crafted application!
When life throws you a curveball, it can put your workers’ comp payments on pause. But don’t worry – if that happens to you and things get sticky, just grab the bat of appeals process justice and take your case all the way up to judicial court!
It is always best practice to consult with an experienced attorney who specializes in workers’ comp law so you can ensure your rights are protected and that your claim is handled properly from start to finish.
How Often Does Workers Comp Pay?
It’s hard to say for certain as it varies between states and depends on any number of factors, but the usual answer we give is “every now and again”.
Florida workers can receive bi-weekly compensation for their time off work, but the check size won’t be from a magic 8 ball – it’s based on your pre-injury earnings!
Of course, that’s not always the case, but we figure if you work in a dangerous industry like construction or mining, the more often you hear from your friendly workers comp administrators the better.
Being injured can be costly, as most people know all too well. But don’t despair – in many cases you’re still entitled to disability benefits!
For example, if you were earning an average of $1K each week before being hurt on the job, your benefit check should land right at 66 2/3%, or around a cool grand every two weeks. That’ll ease those financial burdens whilst giving time for healing…in more ways than one!
So while we can’t estimate an exact frequency of payment, it’s probably safe to say that having some protection is way better than having none at all.
Floridian workers don’t have to worry about being shortchanged when it comes to receiving compensation for workplace injuries or illnesses—the Sunshine State ensures they get the full 100% of their due, good as gold!
How Does the Workers Comp Check Get Divided?
When it comes to workers comp, your check may be missing something.
That’s because while there are two types of benefits – medical care and lost wages compensation – the latter is likely all you’ll find in your mailbox. But don’t worry; though it looks a little light on arrival, rest assured that your health needs will still get taken care of since they’re typically paid directly to providers!
What If The Workers Comp Check is Late?
Is your workers comp check late? Don’t worry, there’s a lot of potential causes – from small clerical mistakes to it being lost in the mail.
Your first stop should be to contact your claims adjuster and see if you can pinpoint where things have gone wrong; this is often an easy fix!
On the other hand, maybe it was no mistake at all… If that’s case then consultants advise getting legal help as Florida law imposes hefty penalties for tardy payments. Time for a lawyer-up meeting!
In conclusion, how long does it take to get workers’ comp in Florida? The answer depends on several factors related to both the injury itself and the procedure for filing a claim.
While each case will vary depending upon its specifics, understanding these factors will help ensure that your claim is processed efficiently and accurately so that you can receive the compensation you need as quickly as possible.
If you have any questions about filing a workers’ comp claim in Florida, do not hesitate to reach out for professional guidance from qualified legal professionals who specialize in this area of law!
Payroll is a crucial part of running a business. Not only is it how your employees get paid, but it also encompasses calculating taxes and other deductions—which means accuracy is imperative. If you’re a small business owner, you may feel that automating payroll is unnecessary. While you absolutely can do payroll manually, it can be incredibly complex no matter how many employees you have. Let’s take a look at how modern solutions can help simplify the complex task of payroll.
What does manual payroll entail?
It’s hard to appreciate the benefits of payroll automation before fully understanding what’s involved in manual payroll. Manual payroll truly means doing each and every piece of payroll by hand. This means manually entering data for each employee’s salary, paid time off, any holiday time, or bonuses in order to calculate their gross pay, taxes, and deductions.
How automating payroll can help simplify the process
Automation can help reduce errors.
When so much manual data entry and calculation is involved, there’s a lot of room for error in the process. Manual payroll can be incredibly tedious—it requires complete focus and attention to detail. Even the smallest mistakes when conducting payroll can lead to massive disasters when it comes to taxes and employee pay.
If a mistake is made with manual payroll, you’ll have to go back to figure out the error on your own, costing you money in the long run. Payroll automation can help reduce those common human errors and improve overall accuracy.
You’ll save valuable time.
Efficiency is such an important part of owning your business. As a business owner, your time is incredibly valuable, and you likely have countless tasks or projects on your plate at once. Adding manual payroll to an already heavy load—for yourself or another employee—can cause unnecessary stress. By automating your payroll, you can create more space and time for you to focus your efforts where they’re truly needed.
It helps you stay compliant with regulations.
