Managing workers’ compensation is a complicated, time-consuming part of business that requires an intricate balancing act between meeting your employees’ needs and keeping an eye on your bottom line.
By outsourcing workers’ compensation management to a Professional Employer Organization (PEO), your business is assured of being compliant with your state’s workers’ compensation laws. You also regain valuable time that was previously spent processing claims, implementing wellness and safety programs, and shopping for the best insurance policy.
How a PEO Helps with Workers’ Compensation
Cost Management
1. Upfront Deposit Management/Negotiation:
Because workers’ compensation insurance is part of a PEO’s bundled services and your company is now part of a larger group, upfront deposits can be significantly reduced or even waived to obtain coverage.
2. Pay-As-You-Go Coverage:
This billing solution allows you to pay for workers’ compensation premiums as payroll is administered. This makes it easier to manage cash flow and prevents unexpected extra premiums due at year end.
3. Annual Wage & Premium Audit Administration:
Your workers’ compensation will be reviewed annually to ensure that your annual wages and your premium are in alignment.
4. Experience Modifier Verification/Correction:
By proactively analyzing your workers’ compensation experience and reviewing claims, a PEO verifies and corrects discrepancies that could cause your rates to go up.
Claims Management
1. Claims Administration/First Report of Injury:
Your PEO will work with injured employees to report injuries and file claims in a timely manner. This not only helps with injury reporting accuracy but also ensures that your employees get the care they need right away.
2. Return to Work Programs:
Even if an employee can’t perform their normal job duties because of an injury, a PEO implements Return to Work programs to let employees get back to work in a temporary, limited or light duty capacity until they recover.
3. Post-Accident Drug Testing:
Post-accident drug testing is allowed if there is a reasonable possibility that drug or alcohol usage contributed to a reported injury. Your PEO manages testing to ensure fair, reliable, and an important part of keeping the workplace safe.
Working with a PEO offers affordable workers’ compensation coverage, effective safety programs and helps businesses build safe, dynamic workplaces.
Take care of your employees and your bottom line with affordable, reliable workers’ compensation management. PEO Consultants can help – contact PEO Consultants.
