Business owners in the construction and trades industries enjoy the benefits employee leasing/ PEO services have to offer for three main reasons.
Better access to workers’ compensation
In virtually every state except Texas, workers’ compensation insurance is mandatory. Employers are required to carry workers’ compensation insurance on their employees. The problem is the insurance industry makes it almost impossible for a small contractor to obtain a workers’ compensation policy. Traditional work compensation insurance carriers can require a minimum of five employees or $80,000 in annual wages to secure a policy. Many employee leasing companies, on the other hand, can access coverage for even the smallest contractor.
Savings on workers’ compensation insurance costs
Construction employers can expect to save 10-40% with employee leasing/ PEO services compared to standard market work comp rates. One of the greatest benefits of using an employee leasing company is the pay-as-you-go workers’ compensation insurance coverage, eliminating the big deposits and up-front costs to get coverage. Traditional work comp policies will require a significant down payment (often 3 months of premium costs) to get a policy in place. Employee leasing companies do not require any up front payments for workers’ compensation coverage.
Outsourcing the administrative headaches
Imagine the time savings and freedom to complete payroll with a five minute phone call in the office or on the jobsite. An employee leasing company/ PEO service provides payroll processing, workers’ compensation administration, claims management and HR assistance. For today's employers, the frustrating tasks of dealing with these issues along with nearly sixty other federally mandated laws can make it almost impossible to work on profitable business ideas. One payment to the employee leasing company covers all your costs for payroll, work comp and payroll taxes.
When you're ready to explore the benefits a employee leasing/ PEO service can provide for your business, give us a call. Employee Leasing Quotes.com works with a network of construction employee leasing providers. Finding the one that will benefit your business the most is how we save our clients time and money. Contact us at 1-888-582-8388.