Many businesses are working with professional employer organizations to reduce their costs and get help with administrative issues. But for a growing PEO, becoming more successful often means increasing the amount of risk you’re willing to take on. A solid insurance policy can help manage the risk co-employers face. When you’re looking for a PEO insurance company here are a few attributes to keep in mind.
Specialization
Look for a company that specializes in insuring PEOs and staffing agencies. While it can be tempting to find the company with the lowest rates, this can come back to haunt you. A good agent will make sure that your policy matches your PEO insurance needs. A well-educated insurance company will limit exposure and reduce costs in the long run.
Availability
When a problem happens, you need to contact your insurance company immediately. 24/7 carrier claims reporting is vital because many client companies aren’t 9 to 5 businesses.
Other Considerations
While the first two traits should take priority, other qualities you should look at include:
- Experience
- Fair Pricing
- Speed of Response
- Mid-term Policy Enhancements
The publicity that co-employment has gained in recent years ensures that more businesses will be looking to gain the advantages of working with a PEO. Your organization can manage exposure as it continues to grow by finding the right PEO insurance company.