Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Why do Professional Employer Organizations (PEO) need insurance?
Your Professional Employer Organization needs insurance because it covers the risks to your business. These risks could result in huge financial obligations which could force your business to close. Your insurance will make sure that this won't happen by paying for the risks covered by your insurance, shielding your business and even your personal assets.
What risks do Professional Employer Organizations face?
Below are the common risks your professional employer organizations can face:
How much does PEO insurance cost?
There is no fixed cost of insurance for professional employer organizations as the cost relies on the size of your business, the number of employees you have, and the coverage required. Without taking these into account, below is the average cost of insurance for your business:
What Professional Employer Organizations are all about?
In this industry, workers offer personnel and human resources management services such as workers compensation, payroll, and benefits administration. These organizations also withhold and remit employee taxes.