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Whether you are starting a new business or already own one, a huge list of tasks requires your attention: hiring staff, maintaining your physical space, and ensuring you provide the highest quality product or service to your customers.
Additionally, you have the all-important insurance requirements to attend to so that you comply with the law and take care of your employees. Obtaining workers’ compensation insurance should be at the top of your to-do list. The most efficient way to do so is by partnering with a trusted Professional Employee Organization (PEO) that can secure the appropriate protection for your employees.
What is workers’ compensation coverage?
Workers’ compensation is insurance that provides medical care, disability, and rehabilitation benefits to an employee if they are injured or become ill while on the job. It prevents you as the business owner from being liable for those costs or lost wages. Most states require workers’ compensation for any company that has at least one employee. Take a closer look at this topic in our article: What is Workers’ Compensation Coverage.
Why is workers’ compensation so important?
Operating a business without proper workers’ compensation coverage can be devastating.
In the event of a work-related illness or accident, workers’ comp coverage prevents you from being vulnerable to massive costs that can jeopardize your company’s long-term growth and sustainability.
It’s also the law. Your state most likely requires your business to have workers’ compensation coverage. If you don’t have it, you are not only jeopardizing your company’s financial health; you are also breaking the law. The result can be fines, jail time, or both.
Most importantly, workers’ compensation allows you to fulfill one of your most crucial responsibilities as a business owner – taking care of and ensuring the well-being of your employees.
Read our top five mistakes to avoid with workers’ compensation claims for a deeper dive.
Your comprehensive checklist
Before working with a PEO, you need to gather detailed information regarding your business operations. This initial legwork will simplify the entire process and ensure the PEO delivers a plan that considers all of the particulars and needs of your company. It also helps you receive the most accurate quote. This preliminary process eliminates confusion, frustration, and stress that can distract you from running your business.
SouthEast Personnel Leasing (SPLI), a Tampa Bay-based PEO, created this checklist based on more than 35 years of experience providing workers’ compensation coverage and payroll support to thousands of business leaders.
SPLI has the skills and expertise to help you control claim costs, fight fraud and abuse, and allow you to focus on growing your business. And if there is a claim, we will work with your insurance carrier and the claims management company to provide you the best service possible.
- Contact name and information
- Company name
- Federal Employer Identification Number (FEIN) – The FEIN is located on your confirmation letter from the IRS, old tax returns, your business credit report, or payroll paperwork.
- State and other locations – Workers’ compensation is state-regulated. Some states base coverage laws on the number of employees or location of company headquarters.
- Operations and payroll descriptions – This detailed description of your operations should include the total amount of payroll for each type of job and how many employees fulfill each job description.
- Knowledge of loss experience – This includes a history of all workers’ compensation claims that have been filed for your company.
- Coverage start date
We exist to help you succeed!
SPLI is invested in your success. We are a trusted partner that helps you serve your customers with the highest level of service. When you partner with us, we provide flexible solutions that ensure your administrative operations run smoothly so you can focus your valuable time and energy on growing your business. Contact us for a quote today!