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PEO Insurance Brokers Network is committed to providing high-quality workers’ compensation solutions for those who’ve had difficulties obtaining coverage in the standard marketplace, and also for those employers who want to delegate back-office duties.
By partnering with our PEOs, we are able to offer our clients workers’ compensation (underwritten by A rated carriers), payroll processing and tax filings, thus transferring the tax liabilities and related HR/administrative duties to a third party. These are pay-as-you-go programs, meaning no deposits along with no annual and final audits.
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Frequently Asked Questions About PEO Insurance Brokers Network
What is a PEO?
PEO is an acronym for “Professional Employer Organization.” For insurance agents, PEO brokers are the smart choice for client accounts that are difficult to insure. Not only will it help you provide the best possible coverage for your client, but it will also save you time and administrative responsibilities.
What are the responsibilities of a PEO?
According to the National Association of Professional Employer Organizations, a PEO is an “organization that provides an integrated and cost-effective approach to the management and administration of human resources and employer risk of its clients, by contractually assuming substantial employer responsibilities and risk, through the establishment and maintenance of a co-employer relationship with client’s employees.”
A PEO will handle the following for your insured:
• Workers’ compensation
• Payroll
• Tax payment liabilities
• Human resources
What is the benefit of a PEO to the employer?
With a PEO, the employer will have less administrative responsibility. PEOs are an efficient solution for workers’ compensation, payroll, tax payment liabilities, and human resources.
What states can PEO Brokers offer full PEO Services?
Full PEO services can be provided by PEO brokers in every state.
What states can PEO Brokers offer workers’ compensation only?
Workers’ compensation can be provided by PEO brokers in every state.
What is the difference between Multi Coordinating Policy (MCP) states and Master Policy states?
Multi Coordinating Policy is used to provide workers’ compensation and employer’s liability insurance with a standard policy covering only the direct workers. With a Multi Coordinating Policy, each company has its own standard policy covering its workers using their company name and FEIN.
Master Policy is used to provide workers’ compensation and employer’s liability insurance with a standard policy written in the name of the PEO and covering all workers and clients that work with that PEO.
Are PEOS safe to use?
One criticism of PEOs is that they are unsafe. However, with PEO Insurance Brokers Network, our PEOs are diligently vetted. Each PEO is financially stable with large deductibles and collateral help by the carrier for safety. The PEOs in our network are audited regularly with calls for replenishment as needed.
What workers’ compensation risks can PEO brokers place?
When it comes to workers’ compensation, PEO brokers are your one-stop shop. A PEO can handle every type of workers’ comp risk except asbestos abatement.
What is co-employment?
Co-employment is a common practice among PEOs. This is the process of the PEO co-employing the insured’s employees by becoming the employer of record for tax purposes.
What is employee leasing?
Employee leasing is another common practice among PEOs. This is a temporary employment agreement with a specific start and end date. Most commonly used in the staffing industry, employee leasing is well-suited to business owners with new workers for a set time frame that don’t want to deal with the administrative hassle.
What is the difference between co-employment and employee leasing?
When in a co-employment arrangement, the client provides the staff while the PEO handles the administrative side of things. In this scenario, the employee essentially has two employers. In a leasing scenario, the PEO supplies the new workers to the client.
What does the acronym LCF stand for?
LCF is an acronym for “labor contractor for.”
How long does it take to get a quote?
When you request a quote from PEO Insurance Brokers Network, we will respond as quickly as possible. Quote times range from same day up to 72 hours.
Will my client get their own loss runs?
Every client needs to know how many claims are filed under their insurance policies. When you work with PEO Insurance Brokers Network, your clients will receive their own loss runs.
Will my client get their own policy number?
Each client in a Multi Coordinating Policy (MCP) state will receive their own policy number. In Master Policy States, the policy number is shared.
Will my client be able to transition into the standard market after using a PEO?
Yes, PEO Insurance Brokers Network always ensures that your client is able to transition to the market after using one of our PEOs.
Is my client too small to work with a PEO?
If you’re looking to save money, we recommend companies have a minimum of four employees. However, in some situations, companies with as little as one employee may benefit from working with a PEO.
What are minimum premiums for programs?
With PEO Insurance Brokers Network, we never charge a minimum premium for full PEO programs. On our workers’ comp programs, the minimum premium is $50,000 of the annual premium.
What production requirements will I have with PEO Insurance Brokers Network?
There are no product requirements when you work with PEO Insurance Brokers Network.