As a company offering professional employer organization solutions to your clients, you forge an important link in their comprehensive outsourcing plan. With the complex package of services you deliver, you also incur multiple avenues of liability. Whether you’ve recently expanded to include these offerings or you’ve been a longtime provider, you need to regularly review your PEO insurance coverage to make sure it’s full-bodied, shielding you from all possible sources of financial losses through your business operations.
The Basics on PEO Insurance
As a firm serving outsourced human resources management solutions, your potential sources of liability might include:
- Managing employee benefits
- Worker’s compensation administration
- Payroll management
- Handling retirement plans and funding
Since you’re performing key resource management and fiduciary responsibilities to your clients, it’s just as critical to shield your business with a custom-built PEO insurance package. Your total solution shouldn’t just include specific coverage for your lines of business, but indemnity protection that shields every aspect of your operations. This can include options such as fiduciary liability, owned auto policies, property and inland marine.
Safeguard Your Future
The right PEO insurance package is a comprehensive package that addresses your unique risk picture. It’s important to review your coverage periodically, and to extend your planning to include expanding your indemnity protection whenever your enterprises adds new services to its mix of offerings. An insurance brokerage firm experienced in serving staffing agencies can provide you with a solution precisely tooled for your organization’s needs.
As part of your risk management operations, PEO insurance is a vital component. This type of coverage can come in many options and formats, tooled to protect against losses that could easily number in the millions of dollars. Understanding its place in your firm’s future strategies can help you select the right products for your business.
A Wide Range of Options
Simply put, PEO insurance is vital for companies like yours that provide complete HR solutions. Because of the very nature of your business, your interaction with clients opens you up to all sorts of liability situations. Whether you have employees providing services on your clients’ properties or acting as authorized agents for them, or you’re managing benefits plans, payroll and other employee management tasks, you need a hedge against losses from liability claims. Fiduciary liability, owned auto policies, property and inland marine are just a few examples of valuable coverages you can include in your total package.
Your PEO insurance solution should be customized to meet your firm’s needs. With multifarious products available, creating a specific package for your company is an excellent way to hedge against financial risk. Your agent should be able to help select products that protect your firm and bring you peace of mind.