Understanding Your Medical Insurance

Posted on: 20 October 2015

When you're in charge of making all the financial decisions for business, you don't want to take chances. You want to make sure that everything you need is taken care of as efficiently and cost effectively as possible. That's where a PEO broker comes in. PEOs – which stands for Professional Employer Organization – allow you to develop a human-resource relationship with a company that will provide all of your needs from one convenient location. Take a look at three reasons why a PEO may benefit your business.

Payroll Records

Payroll records probably take a large portion of your management time. As soon as payroll is met for one cycle, you have to start preparing the next one. By outsourcing your payroll department to a PEO, like Tailored Solutions, you eliminate the need to staff your own in-house department.

Medical Insurance Coverage

With the current health care changes, if your benefits department is out of touch with insurance rules and regulations, your company could find itself owing a lot of money to the government. Insurance requirements are constantly changing and you need to stay on top of those changes. A PEO will take care of all your company medical insurance needs. Because PEOs represent more than just one company, they're able to obtain the best rates for the insurance you'll provide for your employees.

Workers' Compensation

When you run a business, you're required to keep workers' compensation coverage for each of your employees. Workers' compensation will protect you and your employees should they suffer any work-related injuries. Failure to maintain adequate coverage could result in lawsuits, especially if you're found to be negligent for any injuries your employees may sustain while at work.

Labor and Tax Compliance

Running a business means that you have to stay up-to-date on all the labor and tax laws. Not knowing the laws, or how they relate to your business, could result in your company being out of compliance. If the government determines that you're out of compliance – or not following the laws as they pertain to your business – they can impose fines and penalties on your company. Make sure you are in compliance with all labor and tax laws by hiring a PEO to oversee your business policies and practices.

You don't have time to oversee every aspect of your business, and staffing an entire human resource department can be costly. Save time and money by hiring a PEO to take care of all your human-resource needs.