Workers Compensation Insurance
Companies are required by most states to purchase worker’s compensation insurance for their employees, which covers the medical expenses and a portion of lost wages for any employee injured at work.
Master Group Workers Compensation Policy
PEOs offer their clients fully insured master workers compensation insurance policies under their own FEIN with well-known carriers that are insured completely at first dollar cost for their workers comp claims, allowing the carrier to cover all expenses.
Pay-as-you-go Workers Compensation Policy
Depending on your employee population, many business owners will be able to qualify for a pay-as-you-go workers compensation insurance program, offered by many PEOs. This type of pay-as-you-go insurance enables employers to purchase coverage with very little to no money down and elimination of premium deposits. In addition, this will reduce audit exposure since premium tends to be based on real-time payroll information.
Workers Compensation Classification Codes Audit
Workers compensation insurance has very particular rules regarding the classification of each employee population into various workers compensation class codes. If mistakes are made in the classification of employees, there may be large discrepancies between the premiums on your projected payroll and actual payroll. PEOs will ensure that enough information regarding each employee position is obtained in order to properly classify employees and minimize the surprise of seeing additional premiums.
