Providing health insurance and other important benefits to employees is critical but not always simple for small business owners. Obtaining comprehensive yet affordable group coverage, navigating regulations, and managing ongoing administrative tasks can present significant hurdles.

This is where a Colorado Springs PEO like ours aims to make a difference. As a professional employer organization serving the local community, NetPEO understands the insurance needs of small businesses and strives to remove barriers through our bundled solutions, group rates, and dedicated support team.

How do Colorado Springs PEO Insurance Services Work?

If you’ve never heard of a professional employer organization or PEO before, the concept of utilizing our services for insurance may be new. At its core, a PEO functions similarly to an outsourced human resources department that can also help with benefits administration and compliance.

As a PEO, we act as your company’s co-employer by taking on many standard employer responsibilities. This includes securing and managing the available insurance options. Rather than small businesses going through the process individually, we leverage our dedicated risk managers and insurance agents to negotiate competitive group rates on a variety of plans from top carriers.

How We Help Your Employees Get Insurance

By consolidating multiple client companies into one centralized “workforce,” we are able to access plans and savings that otherwise would not be feasible for a smaller employer. Our enrolled clients then have access to these insured benefits without the upfront research and workload.

We handle all paperwork, billing, and enrollment processes and serve as the point of contact between employees, employers, and insurance providers. This allows our business clients to focus on their specialty while knowing their insurance needs are expertly supported.

We Offer Several Types of Insurance

Our team at NetPEO understands that there are multiple types of insurance you may need as a small business. We can help you get the following types of insurance:

Workers’ Compensation Insurance

As the certified employer of record, a PEO is able to negotiate bulk discounted rates on workers’ compensation policies through large insurance carriers. We handle all paperwork and claims processing and ensure businesses meet coverage requirements in each state. This saves clients costs versus going directly through an agent while reducing administrative workload.

Business Insurance

PEO clients gain access to group-rated property, general liability, professional liability, commercial auto, and other business policies. These often have lower premiums than small businesses would see individually. A PEO’s risk management experts also provide loss control advice and timely claims reporting assistance to help lower long-term costs.

Group Life and Disability Insurance

Instead of high-risk individual underwriting, PEO customers receive basic life and disability coverage as part of an enhanced benefits package. Employees appreciate the protection while employers save over paying premiums independently. The PEO takes care of enrollment, premium collection, and payments and liaises with carriers.

Unemployment Insurance

By acting as a co-employer of record, our PEO assumes responsibility for properly filing quarterly tax reports and handling any unemployment claims on the client company’s behalf. This ensures compliance with regulations and saves businesses time and potential penalties for errors.

Health Insurance Options We Offer for Your Colorado Springs Business

We can also help you gain access to health insurance as a small business. Here are some of the health insurance types we can get for you:

PPO Plans

PPO Plans allow employees flexibility in providers while providing savings when using in-network options. As a PEO, we negotiate with carriers to offer PPO plans with lower group premiums and administrative fees for our clients compared to individually purchased coverage.

HMO Plans

HMO Plans through major carriers provide fully covered care from in-network providers for a low co-pay. A PEO’s size allows access to HMO plans that may otherwise not be affordable for a small business on its own. We handle all billing and enrollment as the employer of record.

High-Deductible Health Plans

High-deductible health plans coupled with HSAs or HRAs we help set up offer significant premium savings and tax benefits. As a PEO, we can facilitate the opening and funding of these accounts as well as process eligible withdrawals to reduce employees’ out-of-pocket costs.

Dental and Vision Insurance

Dental and vision insurance is an important supplementary coverage a PEO can add. Bundling these with our medical plans yields group pricing savings. Employees benefit from the coverage while we handle provider network negotiation and administration.

How Can a PEO Help With the Upcoming Tax Season?

As a professional employer organization offering insurance services, we help take the stress and potential pitfalls out of tax compliance. Some of the key ways we can assist include:

Filing all necessary health insurance reporting forms like 1095-C forms for Affordable Care Act compliance on your behalf. This ensures accurate and timely reporting to avoid penalties.
Preparing and submitting quarterly tax forms for things like unemployment insurance and workers’ compensation premiums paid out over the year.
Issuing W-2 wage and tax statements that include the accurate value of all health, life, and disability benefits provided to employees.
Calculating and remitting any employer share of payroll taxes related to insurance premiums and benefits.

By taking on core employer responsibilities like these, your small business gains peace of mind knowing our tax and compliance experts handle your reporting.

Types of Industries We Provide Insurance Services to

As a licensed PEO serving diverse clients, we have extensive experience insuring a wide range of business sectors. We help businesses in several industries, such as:

Healthcare
Hospitality
Retail businesses
Transportation
Trades such as construction
Nonprofit organizations

If you’re a small business owner in one of these industries or you’re curious about our work with other industries, our team at Colorado Springs PEO can help you.

Contact Us to Learn More About Colorado Springs PEO Insurance Services

If you’re a small business owner and need help with getting insurance for your employees in Colorado Springs, our team at NetPEO can help you figure out your tax situation, health insurance, and other types of insurance.