Ever wondered what is a PEO broker? The term refers to Professional Employer Organization which is a brokerage that can provide low worker’s compensation, payroll, HR services, and health insurance to any company. The advantage of hiring such a broker is that, every company gets this responsibility off their hands and focus on more income generating activities. Some of the services offered include but are not limited to things like corporate tax liability, payroll administration, and health insurance, and worker’s compensation, to mention but a few. The cost of health insurance and worker’s compensation goes down drastically and a business can save up quite some money. How can you choose one that is perfectly suited for your business? See below some effective ways for finding the best PEO broker.
It is best to start by getting a free consultation. Check around near you to see some of the reputable choices you can choose from to approach for this consult. Visit their websites to discover more about the work that they do and how they can help your company.
Look at their reputation as well. There ought to be tons of reviews and client testimonials that can be quite helpful here. It is here that you can learn more about the services that they offer, the customer service aspect, truly about anything. This will give you further insight into the company and what they have to offer.
You should also take in the cost of the services. You should weigh the costs of hiring an in-house team to deal with all duties and responsibilities that the PEO shall undertake versus the cost of hiring the PEO broker. Once you do this, solicit the quotations for the work from the brokers so that you can start to look at the differences there. Getting a great bargain here is as simple as that.
The PEO broker ought to have a fair amount of experience in the field. There would be a lot of chaos to deal with when working with a relatively new PEO broker. Get one that has invested time and money in the business as this will assure you of expertise, skills, and knowhow.
What about the licensing and approval of the PEO broker? Not all brokers are licensed which means that you would be risking a lot of your private information if you hired one that doesn’t have proper approvals. So do your due diligence and ensure that you are working with one that the government can account for and vice versa.