The Ins and Outs of Worker’s Compensation Plans
How do PEOs Help You Manage Workerâ€™s Compensation Plans?
Workerâ€™s compensation administration is the responsibility of nearly every company operating in the United States. Your employees and your business need protecting in case accidents or injuries occur while your workers are on the job. Einstein HR can help you decipher the differing types of policies available and why one might be a better fit than another.
Access Zero-Down Worker’s Compensation Plans Through Your PEO
One of the biggest workmanâ€™s comp-related benefits of working with a professional employer organization (PEO) is the range of programs theyâ€™re familiar with. Some of the oldest, most established plans require a sizeable deposit for enrollment. Small or new businesses without the cash flow for big investments may have a hard time coming up with a large deposit. Your PEO can help you avoid those fees and have an easier time with basic billing procedures.
Another problematic element of many plans is basing costs on estimated monthly earnings. At the end of a coverage term, your actual costs are tallied and may be much higher than anticipated, requiring another surprisingly large investment.
Your PEO can give you access to pay-as-you-go workmanâ€™s compensation plans. Each month you pay for your actual costs of participating in the program. You can split your fee up into 12 month installments, right along with any additional fees when people are injured on the job.
Correct and Timely Reporting
If youâ€™ve made your fortune farming, chances are filing workerâ€™s compensation claims and responses isnâ€™t second nature. Thankfully, PEOs hire experts in all areas of administration to make it easier for you to take care of business while keeping profits your main priority.
A PEO with a workerâ€™s compensation plans expert will handle the following tasks on your behalf:
- Reporting employee names, wages and compensation codes
- Determine payroll wages and overtime
- Compute appropriate coverage rates and premiums
- Account for any experience modifiers and applicable discounts
In addition, PEOs can help manage your workmanâ€™s compensation plans expenses in other ways as well.
Safety Plans and Risk Management
For PEOs offering expanded services, you can count on a specialist being on staff who offers risk management services. Through the use of prepackaged industry-specific safety plans or those tailored to your businessâ€™s specifications, you can get improved rates based on updated safety policies and resource materials.
Leased safety experts can also go through your facility, taking stock of any and all apparent risks and offering you advice on necessary changes. While these go a long way in securing better insurance rates, it also offers practical benefits.
According to the Bureau of Labor Statistics, there were 2,976,400 non-fatal work-related injuries and illnesses reported in 2012. They resulted in 905,700 sick days. Heartrendingly, there were 4,628 fatal incidents. With improved safety protocols in place, you can reduce the risk of your employees winding up as sad statistics.
Hiring a PEO to help you with workerâ€™s compensation management allows you to focus on what you know best while being assured your insurance needs are being cared for. Not only do you get access to the best plans available at the best prices, but you can improve safety standards for your business as well. To find out more, contact an Einstein HR specialist.