Have you checked if your PEO agent knows what they’re talking about? Are they licensed, insurance professionals? This isn’t a bashing, it’s a wake-up call.
Go to Google and try the following: Type in your payroll company’s name followed by PEO and then the word job. No experience in insurance or insurance license is required. No 440, 240, 220.
And you’re surrendering control on half of your admin, your Workers Comp, and maybe EPLI, to someone who is not a licensed insurance professional. There are LICENSED insurance professionals who won’t write Workers Comp due to the complexity.
Usually, when business owners give up any part of their business it’s in exchange for someone with experience or because they’re investing into the company.
That’s not the case here.
Again, PEOs have their place in the industry. To the company that has suffered high losses or is uninsurable on its own, it’s the difference between keeping the doors open or not. My point today is to make sure that the person you partner up with is knowledgeable, licensed, and with you for the long haul.
At The Bunker, we do not write PEO business. What we do have is a network of strategic partners that are licensed, professional and knowledgeable when it comes to PEO. Real insurance agents have dedicated their business to writing this type of risk.