As a professional employer organization, or PEO for short, you are responsible for streamlining your clients’ operations. This may range from handling their payroll and benefits administration to taking on recruiting, hiring and training abilities. Most PEOs specialize in the latter and provide staff to work for their clients. You’re helping your clients simplify their processes, but how can you simplify your own? Here are a few tips.
Improve Your Record Keeping
One of the biggest challenges PEOs face is correctly classifying employees, keeping up to date on any changes in classification and keeping all appropriate records. You can majorly cut down on risk by upgrading your bookkeeping and devoting more attention to accuracy. Prioritize employee hours, client data and benefits administration. PEO insurance can protect against many liabilities, but the best protection is eliminating them altogether.
Secure Liability Coverage
Though you can prevent legal action by crossing T’s and dotting I’s, so to speak, PEO insurance provides an addition layer of protection that can save your agency from the damage of a lawsuit. No matter how careful you are, it can happen, so you need to be prepared. Selecting a specialized policy that meets your needs is the best way to ensure you aren’t left vulnerable to excessive liabilities.