How long has it been since you purchased your PEO contract? When you made the purchase, did you shop around adequately or just take the first offer you came across? If it’s been some time since you reviewed your PEO contract or got price quotes for your employee benefits packages, payroll administration, etc., you might be surprised to learn that you could be paying as much as 20 percent more than you should be.
Can You Save Money on Workers’ Compensation with Your PEO Contract?
One of the most common reasons why businesses are overpaying for their workers’ compensation insurance is that the employees are not always classified correctly. In fact, one tree trimming business was recently able to save $18,000 with SourceOne Partners just by getting their workers classified under the correct workers’ comp codes!
Are You Getting the Best Health Insurance Rates With Your PEO Contract?
A lot has changed since the enactment of the Affordable Care Act, also called Obamacare. It takes an expert nowadays to make sure businesses are in compliance with this new law in order to avoid stiff penalties and fines. But this doesn’t mean you need to be overpaying for your employee health insurance benefits! It pays to shop around once in awhile, compare rates, and make sure you aren’t paying too much for the benefits your employees are entitled to under the law.
Are You Getting Good Unemployment Benefits Rates With Your PEO Contract?
Unemployment benefits is another area where small businesses are frequently found to be overpaying. Often, the laws governing unemployment compensation are confusing to small business owners and managers, which is the primary reason they turn to a PEO provider for help. A PEO can make sure you are complying with the law but not overpaying for these benefits.
Are You Paying Too Much for Administrative Fees in Your PEO Contract?
Administrative fees are often where you get hit the hardest in a PEO contract. Since most small businesses have a good idea what they should be paying for other things – like employee health insurance plans and life insurance plans – the administrative fees are often where they get hit the hardest. For a limited time, SourceOne Partners is offering a complementary review of your PEO contract. All you need to get your free review are:
1. Your last completed payroll report, including your administrative report (in a PDF file).
2. Your last 3 years’ loss runs or no loss letter.
3. Your last PEO invoice and detailed billing report.
SourceOne Partners is a leader of PEO and payroll services in South Florida, New Jersey, New York and Pennsylvania. As a trusted advisor to our clients, SourceOne Partners helps companies reduce HR costs, minimize employer related risk and liabilities, and relieve the administrative burden of HR and payroll with customized solutions. Contact us to get started on your free PEO contract review today!