Per the Office of the New York State Comptroller, there are about 300,000 businesses with up to four employees. There are over 50,000 with five to nine employees, which means that 99% of companies in the area are small businesses. All these businesses have in common the need to comply with regulations and ordinances regarding employee benefits and insurance.
You can choose to work with insurers directly, but there are many benefits to working with a PEO. Some companies choose to offer extensive benefits packages to their employees. For other items, these benefits are mandatory due to legal regulation.
One benefit that is essential for Albany businesses is insurance. Small and midsize companies can benefit from partnering with a Professional Employer Organization to handle insurance and other benefits.
The Insurance Policies that Benefit Your Business
Traditionally when you think of insurance, you think of health insurance. While this is a significant service that PEOs can help with, there are others. Albany has requirements for health insurance policies for employees.
Another concern is health insurance for remote workers. NetPEO will pair you with someone who can address your health insurance responsibilities. However, other types of insurance PEO can help with include the following:
- Disability insurance: workers who become disabled can benefit from this type of insurance. It protects them from loss of income if they suffer injury or illness preventing them from working. It is mandatory, depending on where the employee is working.
- Workers’ compensation: when an employee suffers an injury at work preventing them from working, they can supplement their income with workers’ compensation. Their medical expenses are also covered under these policies.
- Life insurance: usually an optional insurance policy, it provides a lump sum payment to families who lose a loved one.
- Unemployment insurance: Employers and employees will fund this insurance to provide payment should they become unemployed. The state regulates these policies and has a lot of say in the limits.
While there are mandates regarding insurance, they are also selling points for employee benefits packages. Whether you have a business location, remote workers, or an international company, you will have varying needs for these insurance policies. A PEO will know which policies can benefit you and what is legally required of your business.
How PEO Insurance Services Help Albany Companies
Historically, PEOs work with health insurance, but their roles have expanded. They now offer other insurance policies and human resource services.
When a PEO steps in, they take over the health insurance responsibility and obligations instead of the employer. Small to midsize businesses can benefit substantially by working with a PEO.
The Co-Employment Model
A co-employment agreement is set up between employers and PEO. This agreement gives the PEO legal authority to handle certain aspects of the business. The name can often deter business owners from using these services.
Remember, you will keep control of your business. Business owners maintain the status of chief executives. You decide who is hired and fired and where the company is going.
The PEO acts as an employer of record. The roles that the PEO will carry are outlined in the agreement. There are strict guidelines on what they can and cannot do regarding the business.
The final decision is yours in every aspect. While they have a fancy title, they are still your subordinate.
The NetPEO Brokerage Process
After deciding that a PEO is right for you, you must find the right one for your business. The National Association of Professional Employer Organizations reports that there are 487 PEOs in the United States, which means business owners have hundreds of options for PEOs. This fact alone can deter businesses from pursuing a PEO; however, NetPEO has solutions for you.
As a PEO broker, we have a vast network we can tap into. We will assess your needs and pair you with several PEOs that can work for you. Our process is straightforward, and we emphasize customer care and service.
There are three steps to getting you the best PEO for your needs.
Business Assessment
It is vital to have a risk and business assessment before partnering with any company. When you contact NetPEO, we will set up a business assessment meeting. Here we will gather information about your business, future growth prospects, and needs.
Since PEOs offer various services, we will focus on insurance, human resources, and payroll. You can opt for a la carte services or choose a full-service package.
Compiling a List of Options
After understanding needs, risks, and the future, we will tap into our vast list of PEOs. We do the leg work for you. We will research each PEO and find the one that aligns with your needs.
Since we are working towards maximum satisfaction, we ensure clients have several options.
The Choice Is Yours
Once we have compiled a list of PEOs that fit your needs, we will present your options. Since you make the ultimate decision, this is where you will review and decide if the PEOs on our list align with your goals. Once you make a selection, we will connect you with your new partner.
Additional Support
NetPEO doesn’t leave you once we make the connection. We provide additional support after you begin working with your Albany PEO. We want our clients to be completely satisfied, so we provide additional support.
If issues arise, we are here to help resolve them. If your PEO is incompatible, we will help you find an alternative.
NetPEO is here for every step to ensure you can grow your company. Call us today for Albany PEO insurance services.
NetPEO Can Help Take You to the Next Level
PEOs provide insurance, HR solutions, and payroll services. They ensure you comply with tax withholding, payroll topics, and human recuses obligations. Some PEOs work with international companies.
NetPEO has an extensive catalog of PEOs to provide you with various options when we assess your business needs. You can submit an electronic message or call to speak to a representative about your free business assessment. Our representatives will respond to you within 24 to 48 hours.
