Why Use A PEO Service?
Started and still also known as employee leasing - a PEO service can be a great solution for reducing employee related costs and liabilities for your Bowling Green business. Some of the benefits a PEO service can provide include:
- Access to affordable employee benefit plans.
- Big discounts on Kentucky work comp insurance, with no down payments or audits.
- Complete annual payroll administration for less than you could do on your own.
- Human resource to reduce employment liabilities.
How Can You Save Money With A PEO Company?
While time is the largest cost savings, there are a number of great ways that a PEO service will put money back into your business. For starters, the average savings on Kentucky workers' comp premiums is almost 20% on a PEOs master work comp policy with little to no down payments, or policy fees.
Many providers offer discounted state unemployment rates (suta), saving employers thousands of dollars in taxes. Zero setup fees on company 401k plans, benefits administration, safety meetings and much more make utilizing a PEO a bargain.
How Much Do PEO Services Cost?
Most PEO companies base their administrative charges on the clients gross annual payroll and that fee averages between 2-4%. Outside of this management fee, some offer more robust benefits such as, background checks, life insurance, employee counseling services and much more. Some include these benefits in your management fee, while others charge as a la carte and that's where we can help in understanding your needs.
Are There Contracts With A PEO Company?
Yes. Most PEO companies have a yearly service agreement. Within the agreement in many cases, a clause is included where either party can exit the relationship provided a 30 day notice is given. The service agreement includes the proposed rates for annual services, as well as both party’s obligations throughout the year.
If you're ready to experience the competitive edge that outsourcing with a PEO company can offer your Bowling Green business - we're here to help. We work with licensed and carefully vetted PEO companies from around the country and our industry experience gives us the inside knowledge to access the best provider to help impact your business.
As the nation's leading PEO brokerage since 2001, Employee Leasing Quotes is the easiest way to find the right PEO for you.