Professional Employer Organization (PEO) 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.

Below are the common risks your professional employer organizations can face:

• Your business is facing a serious case as one of your employees has said things that results in your client filing a slander case against your business.
• One of your commercial vehicles is robbed and then vandalized.
• Your employee gets injured on the job and as their employer, your business is responsible for the medical payments.

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:

• General Liability insurance costs $500 in annual premiums.
• Business Owners Policy costs $900 in annual premiums.
• Workers Compensation costs $1200 in annual premiums.

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.