A SLIGHTLY DIFFERENT PERSPECTIVE ON INSURANCE.
Insurance is boring. Insurance is a waste of money. Insurance is too expensive. These are things we hear employers say all the time. It’s true, most of the time insurance is something you buy that you hope you never have to use. But, we have a slightly different perspective on insurance that we hope will help you on your next insurance purchase. The right workers compensation insurance, for example, can help you get the bigger and better paying jobs. The right group health insurance can attract just the right person you need to grow your business. Proper general liability insurance doesn’t have to break the bank. Supplemental insurance has great value for its cost as it can literally save the day for someone who has coverage. Telehealth plans can not only save costs, but improve productivity by reducing time out of the office. These are just a few examples of how insurance doesn’t have to be something you waste money on, but is an investment that you can see your return quickly.
There are a couple ways of getting the insurance you need. For our purposes, we want to compare the traditional insurance option to the PEO option. The major difference is who has the liability and impact of claims. Traditional insurance policies assign the liability directly to the employer. When the employer has a claim, that claim will be measured against the premiums that employer is paying and a increase in your premium will be calculated accordingly. PEO insurance policies transfer the liability to the PEO. When the employer has a claim, the cost of the claim will be diluted since its measured against all the premiums the PEO collects. The volume reduces the impact of the expense. Your cost will still go up, but since the claims impact is smaller on the policy, it will likely be less of an increase compared to if it was your own policy. This comparison works for workers compensation insurance and health insurance.
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