Many people are confused about employee leasing/ PEO services, and need more information about how they can save time and money by using them. Here are five common myths about this service, and the truths behind them.
#1---It costs more to use an employee leasing company.
You'll save money by using these services! The PEO allows you to concentrate on building your business while managing your administrative costs.
#2---I can't save money on my workers' compensation costs! My experience rating and the state control my rate.
Wrong! The employee leasing companies buy workers' compensation for thousands of employees. Bulk buying means favorable discounts that you may not receive if you are not using the services provided by a PEO.
#3---If I use an employee leasing company, I'll lose control of my business.
Not true! You maintain complete control of the day-to-day operations of your company; you're simply outsourcing the annoying paperwork. Dealing with insurance agents, audits and employee questions take time that you can better spend focused on your business. But it's not just time. It's money, too.
#4---Health insurance rates and their yearly increases are pretty much the same with every carrier.
Not true! On average, small business owners pay more for group health than larger companies. By partnering with an employee leasing company, many small business owners have seen savings as high as 35% on their group health costs.
#5---I'll pay more if I use a PEO broker.
You'll pay less by using the services of a PEO broker. You get the best rates when companies compete
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