Last week an 8M AZ and PA staffing company contacted Work Comp Staffing Solutions with a big workers compensation insurance problem. His workers compensation insurance carrier, Dallas National, had non renewed them and the State Funds were their only possible solution to stay in business. Unfortunately this meant that they needed 150K for a premium deposit within a week to secure the State Fund/ Assigned Risk Pool policies, before the workers compensation non renewal went into effect and they lost their workers compensation coverage. This would have probably put the staffing company out of business.
Work Comp Staffing Solutions was able to arrange for a nationwide Professional Employer Organization (PEO) to provide coverage to the staffing company within 72 hours so that they did not have to make the 150K premium deposit. In fact, the PEO solution did not require any premium deposit, which allowed the staffing company to keep their cash, and invest it back into their business to keep growing.
If you are still using the State Funds/ Assigned Risk Pools for your workers compensation coverage, you probably are paying higher rates than your competitors who use a PEO, and you are most certainly paying higher premium deposits. And of course your workers compensation fees are not being leveraged, so that you receive other back office software and human resource services that a PEO uniquely provides.
For more information about how PEO’s can make you more competitive, please contact me at davidstaffing@gmail.com and visit our web site www.StaffingCompSolutions.com.
All the best
David Schek
President
StaffingCompSolutions.com
American Staffing Association Member
California Staffing Association Member
Exclusive PEO Broker for the United States Staffing Association