Learn how partnering with a PEO can help you and your small and medium-sized business (SMB) clients with workplace compliance services and guidance.
Key takeaways:
- PEOs help businesses navigate risk and insurance concerns, including employment practices liability insurance and state unemployment insurance.
- They help your clients protect themselves against potential employee lawsuits.
- Employers can receive direct, ongoing support from a PEO regarding labor laws and implementing best practices.
- PEOs deliver comprehensive risk mitigation services, so no area of the business is left exposed.
As the world becomes more complex every day with new technology and regulations, it remains a challenge for businesses of all sizes to navigate the compliance landscape, whether at the state or federal level. Benefits brokers are tasked with helping clients navigate these challenges, but it’s not always easy for you to stay on top of shifting laws and best practices.
This is why a partnership with a professional employer organization (PEO) is so important. When you decide to partner with a PEO, you’re giving your clients more HR support to protect themselves from costly fines and penalties. In the process, you’re also helping them create more efficient operations.
When brokers partner with a PEO, they can provide employee risk management services like required workplace compliance posters and informative updates on legislation. This guide dives deeper into what a PEO partnership can do to mitigate compliance risks for your clients.
Employer Insurance and Employee Risk Management
A PEO provides the compliance and risk mitigation guidance you and your clients need. On top of that, these organizations offer additional services to help reduce the chance or possibility of litigation. Working with a PEO can offer employers an added layer of protection for themselves, their managers and their business.
One example is employment practices liability insurance (EPLI). According to the Insurance Information Institute, EPLI “covers businesses against claims by workers that their legal rights as employees of the company have been violated.” A PEO can help businesses weigh the costs and benefits of EPLI and make the right selection for added risk mitigation. PEOs can also help with state unemployment insurance and statutory short-term disability and paid family leave.
Ensuring your clients are protected against potential lawsuits or claims of sexual harassment, discrimination, wrongful terminations and other litigation provides a sense of security that isn’t possible without a PEO.
Direct, Personalized Support for Your Clients
A key benefit of having a PEO as your trusted partner is the direct support you and your clients can rely on to stay compliant with requirements. Whether businesses need assistance to develop compliant-based comprehensive employee handbooks or implement workplace harassment prevention programs, a PEO like PrestigePEO can assist with it all.
As a broker, you act as a personal point of contact and expertise for your clients. A PEO partner adds to that support through competitive employee benefits, general HR support, management and administration assistance and dedicated compliance experts. Businesses will have dedicated, customized services that are most relevant to their unique needs.
This means any time a client has a question or concern, they have an expert resource by their side to turn to. This is key in compliance, as many smaller businesses don’t have direct resources to review their current processes and implement best practices.
Comprehensive Regulatory Compliance Guidance
As your book of business increases and as your clients’ businesses grow, so do the complexities of daily HR administrative tasks and compliance requirements. The more employees a business has, the greater their legal liability.
Working with a PEO provides workplace compliance services that give peace of mind for you and your clients. These include:
- Certificate of insurance requests
- Labor law updates and news, including local, state and federal legislation
- Poster compliance in the workplace
- Continuous risk management support and resources, including:
- Employee handbooks
- Harassment prevention
- Payroll and hours reporting assistance
- Policies for documentation and time and attendance
- Compliance with the Affordable Care Act (ACA), equal opportunity laws, leave laws and disability laws
Small and medium-sized businesses that try to deal with all these concerns on their own are more likely to be hit with fines and penalties for failing to comply. PEOs ensure your clients are compliant and their risks are as low as possible.
Aside from compliance and risk management, PEOs also step in to help businesses save on costs by taking over time-consuming responsibilities, such as payroll and employee time tracking, retirement planning, employee benefits administration and workers’ compensation. PEOs also bring in the best technology platforms so businesses can improve their HR workflows.
Find Out More About a
PrestigePEO Partnership
It’s hard to overstate just how impactful PEOs can be for your clients, especially related to compliance and risk management needs. With costly fines related to compliance mistakes, it’s important to support businesses with additional protections PEOs provide, including labor law expertise, which leads to reduced business risks.
As a benefits broker, the end goal is to ensure your clients are taken care of. With a PEO, you’ll have a partner that can help you do that. This increases client satisfaction and helps you grow your brokerage.
PrestigePEO continues to value our broker relationships. We provide benefits brokers with these key advantages to help them stand out:
- Personalized services
- Transparent pricing for businesses
- Competitive employee benefits rates
- Competitive above-market commissions for our brokers
PrestigePEO is a partner that helps both you and your clients stand out and succeed. Check out our broker FAQs page and get in touch with our team today.