Employment laws and tax regulations change often, so it’s important to stay up-to-date. Automating payroll can help you stay current with regulations, ensuring taxes are calculated and filed accurately each year.
Security is increased.
Manual payroll means entering each aspect of employee information into the system individually—which doesn’t offer much security. Online privacy is incredibly important—particularly when you’re in charge of sensitive information for multiple employees. When you use an automated payroll system, the system is typically secure. This can help prevent data breaches and ultimately protect your employees from anyone who may want to steal their information.
It helps improve employee satisfaction.
Employee satisfaction is essential when it comes to running a business. Your employees should be able to count on you—especially when it comes to getting paid. As an employee, it can be frustrating and even detrimental to wait longer than promised to receive your paycheck. Accurate and timely payments are a necessity for myriad reasons—from paying bills to putting food on the table for your family.
Automating payroll can help ensure paychecks are distributed accurately and on time, ultimately improving employee satisfaction overall. The higher the morale within your company, the higher your retention rate will be for your employees—which only benefits you as an organization.
It helps improve employee satisfaction.
Automating payroll is a great way to use modern solutions to simplify an otherwise complex task. It can help you save time and money, stay compliant with regulations, and help ensure the satisfaction of your employees. Keep these benefits in mind if you’re considering transitioning from manual payroll to automated.
In March 2020, COVID-19 swept the globe, drastically impacting the workforce in more ways than one. Countless people were left unemployed or unable to work for an extended period. As businesses were forced to shut down, many looked to the government for support.
What impact did COVID have on workers’ compensation claims in Florida? Has the virus ever been covered by workers’ compensation insurance? Let’s take a look at what workers’ comp encompasses and what influence COVID-19 has had on claims in Florida.
Understanding workers’ compensation and what it includes
Workers’ compensation insurance is crucial for protecting your employees as well as your business. If an employee gets injured at work or becomes ill as a direct result of their job, workers’ comp is there to offer financial protection.
Typically, workers’ compensation covers medical expenses, including rehabilitation costs. It also covers wages lost while the injured employee is recovering, and it offers benefits for anyone who experiences a permanent injury.
Workers who contract illnesses like COPD, cardiovascular disease, and hearing loss due to the nature of their work are usually covered by workers’ compensation. Those same rules generally don’t apply to community-spread illnesses. However, there are some exceptions when it comes to COVID-19.
Essential workers and workers’ comp claims
During the height of the pandemic, while many were mandated to stay home, essential workers continued showing up every day. According to the CDC, essential workers include—but aren’t limited to—police officers, firefighters, healthcare workers, emergency personnel, anyone in agriculture and food production, energy, water and wastewater, and critical retail.
In Florida, first responders and healthcare workers who contracted COVID due to exposure at work were eligible for workers’ compensation. Even in situations when a particular job wasn’t originally deemed hazardous, like grocery store employees or child care workers, if there was a high risk of COVID exposure, they were eligible. However, while it wasn’t completely impossible, it was often difficult to prove that the virus was contracted while at work, and many of those COVID-related claims were unfortunately denied.
Influence of COVID-19 on workers’ compensation claims
Generally, because many businesses were shut down during the peak of the pandemic, the number of workers’ compensation claims dwindled. With fewer people working, there was less opportunity for accidents to occur on the job.
In many cases, indemnity-only claims were most commonly seen. These claims were typically small, only including a few weeks of pay. Medical claims, on the other hand, included necessary medical treatment as well as any wages lost for the time spent recovering. Indemnity claims were common when workers were exposed to COVID-19, tested positive but had little or no symptoms, and were required to quarantine as a precaution. In some cases, quarantine pay was also included.
Long COVID and workers’ compensation
Some who were infected with COVID-19 suffered—or continue to suffer—from ongoing health issues now known as Long COVID. The effects of Long COVID are different for each person—ranging from constant brain fog and chronic pain to shortness of breath and extreme fatigue.
Throughout 2022 and into 2023, worker’s comp claims of Long COVID continued to rise. There’s a great deal of nuance as to how these claims are handled, as the symptoms of Long COVID vary greatly from person to person, and can ultimately impact whether or not a worker can maintain their job.
COVID-19 and workers’ compensation claims in Florida
Insurance everywhere, including Florida workers’ compensation, has had to shift to make way for life during and after the pandemic. The outbreak of COVID-19 has meant new ways of supporting workers were needed, and workers’ compensation has adapted to meet those needs.
