The Importance of Insurance Partnerships for Professional Employer Organizations
Professional employer organizations, also known as PEOS, are responsible for assisting thousands of businesses with their HR-related duties. These groups help companies to cut costs and find streamlined approaches to everything from payroll tasks to employee benefits. The relationships between these organizations and their clients can often create unique circumstances as far as insurance is concerned.
In order for employees and clients to stay protected, a comprehensive policy is required. A vast and varied number of situations can arise and cause complications for your business. This means your policy must cover a wide range of scenarios.
Insurance-related to PEOS will often include:
General liability, including scenarios of silence after abuse
Employee benefits liability
Violations relating to Equal Pay Act
Errors and Omissions
This type of insurance policy will also typically include coverage related to errors and omissions. Focusing on this area of liability coverage helps to protect your business and its employees from claims of negligent actions. Depending on the exact nature of the contracts you have with your clients, you may want to explore more in-depth options related to your errors and omissions coverage. The unique nature of the business conducted by PEOS requires a specific type of insurance plan. Explore your options with policies for professional employer organizations and discover the coverage that fits your specific needs.