South Florida PEO Experts Help Businesses Affected by Consent to Rate Policies Save Money on Workers’ Compensation
Businesses sometimes find themselves having to pay higher rates for workers’ compensation insurance based on trends in three-year rolling claims and payroll data. This situation is known as “consent to rate,” and in some cases businesses with Florida workers’ compensation policies believe they are out of options. SourceOne Partners, a leader in PEO with offices in Florida and New Jersey, may be able to help businesses that find themselves in consent to rate situations.
A business in an industry with high accident rates may be forced into a consent to rate situation if the company’s trend in workers’ comp claims shows an increase in claims. SourceOne Partners can assist such businesses by helping them find the right Professional Employer Organization (PEO.) Occasionally, PEO brokers lock companies into a consent to rate situation to obtain higher commissions. SourceOne Partners can help businesses find PEOs with agents who understand consent to rate and who understand that in the long-term, they could lose a client’s business by forcing them into consent to rate when it’s not necessary.
Jeff Hecht, President of SourceOne Partners, said, “Right now we’re working with a hotel that knew about PEOs, but didn’t feel like they had the time to explore further and went with a consent to rate Florida workers’ comp policy. With the right PEO, they may be able to get out of their contract and save money.” PEO brokers are used by businesses in every industry for payroll administration and other functions, including handling of workers’ compensation policies.
When faced with consent to rate, Florida businesses should explore their PEOoptions. “The right PEO broker is interested in a long-term relationship with its clients and won’t use the threat of consent to rate just to get higher commissions,” said Hecht. Workers’ compensation rates are state-regulated based on historical data collected by the insurance industry. Different types of businesses and different job titles affect the rates for workers’ compensation that Florida businesses must pay. A company’s workers’ compensation history can affect rates as well, under the insurance concept of experience modification. Working with a PEO can help businesses understand all of their options in workers’ compensation policies.
SourceOne Partners offers customized solutions to fit each client’s unique needs, presenting complete and accurate proposals from PEO brokers and working closely with underwriters. By shopping both the PEO and traditional market and providing cost-benefit analysis, SourceOne Partners empowers clients to make informed decisions about payroll outsourcing, employee benefits, and workers’ compensation insurance.
About SourceOne Partners
SourceOne Partners is a leading provider of PEO and payroll services in South Florida, New Jersey, New York, and Pennsylvania. The services SourceOne Partners provides help companies reduce HR costs, minimize employer risk and liability, and relieve the administrative burdens of HR and payroll. Call 561-674-0748 or visit sourceonepartners.com for a free PEO or payroll analysis.