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Looking for a New Workers’ Compensation &/or Payroll/Workers Compensation Company That Offers “Great Coverage,” “Better Rates,” “Great Expertise” and “Great Service?” We Offer Quality Programs for Auto Service, Construction, Limousine Services, Truckers Just About all Industries! Call Gary Wallach at 914-806-5853 for Help Today!
P.S. With Some of Our Plans You Can Purchase Your Group Health Coverage! Doing So Affords You Lower Rates, Better Coverage Access To Larger Provider Networks! Call Gary Wallach at 914-806-5853 for Help Today!
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The Pros and Cons of Professional Employer Organizations (PEOs)
Professional Employer Organizations (PEOs) earned over $20 billion in gross revenues in 2022. Their clients, primarily small businesses with fewer than 20 employees, outsource to the PEOs the responsibilities for payroll administration, employee benefits, workers’ compensation, human resource management, and related operations. Businesses trying to reduce costs and focus on growth may find PEO’s to be an attractive option. It is an option, however, that comes with advantages and disadvantages for both employer and employee.
The National Association of Professional Employer Organizations (NAPEO) cites a number of benefits from PEOs. The benefits for employers include:
- Access to professionals with expertise in human resources, payroll, risk management, and employee benefits.
- Assistance with labor law compliance.
- Professional claim management.
- Reduced and controlled administrative costs.
- Professionally written employee handbooks, policies, and procedures.
- Relief from some employment-related liabilities.
- Reduced workers’ compensation costs resulting from improved workplace safety.
- Reduced health insurance costs, better coverage, larger provider networks due to group purchasing power.
Employees may also benefit from PEOs in several ways.
- Access to benefits that might not have otherwise been available, such as 401(k) plans, cafeteria plans, insurance, and credit union membership.
- Timely and accurate paychecks.
- Protection under federal labor laws.
- Improved communication among and between employees.
- Employees who move from one PEO to another do not necessarily lose eligibility for benefits.
- Efficient and timely claim processing.
- Assistance with employment-related issues.
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We Specialize at Offering Payroll/WC Through Professional Employer Organizations! Looking for a New Company That Offers “Great Coverage,” “Better Rates,” “Great Expertise” and “Great Service?” We Offer Quality Programs for Auto Service, Construction, Limousine Services, Truckers Just About all Industries! Call Gary Wallach at 914-806-5853 for Help Today!
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PEOs carry some risks. A poorly managed PEO firm may mishandle payroll and benefits or may go out of business, leaving the client with its obligations. The employer may also be legally liable for the actions or inactions of the PEO. For example, if the PEO firm fails to comply with regulations, it may be the employer who bears ultimate responsibility. Also, the employer has a co-employer relationship with PEO. The PEO has say over who gets hired. To date, we rarely if ever have seen this to be an issue.
Employers who decide to use PEOs should carefully evaluate the firms it considers. The financial stability of the firm and of the insurance companies providing its benefits are a major consideration, as the failure of either may leave the employer with unfunded obligations. The firm’s experience in the employer’s industry, track record of success, and safety record are also important. Another consideration is the range of benefits the firm offers; a plan that does not meet the employer’s needs will not be worth the expense of hiring the leasing firm.
PEOs is a big step and not one to be taken lightly. Employers must weigh the upsides and downsides of leasing and make decisions that is best for their employees and their businesses.
BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, Worker’s Compensation Premium Recovery, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.
Special Contractor Insurance Programs (NY, NJ, CT) – We we have 60+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.
BGES Group are Workers Compensation Specialists for the States of New York, New Jersey and Connecticut– Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits; 9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.
If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.
Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
e-mail: bgesgroup@gmail.com
website: http://www.bgesgroup.com
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