Benefits of a Florida PEO Service
Florida business owners understand the benefits of payroll outsourcing, and many are now learning more about the added benefits that come with using a professional employer organization. A PEO can benefit almost any industry, and work in almost every state.
PEO services are an easy way for businesses to remove payroll liabilities, access great employee benefits and gain big discounts on Florida workers' compensation insurance. Outsourcing non-income producing work, gives you the freedom to focus on sales, service and building a better business!
Some of the most common PEO benefits include:
- Better Medical Benefits
PEOs offer a range of life and health insurance as well as supplemental policies.
- 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.
- Retirement Planning
Many PEOS offer a variety of retirement savings plans including 401(k).
- Compliance Enforcement
Professional HR experts offer valuable assistance on compliance and employment related issues that reduce liabilities.
- Workers’ Compensation
Pay-as-you-go Florida workers' compensation insurance, with little to no money down and no annual audits at discounted rates.
- Employee Assistance Programs (EAPs)
Some PEOs will offer EAPs to help with life/family needs.
How Does a Florida PEO Work?
When working with a PEO company, your business enters into a shared or co-employment relationship. The PEO becomes the administrative “employer of record" and is responsible for payroll, tax reporting, benefits, risk management and more. You maintain direct control of the day-to-day activities of your employees, while the PEO manages the paperwork.
Save Money by Using a PEO
Working with a PEO will also save your business money. Administrative costs when using a professional employer organization range between 2%-4% of your annual payroll. This amount is much less than the average 8%-15% (evaluated by the Small Business Administration) when managing similar tasks in-house.
Advantages of Using a Florida PEO for Workers' Comp
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.
Other Florida PEO Workers' Compensation Benefits Include:
- Easy certificates of insurance
- Return to work programs
- Risk management and safety programs
- OSHA compliance
- Improved cash flow with pay-as-you go plans
- Partnerships with A rated carriers
- No audits
Florida PEO Service Agreement Obligations
Most PEO companies have a yearly service agreement. Within the agreement in most 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.
Top PEO Companies in Florida
ELQ has been working with and vetting PEOs since 2001. We have spent two decades researching available professional employee organizations and understand all of their unique differences. We have the experience that employers need to find the right fit for their businesses. We are the nation’s premier PEO broker and take pride in saving you and your business time and money. Let us do the detailed work of matching you with your ideal PEO.