Are you concerned about managing Workers’ Comp Insurance?
Workers’ compensation insurance is one of the most expensive components of a business insurance program. The rules governing workers’ compensation insurance are set by each state, and costs vary from state to state, but they can get expensive wherever you live. You need to learn about it and how to minimize your costs.
Workers’ compensation insurance pays a benefit designed to replace at least a portion of the income that the employee would have earned for the time not worked. If your company doesn’t have many injuries or very expensive claims, it’s a simple process. However, injury frequency and severity play a big role in raising workers’ compensation costs.
There are several things you can do to control overall costs:
- Assess hazards at your business.
- Develop a written safety program.
- Make safety a part of the salary review process.
- Investigate every injury incident.
- Work with your claim adjuster on the employee’s medical progress.
- Spot injury trends by looking at loss history.
- Partner with a professional employer organization to easily gain access to safety programs, policies and guidance.
How do PEOs work? PEOs agree to perform specified employer responsibilities for their client companies’ workers, overseeing:
- Withholding and reporting payroll-related taxes.
- Accounting and paying wages for workers.
- Securing workers’ compensation insurance for employees.
The small-to-midsize business market traditionally has been underserved by insurance carriers. Accounts that generate a small premium often receive very little in the way of loss control services or claims management services, but in using a PEO, small-to-midsize firms can get such safety practices as:
- Pre-employment drug testing.
- Loss control.
- Claims management of injuries.
- Back-to-work programs.
- Drug-free workplace programs.
These programs enhance employee safety and well-being. Small-to-midsize businesses can benefit from such programs and from fewer workplace injuries. PEOs address worker complaints through case management ranging from monitoring treatment to carrier contact and helping injured workers receive proper care.
Professional Employment Organizations uphold the integrity of the workers’ compensation system, working with carriers, and rating bureaus and regulators who administer the system. PEOs have positive incentives to further the efficiency and viability of the system and to improve worker safety. By resolving injured worker claims and reducing workplace injury. Are you still concerned about managing your Workers’ Comp Insurance? Contact us at Atlantic Payroll Partners to learn how we can help you company.
Get to know Atlantic Payroll Partners
At Atlantic Payroll Partners we believe we are the best, local payroll provider to help you grow your business. Even more than that. We’re a Professional Employment Organization that offers an incredible suite of solutions for your business. In addition to offering payroll services we offer, full-service HR, workers’ compensation, accounting, and health care benefits. Our solution suite is back by over 100 years of combined experience in the PEO space.
We’re proud to say that we’ve helped businesses reduce employee turnover, increase revenue, make more money, and lighten their daily load by working with us. Our clients can offer their employees’ health care benefits, and access to the same 401k plans that the Fortune 500 companies use without breaking the bank.
We welcome you to continue exploring our website, to learn more about Atlantic Payroll Partners and how we can help improve your business.
"Work Less, Fish More"