Do I Need a PEO? How Your Business Can Benefit
At one point or another, many business owners have asked themselves, “Do I need a PEO?” It can be tricky to answer at first, but once you get a good idea of what a professional employer organization can do for your company, the choice becomes a lot simpler. PEOs assist small businesses with handling administrative and HR-related matters, allowing business owners to direct their attention to other areas of their business and alleviate the hassles and headaches. When running a business, time is money, so using a PEO could be exponentially beneficial for your company. If you are wondering if you need a PEO for your business, here are a few things to consider.
PEOs Save Time and Money
One of the most apparent benefits of working with a PEO is that it can save you tons of time, energy, and money. Depending on the one you choose, a PEO can help with payroll administration, workers compensation claims, health insurance plans for your employees, and much more. Because PEOs operate with the sole intention of handling your human resources needs, they prevent your business from falling behind due to an overwhelmed or under-skilled in-house HR team. Mishandling human resource matters can result in huge problems and possibly even hefty fines for your business. If you are not an expert on legal issues or the healthcare industry, it may be more advantageous for you to hire a PEO as your human resources team rather than spend the time and staffing trying to get a grasp of them on your own.
PEOs Handle Risk Management
Every business needs proper risk management. Without effective preventative policies in place, a company is at a significant disadvantage, and its employees’ safety is in jeopardy. Canal HR helps you identify the risks your business and employees are most likely to encounter and figure out how best to evade them. From financial risks to hazard risks and beyond, we formulate company policies and plans to reduce your business’s chance of incurring otherwise avoidable accidents. Risk management is never done; that’s why even after the development and enactment of your company’s provisions, we monitor their efficacy and results, making sure that your risk management procedures evolve with the business. Having proper risk management will save your business money and supports your workers’ compensation needs as well.
PEOs Handles Workers’ Compensation
Even with an effective risk management program, not all accidents are inevitable. When the worst occurs, your PEO is there to ensure that workers’ compensation claims go smoothly. From overseeing medical treatment to communicating with insurance carriers and preparing personnel for their return to work, appropriately managing workers’ comp claims requires in-depth understanding and care. Canal HR developed a comprehensive workers’ compensation care program that provides your business with necessary workers’ comp insurance coverage, a network of qualified medical providers, and diligent management of all claims. When combined with a robust risk management program, the effective management of workers’ compensation claims lower your business’ insurance premiums over time; just another way that we save your business money.
PEOs Tackle Employee Benefit Needs
When growing the staff for your small business, the process of getting all of their benefits squared away is no laughing matter. The legal nuances and requirements can confuse the HR layman from healthcare to retirement plans. Even some experienced human resources professionals can get lost while handling the complicated and tedious procedures associated with employee benefits, especially if the company is growing quickly. Rather than run into more problems and confusion, it may be easier to work with a PEO. At Canal HR, we know the ins and outs of these and many more of your employee benefit needs. We help you provide your employees with dental, medical, and life insurance, as well as specific coverage for employees diagnosed with cancer. Short- and long-term disability insurance is also available to keep employees who fall ill covered and paid until they are back on the job. Our experience allows you to rest easy knowing that you are compliant with all employment laws and that your staff is appropriately cared for.
Outsource Your HR To Canal HR
When choosing a PEO, it is crucial to keep in mind that they are an extension of your company. When you work with Canal HR, we become your HR Department and provide you with necessary employee benefits in addition to our company nurse, Risk Manager, and renewal rate strategies alongside top-notch service.
Let Canal HR handle your negotiations, audits, claims management, and more so you can focus on your business. Contact us today for a free consultation. The solution to your HR needs is only a click or call away.