What Are the Benefits of Using a PEO?
For almost 40 years, Owensboro employers have utilized PEO employee leasing services to reduce employment administrative costs and outsource work that doesn't contribute a dime to business growth. Here are just a few of the service and benefit offerings:
- Complete payroll management from A to Z, including free direct deposit, employee pay cards and tax reporting.
- Access to great employee benefits at reduced rates.
- Pay-as-you-go Kentucky workers' comp insurance with big discounts, no audits and no down payments.
- HR help for issues concerning employment matters and governmental compliance.
How Does a PEO Arrangement Work?
A PEOs contract will outline their obligations to make timely tax payments, deliver processed payroll, assist with unemployment, injury claims and more. The PEO becomes your back-office administrative partner, removing employment related paperwork and dozens of compliance issues, so you can focus on sales, service and the growth of your business.
What Does a PEO Cost?
As an industry average, you can expect an administrative fee typically between 2% - 4% of your annual employee payroll. For example, if your annual payroll was $400k and the PEO company charged 3% - the annual management costs would be $12k. Considering online payroll access, HR services, risk management and dozens of other benefits - PEOs are a bargain if even half of the services are used.
What Are The Workers' Comp Benefits With a PEO?
Accessing Kentucky workers' comp insurance through a PEO company offers a number of great benefits. For starters, you'll never experience audits! Since work comp premiums are calculated on payroll, the PEO streamlines this process deducting insurance premiums each pay period.
Plus, many providers have little to no upfront costs when starting services, saving you thousands on deposits and policy fees. Finally, a PEOs master work comp policy will generally provide discounts - even on a business with a poor claims history or high xmod.
Why Choose ELQ?
A nationwide PEO brokerage since 2001, we've made the process of accessing your best PEO service fast and easy. We've done the background work and the vetting of hundreds of providers for you - that's all we do!
Just as Owensboro business is unique to any other, each PEO is different in services, benefits and costs. We know the strengths of each provider. Listening and understanding your needs is how we help, so give us a call to learn more.