If you hope to reduce turnover rates and retain the best talent in your industry, it is important to show your team members and employees that you value them. When you work with a professional employer organization (PEO), one of the benefit services packages you may be interested in includes insurance. With NetPEO’s Sacramento PEO insurance services, you can protect your employees and boost their loyalty to the company.
What Are PEO Insurance Services?
Many PEO companies will offer insurance services as part of their benefits packages. Many employers across the United States are obligated to provide their employees with specific types of insurance. For example, a significant number of employers are required to provide their employees with health insurance coverage and workers’ compensation protection coverage.
Your PEO will ensure your company is in compliance with state and federal laws regarding insurance coverage of all types. Beyond that, your PEO will handle any claims that may be filed against your insurance, ensure you are compliant with necessary tax withholdings, and handle any human resources matters that may arise.
Even if your company is not required to provide your employees with insurance coverage, doing so can help set you apart from other businesses that may also be vying for some of the best talent in the industry. You can even give your employees the option to enroll in additional coverage, which gives employees autonomy and allows them to maintain control over their paychecks.
Not only will you keep your staff members happy, productive, and loyal, but you could even be entitled to specific tax breaks for offering your employees private health insurance, workers comp., and other coverage.
Types of Insurance Your Sacramento PEO Might Offer
Some of the most popular types of insurance your PEO in Sacramento may offer include:
- Life insurance – You can offer your employees the option to purchase life insurance coverage which will provide their surviving family members with a lump sum settlement in the event of their death.
- Workers’ compensation insurance – If your employees are injured at work, instead of suing you for negligence, they may be able to file a claim with your workers’ compensation insurance provider and receive specific types and amounts of benefits, including disability benefits, coverage of their medical bills, and vocational rehabilitation benefits where applicable.
- Unemployment insurance – Giving your employees the option to purchase unemployment insurance is always a good idea. This way, when you pay into the unemployment insurance program, your employees will have some financial security if you have to move forward with layoffs in the future.
- Disability insurance – When your employees need to take time off of work temporarily or on a long-term basis due to any type of disability, including illness or pregnancy, disability insurance provides them with the peace of mind they need to heal and come back to work when the time is right.
These are only a few of the types of insurance coverage your Sacramento PEO may offer. Explore your options further when you contact NetPEO to explore benefits packages for your staff.
Why Your Business Should Choose PEO Insurance Services in Sacramento
One of the original responsibilities of a PEO was to handle the health and pension obligations employers offered to their employees. Although many companies are leery about outsourcing these responsibilities, doing so can free up your time to spend developing new products, handling customer service, and figuring out what is next for your company. When a third party handles the insurance and human resources obligations for you, you can focus on what really matters.
Furthermore, larger companies are often able to access more cost-effective insurance plans and options. When you enter a co-employment agreement with a PEO, your company will increase in size, giving you the opportunity to get higher-quality insurance plans at a lower price. With greater purchasing power, not only will your employees have more cost-effective options, but their health, disability, and workers’ compensation insurance can cover more and protect your staff during some of the most challenging times in their lives.
Advantages of Sacramento PEO Insurance Coverage
The benefits and advantages of having Sacramento PEO insurance coverage are undeniable. Some of the most notable advantages include:
Maintaining Compliance
Failure to remain in compliance with state and federal insurance rules and regulations could be problematic at best. Your business could get shut down, you could be fined or face other sanctions, and your reputation could be tarnished. Your PEO will ensure you meet these requirements and obligations so you can protect your business.
Accessing Insurance at Reduced Costs
When you have a PEO secure your insurance plans, the PEO’s employer clients give them enhanced purchasing power which means more affordable premiums for you and your team. For instance, if your PEO has 20 clients with 30 employees each, health and workers’ compensation insurance providers would consider the PEO to have 600 employees, making it less of a risk than if the insurance company were to ensure only 20 employees. This means the insurance company will offer the PEO lower premiums than they would offer to individual businesses.
Comprehensive HR and Payroll Solutions
You do not have to outsource your administrative and human resources department. When your PEO provides insurance coverage, they can also handle payroll, tax responsibilities, employee complaints, workers’ compensation claims, and other general issues so you can devote more of your time and energy towards your core company needs.
These are only a few of the potential benefits you get when you decide to go with Sacramento PEO insurance services and other benefits packages. You can explore your options in greater detail when you speak with our professionals at NetPEO to get matched with the right provider for you.
Explore Your PEO Insurance Services in Sacramento Today
Setting up your employees with the benefit service packages they deserve can be one of the biggest decisions you make for your business. Make sure you add our Sacramento PEO insurance services when you discuss your needs with our professionals at NetPEO.
Learn more about the comprehensive benefits and insurance packages available to you when you contact us for a free consultation. Fill out our online contact form or call us to start crafting your insurance and benefits packages as soon as today.
