Risk Management: What a PEO Can Do to Keep Your Company Safe

April 2, 2020

Running a business of any kind involves a lot of moving parts, and sometimes things get overlooked. When dealing with workers’ compensation or unemployment claims, risk management can be a burden to take on alone, which is why hiring a Professional Employer Organization (PEO) can help ease the process. Partnering with a PEO provides your business with trained professionals in human resource functions like risk management, which can save you both time and money. Let’s look at some ways a PEO can help lower potential risks associated with your company.

A Safe Work Environment

PEOs can offer a wide range of services for your business, the following are effective safety practices a PEO can help implement at your company to create a more safe work environment:

Pre-employment drug testing
Safety manuals, programs and guidelines
Workplace inspections
Workers’ Compensation insurance
Back-to-work programs

No business wants their employees exposed to potential risks or injuries, which is why having a PEO accommodate these services to prevent such scenarios from occurring can be beneficial to the overall functionality and safety of your business.

Regulation Compliance

All businesses must comply with federal and state rules and regulations in regards to how taxes are filed and employee benefits packages are administered. These laws are subject to change, and it can be difficult for a business owner to stay familiar with these regulations while trying to focus on growth, customer satisfaction, and other matters related to their company’s success. A reputable PEO can help businesses handle compliance matters as their job is to track and follow these changes. If you’re outsourcing HR functions such as employee payroll and benefits, they will make sure employees are notified of these changes to ensure there is no confusion and avoid the risk of non-compliance for your business.

Employee Training

Failure to have adequate safety procedures at your business increases the possibility of risks to occur. Reputable PEOs specialize in human resource administration, which includes developing safety programs and training to employees to develop a safe and efficient workplace. While these programs can be implemented to avoid injuries, training can also include safe and secure practices such as cyberhacking and confidentiality of important documents. Having proper safety procedures and educating your employees about possible risks can help everyone keep the workplace safe and efficient.

Workers’ Compensation Claims

Having safety or non-compliance issues can give your company a bad reputation, and steer potential clients or employees away from your business. A company’s risk profile can be increased by having a lot of workers’ compensation claims, not to mention the increase in cost. Working with a PEO provides you with knowledgeable and skilled experts who can work with insurance carriers, in order to find workers’ compensation plans and develop effective strategies for lowering incidents. They can offer a range of options so that you can choose what is most compatible and cost effective for your business, saving you money and the time to focus on the growth and productivity of your company.

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