Small Business Health Insurance Through Professional Employer Organizations
Professional Employer Organizations ( PEO ) can save your business thousands of dollars per year in Human Resources costs. There are several money saving advantages to using a PEO to help manage your companies human resources.
1. PEO's will keep your business in compliance - this can save your business thousands or tens of thousands in government penalties.
2. PEO's can lower the cost of your companies health insurance benefits by up to 40% - this again can save your business tens of thousands of dollars annually.
3. PEO's will process your payroll - this eliminates your current payroll company expense.
4. PEO's will reduce the need of a dedicated HR professional - this will reduce the payroll expense of a dedicated HR employee.
5. PEO's may be able to reduce your workers Comp costs.
We at NY Small Group Plans work with several of the top PEO's in the country. To get a no obligation quote just requires the completion of an employee census and some basic information about your business. Call or write us to get more information on getting your no obligation PEO quote. Call 631-963-6020 or write to Cliff@nysmallgroupplans.com
PEO pricing is dependent on the industry of your business and your employee census. Typically white collar, young male dominant businesses will get the lowest health insurance rates.
Here is some additional features of the PEO relationship:
A professional employer organization (PEO) is an outsourcing firm which provides services to small and medium sized businesses (SMBs). Typically, the PEO offering may include human resource consulting, safety and risk mitigation services, payroll processing, employer payroll tax filing, workers' compensation insurance, health benefits, employers' practice and liability insurance (EPLI), retirement vehicles (401(k)), regulatory compliance assistance, workforce management technology, and training and development. The PEO enters into a contractual co-employment agreement with its clientele. Through co-employment, the PEO becomes the employer of record for tax purposes through filing payroll taxes under its own tax identification numbers.
As of 2017, industry gross revenues were estimated to be over $174bn annually. In 2017, there were 907 PEOs operating in the United States, servicing 3.7mm worksite employees (WSEs), which were spread over approximately 175,000 PEO clients.