With insurer results weakening due to rising injury expenses and the unstable condition of the economy, insurers are passing costs on to employers of all sizes, with smaller employers feeling the greatest impact. If you run a construction, HVAC, plumbing, painting, roofing, trucking, manufacturing, staffing, landscaping or maintenance or cleaning business, you are probably well aware of the rising costs of workers’ comp.
Owning a business that is considered high risk can severely stifle your cash flow. High costs result from high state-regulated rates, and requirements for large down payments and audits. Traditional workers’ comp policies require up to 50% down payment which adversely impacts cash flow, and polices are audited annually to make sure that actual wages paid to employees per code were estimated accurately at the policy’s inception. A company whose policy was rated for less than actual wages will be forced to come out of pocket for the difference in a lump sum.
Given your line of work, accidents unfortunately may be unavoidable, regardless of how much you protect your employees. But you do have options for more affordable workers’ comp coverage. Although rate increases are occurring, insurer competition remains a factor in pricing. Partnering with a company that has access to hundreds of PEOs, additional workers’ comp carriers and all major medical and supplemental insurance carriers, means you don’t have to go to market alone.
PEO Advantage in Tampa is uniquely positioned to serve high risk accounts. We’re helping high risk companies across the country reduce workers’ compensations costs and improve their cash flow. We even guarantee clients a minimum of 25% cost reduction.
Solutions delivered by PEO Advantage:
- Pay as you go workers’ comp policies (no deposit, no audit, improved cash flow)
- Up to 35% discounted rates with PEO Advantage
- On time and on demand workers’ comp certification access
- Since PEOs are already licensed and have established work comp policies in many states, a client can add employees and provide proof of insurance immediately
- Claims review and administration
- Workers’ comp billing reconciliation
- Safety plan creation, administration and training
- Safety audits and reviews
- Report and document accidents
- OSHA compliance
Don’t waste any more valuable time or money — more states are approving workers’ compensation rate increases this year, and with PEO Advantage there are no deposits or audits with convenient Pay-as-you-Go policies. You’ll also see an immediate surge in your cash flow since your premium is based on actual wages during that pay period. Lower costs translate to more competitive bids and, ultimately, more sales and profit to infuse your bottom line!