As a startup or small business owner, you might find it difficult to offer employees the kind of benefits they need. Health insurance, retirement plans, and more are chipping away at your valuable resources, but you need those employees.
There are also other types of coverage that you’re required to provide as an employer, like workers’ compensation insurance. The PEO solution can help you obtain these so you can attract and keep great employees at your company. These are the three major benefits a PEO company can offer your business.
1. Health Benefits
Health benefits including health, dental, vision, life, etc. are getting harder and harder for employees to afford on their own, making it more important for businesses to offer help. However, health benefits can be really tough for small business owners to obtain and administer as well.
A PEO can help your business obtain different kinds of benefits for your family and your employee’s families. Read more about our benefits offerings here.
2. Retirement Plans
Benefits like retirement plans are just one of those things that are important to employees. A lot of quality employees will want to get in on the beginning of a successful startup or small business, but they might not have the means to work without added benefits.
PEO companies can bring large group coverage and affordable group rates for 401(k) plans to your business.
3. Worker’s Comp Insurance
Just like health benefits and retirement plans, workers’ comp insurance doesn’t come cheap. And, you’re required to have it! All businesses need at least minimum coverage, but is that enough? Anything more can get really expensive, especially if your business involves any particularly dangerous operations.
The PEO solution would provide your business with the kind of coverage you need at more affordable prices. We’ll even help lower your risk of an injury or claim by providing risk management and safety programs along with claims processing.
Read our client story about how our Safety and Work Comp programs have made a positive impact on our client’s’ business.
While a lot of PEO companies offer EPLI, we offer a similar program called Alternate Dispute Resolution (ADR). You can read more about ADR here.
OK, we mentioned four benefits the PEO solution can offer your small business, startup, or even a mid-sized business. If you’re at all confused about PEO companies, or the services they offer, check out our free guide, What is a PEO?