Connecticut PEO Services Overview.
A Professional Employer Organization (PEO), is an HR outsourcing service for small and midsized businesses, providing workers' compensation insurance, payroll and employee benefits administration, claims management, and governmental compliance assistance.
PEO Services Include:
- Complete payroll, HR administration, including safety and regulatory compliance.
- Workers' compensation insurance with no audits and no money down.
- Fortune 500 benefit plans, with group healthcare, dental, vision and 401k.
How Does a Connecticut PEO Company Work?
When you partner with a PEO company, you enter into a co-employment relationship. Co-employment means sharing legal responsibility for your employees. Day-to-day business decisions, such as hiring and firing, marketing, and training remain under your full control. But anything that could raise HR-related legal issues (compliance, taxes, payroll, etc) will be handled by the PEO, which limits your liability and allows you more time for sales and growth.
Do PEOs Lower Connecticut Work Comp Rates?
Yes! Many small businesses find that workers' compensation insurance is one of the most expensive parts of running their business. PEOs help reduce workers' compensation insurance costs by utilizing their size to achieve economies of scale. Most PEO will have insurance with the large, nationwide workers' compensation insurance companies and can provide their clients with saving of up to 40% off state rates.
PEO providers can also improve your cash flow by eliminating down payments that are commonly required with the purchase of work comp insurance. Depending on the size of the employer, the PEO may allow the employer to pay work comp premiums on a monthly basis similar to a Pay As You Go program provided by some work comp insurers. Employers with a high experience modification factor because of accidents or claims find relief with a PEO provider because the employer takes on the E-mod of the PEO.
Why Choose ELQ?
We've been in the PEO employee leasing business since 2001 and we know the industry top to bottom. We'll be your best resource to provide a PEO that can best help your unique situation. PEOs are different in their specialties, terms and pricing - and we save you the time and effort required to interview each one. Plus, our negation and leverage in the industry ensures you get the BEST pricing. Call today for more information and to see how a PEO can help your business.