For most small business owners, handling workers compensation poses many frustrations. Rising costs, confusing regulations, tedious paperwork, and time spent away from business priorities can quickly become overwhelming. However, partnering with an experienced PEO alleviates these workers comp headaches so you can remain focused on your customers and core operations.
When managing workers compensation alone, companies face numerous challenges. Finding affordable carriers and policies each year becomes a burden as rates increase annually. Processing required state filings and paperwork properly demands too much time and vigilance to stay compliant. Reporting claim incidents accurately and promptly proves difficult without expertise. Handling open claims cases and coordinating with adjusters distracts from the business. Facilitating return-to-work programs and modified duty assignments for injured team members turns into a struggle. Maintaining OSHA recordkeeping and posting compliance risks fines and violations. Preventing experience modifier increases after audits seems impossible without dedicated staff. And staying current on changing workers comp regulations and laws requires constant monitoring.
For small business owners without extensive HR experience, the many complexities of managing workers compensation in-house quickly spiral out of control – even when working with an insurance broker. The entire workers comp system is structured for large corporations with entire teams focused solely on risk management. But there is a much better solution available – partnering with an experienced PEO for your workers compensation needs.
PEOs provide integrated workers comp administration and support that removes these burdens from business owners’ plates. PEOs offer group purchasing power to secure reduced rate policies for clients. They handle prompt and accurate new hire reporting to ensure proper coverage. PEOs assist with claim filing, provide nurse case managers to facilitate return-to-work, and ensure full compliance with all mandated regulations. They analyze claims trends to identify risks and provide ongoing safety guidance. PEOs also take over workers comp training for managers and employees. They manage all complex state filings and paperwork. And PEOs provide advisory services on workers comp law changes relevant to their clients.
By leveraging their scale, expertise, and focus, PEOs make workers comp administration efficient, affordable, and turnkey for small businesses – allowing owners to get back to focusing on their operations, employees, and customers.
Partnering with a PEO for workers’ compensation needs offers numerous advantages for businesses. PEOs provide substantial cost savings by negotiating discounted workers comp rates through group purchasing power. Shared claims history with other PEO clients also helps control future rate increases. PEO experts ensure full compliance with all workers comp regulations, filings, and legal changes – preventing violations that lead to penalties and fines. Dedicated PEO staff offer end-to-end claims assistance for faster resolution, reduced disputes, and smooth return-to-work for injured employees. PEOs analyze risks and implement safety programs and training to minimize workplace incidents and claims. And perhaps most importantly, PEOs take over the substantial administrative burdens of workers comp for their clients.
For any company with employees, PEOs simplify workers’ compensation immensely while reducing risks and costs. Don’t let workers comp challenges weigh you down. Partner with a PEO to handle this critical but complex arena and regain focus on your business priorities.
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