Choosing a PEO, How to Make Sure You Choose The Right Professional Employer Organization.
Hiring a PEO |
Hiring a PEO is just like any other professional service you may use regularly such as an accountant. You may be able to do your taxes yourself, but when all is said and done the time spent would not justify the savings. Your accountant would complete the task quickly and correctly.
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There are several factors that you need to consider as a small business owner when deciding on what PEO is right for you.
- The first thing you should do is assess your workplace to figure out what your insurance and risk management needs are.
- Always check the PEO service agreement. (Make sure each parties’ responsibilites are clearly laid out.)
- Check the firm's financial background.
- The PEO should be a member of NAPEO, the National Association of Professional Employer Organizations.
- Ask for client and professional references.
- Investigate the company's administrative and risk management service competence.
- Make sure the PEO is fully insured or at least partially funded. Find out who the third party carrier is and if they’re allowed to conduct business in your state.
- Make sure the PEO is capable of meeting your goals. Meet or speak with the people who will be serving you.
- Understand how the employee benefits are set up.
- Make sure that the company you are considering meets all the requirements for the state your business is based in.
