PEOs get better rates for health insurance and other policies than you can

PEOs Offer Affordable Employee Benefits

Smart business owners like you want to attract and retain great people, and that means offering great benefits. But health, dental, and workers' compensation insurance can be pricey, and figuring out the best options for your business can be time-consuming.

If you want to offer a solid benefits package without sacrificing your bottom line, you should consider partnering with a Professional Employer Organization (PEO). PEOs handle all your HR matters, from payroll to administering insurance plans and processing workers' compensation claims.

You might be asking, just how does a PEO offer these better employee benefits? Let’s take a closer look.

PEOs Can Help You Pay Less

Because they partner with multiple businesses, they can often get better rates for health insurance and other policies than you can—and the savings are passed on to you.

Additionally, they can help you save on another valuable asset: time. Payroll administration, tax reporting, benefits, risk management, and so much more will take significant amounts of time to sort out without earning you anything. PEOs take care of all of these time-consuming tasks so you may focus on more important matters, which indirectly earns you more as you develop the more important parts of your business quickly.

PEOs Know the HR Landscape Inside Out

If you're like most business owners, shopping around for employee benefit plans is not your area of expertise. And this means that even if you spend hours comparing plans, you may still end up with plans that fail to meet your needs.

PEO companies are staffed by seasoned HR professionals

PEO Providers Save You from HR Pitfalls

These companies are staffed by seasoned HR professionals who know the pros and cons of all the major plans on the market, ensuring you get the plan or choice of plans that best suits the needs of your business and your people. And you save yourself hours of time and stress.

PEO Companies Free You from Paperwork Hassles

If you're a business owner, you know that paperwork is a necessary part of doing business. But if you partner with a PEO, employee benefits paperwork is no longer your problem. They handle everything, from enrolling new members, deducting contributions from paychecks, and handling workers' compensation claims. 

Your employees get benefits that show you value their efforts, and you get hours of valuable time back—not to mention the security of knowing everything was done right.

A PEO's HR experts know how to ensure your employees are treated fairly

Partnering with a PEO Can Improve Retention

Many business owners learn the hard way that inconsistencies in workplace policies and HR administration can lead to hurt feelings and lowered morale. When you work with a PEO, you're working with HR experts who know how to ensure everyone is treated fairly and who know how to keep their promises. 

You can rest assured knowing that your employees' vacation time is being tracked accurately, HR policies are transparent and applied consistently, and health, dental, and other insurance plans provide the benefits they advertise. When your team feels respected and comfortable, your team stays loyal—and your PEO can help you keep them on your side.

PEOs Know Your Industry

Every industry has different needs and employee expectations. PEO companies know your industry and the types of employee benefits your competitors offer and your prospective employees expect. Depending on your industry and the PEO you partner with, your team can enjoy benefits including vision, dental, 401(k) and employee assistance programs for those struggling with personal issues. 

If you're in a field where the risk of physical injury is high (such as the construction industry), the PEO provider can ensure that you have the right level of workers' compensation insurance to cover your risks.

ELQ Finds the Right PEO for You

A PEO makes it easy for you to offer a great benefits package, and our experienced PEO brokers make it easy for you to find the right match for your needs. ELQ works only with fully vetted, industry-proven PEOs to ensure you get ethical, professional service. Call us to find out more about how we can help you find the right company to partner with your business.

About the Author: Mike Burgelin

With two decades of experience in the PEO Employee Leasing industry, Mike Burgelin is an expert in helping business owners maximize their growth potential through the outsourcing of human resources and payroll tasks. He is also a fully licensed insurance agent, whose skills and knowledge in workers’ compensation insurance help his clients save over $40 million in premiums each year.