If you’re a business owner, payroll can be complicated and time-consuming. There’s more to the process than simply paying your employees. Payroll also involves tracking time worked, calculating wages owed, filing taxes, managing employee benefits, and much more.
As a business owner, administrative tasks can be daunting, and it may feel like your focus and attention would be better utilized elsewhere. For this reason, many businesses are choosing to outsource these tasks to companies that specialize in them. Keep reading to learn more about the benefits of outsourcing your payroll and why it could be a good idea to make the switch.
1. There’s less room for error
One of the biggest benefits of outsourcing payroll is that when you leave it to the professionals, you know it will be done correctly. Payroll can be a daunting task, and when you’re faced with that many numbers, there’s always the possibility of making a mistake—particularly if payroll isn’t your specialty.
When payroll is done in-house, it’s typically just one more task on someone’s already full plate. A company that specializes in payroll management, however, will have the time, skills, and software required to ensure accuracy and efficiency.
2. It saves you time
Payroll can be incredibly time-consuming, as it involves much more than paying your employees. From onboarding new employees and tracking time worked to calculating wages owed and benefits management, more time and effort go into the process than one might expect.
As a business owner, your role within your company is likely centered around being creative, determined, and innovative. Dealing with payroll can take time and focus away from what it is you do or create within your business. Outsourcing payroll and all that it involves can help you get back to doing what you do best by working on tasks that align with the mission and purpose of your company.
3. It can save you money
Outsourcing payroll can save you money in several ways. When you have more time to focus on the needs and purpose of your company, your business will ultimately continue to grow—which means your revenue will increase as well.
Making payroll mistakes can be incredibly costly. Working with a professional employer organization or PEO that manages payroll not only means you won’t need to hire and pay a specialist in-house, but you’ll also be able to avoid common payroll mistakes. When you outsource your payroll to a full-service provider, the entire process can be streamlined affordably.
4. Your taxes will be done accurately
Doing taxes for your business can be tedious, intimidating, and somewhat complicated. You might fear what would happen if there was a mathematical error or if something wasn’t filed correctly. Outsourcing your payroll helps ensure your company’s taxes are done accurately and on time. You won’t need to spend hours learning about payroll taxes, double-checking your calculations, and doing it all within the proper timeframe.
5. Any issues are handled by the experts
If an issue arises, you can rest assured that your full-service payroll management company will be able to resolve it. Things like workers’ compensation audits will be taken care of without you needing to do anything. Not only will this release a massive burden from your shoulders, but it can save you time and money in the long run.
Take the Next Step: Explore the Benefits of Outsourcing Your Payroll Today!
If you’re a business owner who’s feeling overwhelmed by administrative tasks like payroll, consider outsourcing to a PEO to save time and alleviate stress. Keep these 5 benefits in mind as you weigh your options when it comes to payroll management.
As a business owner—whether you have one employee or one hundred—having workers’ compensation insurance is essential. While it isn’t legally required in every state, depending on the size of your company, it’s still a necessity for protecting your employees and your business.
If one of your employees gets injured at work, workers’ compensation can cover their medical expenses, rehabilitation costs, and any lost wages they might be owed while they aren’t able to work. Without workers’ comp, you could be responsible for paying their medical bills and any other expenses related to their injury. Not only can workers’ comp help ensure your employee receives the care they deserve, but you’ll be financially protected as well.
Traditional policies have their pros, but if you own a small or mid-sized business, it’s important to weigh all of your options. Let’s take a look at how PEO worker’s compensation might differ from a traditional policy and which one could work best for your company.
What is a PEO and How Can They Help?
Professional employer organizations (PEOs) are typically full-service providers that handle administrative tasks for other businesses. This type of partnership is known as co-employment. PEOs often manage payroll, employee benefits, workers’ compensation, and human resources.
Small businesses usually don’t have a ton of extra manpower for administrative tasks. Oftentimes these tasks are piled onto the to-do lists of employees who already have a lot on their plate. This can leave more room for error and less time to focus on their own work within the organization. PEOs step in to help streamline the process and ensure everything is done correctly.
