by David Schek | Mar 5, 2013 | Professional Employer Organization (PEO), Staffing Company, Workers Comp, Workers' Compensation Insurance
Last weeks blog generated ALOT of feedback from staffing owners who could relate to the additional pressure or “HEAT” they feel these days about workers compensation insurance. One of the staffing owners said, “Everyday I feel like I am one accident away from losing my business.”
During the first 2 months of 2013 we helped many staffing companies with their workers compensation insurance challenges. Here are two examples of the staffing companies we helped in February:
- A 10M light industrial day labor staffing company that needed to generate the payroll themselves- and was turned away by nearly every carrier. So we found a PEO solution that allowed them to generate their own payroll and included lowering their deductible from 250K to 50K.
- A start up medical staffing medical company that needed workers compensation insurance coverage in 10 states and could not afford hefty deposits as a new company. Their solution included a guaranteed cost program using PEO with Zurich insurance
Please contact us today at 202-302-1212 or visit us at www.StaffingCompSolutions.com and we would be glad to share more success stories with you. Most importantly, we will help you solve your workers compensation insurance challenges.
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 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 18, 2013 | Workers' Compensation Insurance
Did you think that the workers compensation insurance system was started in the United States? Or did you think it was started in the early twentieth century? You would be wrong on both accounts.
The earliest record of workers compensation insurance dates back to the Samaria civilization in the year 2050 BC; which was also about the time of the earliest evidence of the written word! In fact, the United States was one of last countries to embrace a legal framework for workers compensation insurance beginning in the 1910’s.
For more startling historical information about the history of workers compensation insurance read more at:
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1888620/pdf/IowaOrthopJ-19-106.pdf
If you have questions about workers compensation insurance options in today’s dynamic market place for staffing companies, please contact us at 202-302-1212 and visit us 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 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 | Dec 18, 2012 | News, Workers Comp, Workers' Compensation Insurance
As our special gift to you this holiday season, we will give you $100 when we generate a FREE workers compensation quote for you by December 31, 2012.
Just our way of trying to save as many staffing companies workers compensation expense in 2013.
Finally here is a link to a VERY funny short workers compensation report submitted by a “determined” bricklayer in Australia.
http://haveagiggle.com/true-funny-stories/australian-workers-compensation-clame/
Have a safe holiday
David
David Schek
President
StaffingCompSolutions.com
American Staffing Association Member
California Staffing Association Member
Exclusive PEO Broker for the United States Staffing Association
