7 Ways to Save on Workers' Compensation With Employee Leasing Services

If you're like most employers in today's economy, you're probably searching for business related costs to cut back - starting with those that least effect your day-to-day operations. For many employers workers' compensation costs can be the most expensive part of running their business.

What many employers don't realize (but are quickly finding out) is that there is a better, less expensive way to purchase workers' compensation insurance, than the old traditional method. Employee leasing, aka - PEO services offer you benefits and advantages the voluntary market cannot. Here are just a few.

1. Upfront deposits - Unlike traditional policies where a 20-30% deposit is required to start your policy, many employee leasing companies offer no money down - pay as you go plans. The upfront costs of getting a business off the ground can be staggering. The cash flow advantage of a no-money down plan can save enable you to keep thousands of dollars.

2. Discounted rates - Imagine paying 50% less on your workers' compensation insurance than the state rate. How much more competitive would that make you over your competition. Typical savings average around 22% but bigger savings are common in states with a high percentage of employers in assigned risk pools and soaring work comp rates. Because an employee leasing company is purchasing insurance for so many employers - the difference in costs can be dramatic.

3. High Experience modifier (e-mod) - If you've had a few workers' comp claims that have triggered an increase in your experience rating - an employee leasing company could potential save you thousands of dollars. An employee leasing company doesn't have to follow the voluntary markets procedure of utilizing your rating, where the rate - is the rate. They'll look at your whole history and many times offer you a significant decrease in rates so you don't have to be trapped - or suffer through years of paying additional premiums.

4. No state expense fees - How annoying is it to see on your policy terms every year a few hundred bucks (sometimes more) charged to you from the state, for the privilege of having insurance! Most employee leasing companies charge absolutely nothing to get started. No terrorism fees, state expense costs - nothing!

5. Claims management - Have you ever had an employee file a fraudulent work comp claim against you? If you have, you know how frustrating it is to get someone to act and sit back why the con cashes in. Traditional carrier's claims management and investigation of fraudulent claims can be weak at best, since you're the one who will ultimately pay more. The employee leasing company has more incentive to follow-up, communicate and close claims as soon as possible - it's their policy too!

6. Time from dealing with audits - Dealing with work comp audits is both time-consuming and frustrating. A process that sometimes never makes sense. When you're bundling the services of payroll and workers' compensation with an employee leasing company, the insurance premiums are deducted and precisely audited each period so you'll never hear the word - audit. You'll also never worry about an unexpected premium bill.

7. No cancellation penalties or fees - With a pay as you go workers' compensation plan, there's never a need for back audits or cancellation penalties. If you hit the lottery, sell your business or would even have to close shop for an unexpected reason, pay as you go means just that - when you're done you're done!

If you need Florida workers compensation, call us today! We will save you money!