PEO Workers’ Compensation
PEO workers’ compensation tends to be incredibly flexible in terms of coverage, cost, and duration of coverage. Small businesses that primarily hire independent contractors may need short-term coverage for certain projects. Pay-as-you-go programs are a great way to make workers’ compensation more affordable and accessible. This approach can help ensure that business owners will only need to pay for what they use.
How does it Differ From a Traditional Policy?
First and foremost, traditional workers’ compensation policies tend to be more costly—particularly for small businesses that may not have a ton of extra cash allotted for workers’ comp. When you partner with a PEO, part of their role is risk management. PEOs can implement safety training programs to help reduce the likelihood of workplace accidents. By creating a safer work environment, you boost employee morale as well as save on the cost of workers’ compensation.
Choosing What’s Right for Your Business
There isn’t one-size-fits-all when it comes to workers’ compensation insurance. It’s crucial to consider exactly what it is that your company needs before making a decision on what type of policy is right for your business. What type of covereage is required for your industry? How many employees does your company have?
It’s always a good idea to get quotes from multiple providers. Compare and contrast cost as well as what you’ll actually be paying for. Are the policies customizeable or is there no flexibility in tailoring the policy to your specific needs?
Consider the level of customer support you’ll be getting with your policy. How responsive is the insurance provider? Do they have open lines of communication and are readily available to help with any questions you might have?
A final note
For small or mid-sized business owners, it’s important to weigh all of your options. When choosing between PEO workers’ compensation or a traditional policy, keep these things in mind to help you make the best decision for your company.
Whether you’re a business owner or an employee, workers’ compensation insurance is a great way to help ensure that you’re financially protected if a workplace injury occurs. In some instances, common myths about workers’ comp can deter employers from getting it for their employees or deter employees from seeking the help they need. Keep reading to learn about the top 5 misconceptions about workers’ compensation in Florida.
Myth #1: Workers’ Compensation is Too Expensive for Small Businesses.
Though traditional workers’ compensation policies can be costly for small businesses, there are other options. Professional employer organizations (PEOs) offer affordable workers’ compensation insurance with a pay-as-you-go approach.
Some small businesses hire people on a project-to-project basis, meaning they won’t need workers’ comp coverage indefinitely, but only for a limited time. The flexibility of PEO workers’ comp often works well for small businesses that need something more specific to their industry with the option for short-term policies. Choosing a pay-as-you-go program means you’ll only pay for what you need.
Myth #2: I’m not eligible for workers’ comp if the accident was my fault.
Workers’ compensation is meant to protect you from any accidents that take place while you’re on the job—whether or not you’re technically at fault. However, you may not be eligible for compensation if you’re injured due to your own recklessness at work. If you’re found to have been intoxicated from drugs or alcohol when the accident occurred, you likely won’t qualify for benefits.
Myth #3: Only large corporations need workers’ compensation insurance.
Depending on the size of your business, the industry of work you’re in will likely dictate whether or not workers’ compensation is needed. Though in some states, small businesses aren’t legally required to have workers’ compensation, it’s always a good idea to have it. No matter how close you are with your employees, if someone gets injured at work, they can still sue you for damages. It’s far better to be safe than sorry when it comes to a potential lawsuit.
Additionally, in the incredibly unfortunate event that one of your employees dies from their injuries, their family members can choose to sue. Even with very few employees, workers’ comp can help protect your employees as well as you and your business financially in the event an injury occurs.
Myth #4: I could get fired if I try to seek compensation for an injury.
If you have a workplace injury, it’s your right to seek the compensation you deserve. In some cases, people who are injured on the job don’t seek compensation for their injury for fear of being fired or treated poorly at work. If you seek compensation after a workplace accident and your employer retaliates with negative treatment at work or fires you unjustly, it’s crucial that you file a complaint. You can reach out at a state or even federal level if this takes place.
Myth #5: I didn’t get medical care right away so now it’s too late.
Though it is your safest bet to get medical care right away, it’s also understandable that the adrenaline from the accident may initially mask any injuries. It is crucial that you at least notify your employer of the injury as soon as possible—at least within the first thirty days of it taking place. When you do, include as many details as possible in terms of your injuries. Mention everything you can, even if the sensations you feel are mild. It can sometimes take days or weeks for pain to really sink in after an accident.