What is a Professional Employer Organization?
A Professional Employer Organization (PEO) gives cell tower businesses an easy way to outsource payroll, employee benefits administration, HR functions and risk management. Removing these tedious tasks, provides more time to focus on growth and profit producing opportunities. Your cell tower business and the PEO enter into a co-employer relationship. You maintain the day-to-day functions of your business, such as management of your employees, hiring and firing - while the PEO manages the employment administrative work.
Cell Tower PEO Benefits
Also called a Professional Employer Organization, PEO companies are one of the fastest growing business trends in the last decade. PEOs lower employment-related liabilities by outsourcing payroll and HR issues, while increasing your time to work on revenue generating activities. The savings on cell tower workers' compensation insurance can be up to 40% with no audits and pay-as-you-go plans.
PEO providers and many HR outsourcing providers offer Fortune 500 benefits with competitive rates that are accessible for big and small companies. Human resource professionals reduce many employment liabilities by providing assistance with safety and employee handbooks, along with proper hiring and employment procedures. Outsourcing through a PEO provider even manages tasks such as PTO tracking, wage garnishments, multi-state reporting and ACA compliance.
Some of the most common PEO benefits include:
- Workers’ Compensation
Pay-as-you-go cell tower workers' compensation insurance, with little to no money down and no annual audits at discounted rates.
- Compliance Enforcement
Professional HR experts offer valuable assistance on compliance and employment related issues that reduce liabilities.
- Payroll Administration
PEOs offer payroll services that generally include paper checks, direct deposit and visa paycards. They can also assist with tax reporting and wage garnishments.
- Employee Assistance Programs (EAPs)
Some PEOs will offer EAPs to help with life/family needs.
- Retirement Planning
Many PEOS offer a variety of retirement savings plans including 401(k).
- Better Medical Benefits
PEOs offer a range of life and health insurance as well as supplemental policies.
What Does Using A PEO Cost?
The administrative costs when using a PEO average between 2-4% of annual payroll. PEO costs are far below the Small Business Administration's surveyed data, revealing a 9-13% average for managing these employment related tasks in-house. So, what services are included in the administrative costs? Complete payroll management- including paper checks or direct deposits, quarterly and annual tax filings, human resource help, risk management, and benefits administration.
Advantages of Using a Cell Tower PEO for Workers' Compensation
PEOs have many benefits, but one of the biggest lies in the master workers' compensation insurance policies for their clients. Most businesses experience immediate savings on rates, while avoiding down payments and state fees. Payroll services also provide an audit each period to insure accuracy. Every PEO has specific workers' compensation classifications they can/ cannot cover mandated by their Workers' Compensation insurance policy or other carrier arrangements.
Additional cell tower PEO Workers' Compensation Benefits Include:
- Easy & timely certificates of insurance
- Return to work programs
- Risk management and safety programs
- OSHA/ DOL compliance
- Improved cash flow with pay-as-you go plans
- Partnerships with A rated carriers
How Can ELQ Help You?
As the nation's leading PEO brokerage since 2001, ELQ is the easiest way to find the right PEO company for your cell tower business. With so many choices, there may be only a handful (or one) that can provide coverage for heights involved, claims history and the individual state(s) your cell tower maintenance company needs.
Give us a call or fill out our online form to start saving today!