by David Schek | Feb 27, 2013 | Professional Employer Organization (PEO), Staffing Company, Workers Comp, Workers' Compensation Insurance
Since the first of the year, I have spoken with about 30 staffing owners concerning their workers compensation insurance. After reviewing my notes, I find these calls can be categorized into 3 areas.
1. Panicked staffing owner — Their Agent assumed workers compensation policy was going to be renewed as in years past, only to find that the carrier wants off the policy. The staffing owner must beg the carrier for a 30 day reprieve to shop for insurance– quickly. The Agent admits he does not have too much experience in a challenging worker compensation insurance market and/or identifying a reputable solid Professional Employer Organization (PEO.)
2. Skeptical staffing owner– The agent or Staffing owner has realized that the market for workers compensation insurance has changed and can not believe that they have few options other than a PEO or the State Fund. They are very surprised to find out that PEO’s have also become more selective as to which staffing companies they underwrite now.
3. Upset staffing owner- Staffing owner has an excellent loss history, but the insurance company does not want to renew their policy because they do not want to underwrite staffing anymore. They have been with the same carrier for years, and now feel they are being thrown under the proverbial bus.
In today’s challenging workers compensation insurance market for staffing companies, there is no easy solution for most staffing companies; especially if your premium is under 100K or if you have offices in multiple states. In order to be proactive, contact Work Comp Staffing Solutions TODAY before your carrier cancels you, or your rates go through the roof. We can find a Professional Employer Solution (PEO) solution that is reputable, makes economic sense and is still accepting staffing clients.
Always feel free to call us at 202-302-1212 or visit us at www.StaffingCompSolutions.com to discuss your particular workers compensation insurance situation.
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
by David Schek | Feb 12, 2013 | Healthcare Insurance, Professional Employer Organization (PEO), Staffing Company
As more and more staffing companies are considering using a PEO for their workers compensation insurance, human resource and payroll services, it is important that each staffing company thoroughly review the PEO’s credentials with an experienced staffing PEO broker.
Here are some simple guidelines to follow.
- Make sure they are they reputable and a legally insured PEO.
- Confirm the authenticity of the PEO’s certificate of insurance.
- Find out what services the PEO will offer. Meet the people who provide the services.
- Check the company’s references. Make sure they are paying payroll taxes.
- See if the company is a member of the National Association of
Professional Employer Organizations.
- How does the PEO cover employee benefits? Is it licensed in a particular state? – Are they self funded? – Who is their carrier?
- Review liability for the service agreement. Look at the cancellation process for the PEO and your business
Work Comp Staffing Solutions works with very reputable and experienced PEO’s that can easily pass the strictest due diligence process. For a free quote, please feel free to contact us at 202-302-1212 and visit us at 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
by David Schek | Jan 14, 2013 | Healthcare Insurance, Professional Employer Organization (PEO), Staffing Company
This link has the latest information on the ACA. This is a must read for staffing company owners.
http://www.lexology.com/library/detail.aspx?g=b76a1e19-0f17-4fb1-b9ff-0ce1e0dd8621
Please feel free to contact me @ 202 302 1212 to see how partnering with a Professional Employer Organization (PEO) will assist you with managing the ACA and lower your workers compensation costs.
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
by David Schek | Jan 7, 2013 | News, Staffing Company, Workers Comp, Workers' Compensation Insurance
There are 2 main reasons that workers compensation rates will continue to head north in 2013. First is the tightening of underwriting standards for most labor intensive industries– especially staffing and construction. From 2001-2009 workers compensation rates were kept low because of loose underwriting standards by many carriers. After 2009 the insurance industry realized that their underwriting requirements were far too lax, and their insured risk portfolio generated inferior rates of return on their investment in workers compensation programs.
Second, the insurance industry is not able to make the kind of returns in the stock and other investment markets as they had in the years leading up to the Recession. Now they must be able to make money on each account rather than use the premium as investment monies for the investment markets. This is forcing up premiums as well as making the process of securing work compensation for higher risk industries (staffing and construction) more difficult. The net result is that more high risk companies in staffing and construction are being forced to the State Pools (and payng much higher rates) for their insurance.
An effective alternative can be utilizing a Professional Employers Organization (PEO’s) as your payroll and workers compensation provider. A PEO will spread your risk over their diverse portfolio of clients, which often results in lower rates for you.
Call us at 202-302-1212 to discuss this option and receive a quote.
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
by David Schek | Jan 2, 2013 | Professional Employer Organization (PEO), Staffing Company, Workers Comp, Workers' Compensation Insurance
Many staffing companies that are in the assigned risk or state workers compensation pools are finding that their 2013 premiums are making business much less profitable. In addition, the governmental regulations for the new health care law may significantly add to your administration costs.
Call Work Comp Staffing Solutions at 202- 302-1212 to see if partnering with a Professional Employer Organization can save you money in your workers compensation and administrative areas.
We look forward to saving you money in 2013.
David Schek
President
StaffingCompSolutions.com
American Staffing Association Member
California Staffing Association Member
Exclusive PEO Broker for the United States Staffing Association
by David Schek | Nov 27, 2012 | Healthcare Insurance, News, Professional Employer Organization (PEO), Staffing Company, Workers Comp, Workers' Compensation Insurance
Another Good Reason To Consider Partnering with a PEO
Successful staffing company owners have always been able to adjust their business models to continue to make a profit. With the new Healthcare laws starting in earnest in 12 months, our industry will have a new set of challenges and opportunities!
The article below from Staffing Industry Review discusses these challenges and opportunities and is well worth a read.
http://www.staffingindustry.com/Research-Publications/Publications/Staffing-Industry-Review/September-2012/2014
In terms of workers compensation costs, it is quite possible that long term costs will be going down because workers will not be using the workers compensation system to take care of basic health needs which happens now to some degree. Also as workers become healthier and more knowledgeable about ways to maintain good health, workers compensation accidents should become less frequent.
A second positive trend resulting from the new law is an opportunity for you to become your clients “expert” on these new healthcare laws so that everyone’s labor costs are kept to minimum. To be sure, there will be a level of complexity to these regulations that is unprecedented; but with a Professional Employer Organization (PEO) as your human resource – payroll and work comp partner, you will be able to help your clients better understand the new healthcare laws.
Please feel free to contact us for a workers compensation quote today and to find out about how Professional Employer Organizations (PEO’s) can improve your profits.
Happy Holidays.
David Schek
President
StaffingCompSolutions.com
American Staffing Association Member
California Staffing Association Member
Exclusive PEO Broker for the United States Staffing Association
