Not planning far enough ahead for two important details – the annual renewal dates of your Workers’ Compensation and your Employee Benefits insurance policies – can severely limit your options to make a complete review of how to most efficiently and cost effectively manage these potential drains on your company’s profits.
Increasing health insurance costs are a huge worry for most small to mid-sized businesses, and they feel that they have no control over this annual “surprise”. And insurance, and all of the various options, is complicated, and they really don’t know who to trust.
An experienced HR professional can not only help you sort out what’s best for your business; they can also take a strategic look at your HR practices. By carefully considering the full picture of how your company operates and where you want your business to go, you may well find that you are creating the wrong incentives for your employees or that you won’t be able to attract and retain the right kind of talent needed to support your future plans.
The result may be some relatively simple changes to your employee benefits, some work attacking your workers’ comp loss history (a very controllable expense), or some changes to your policies and procedures to create the right incentives for your employees. Or, as many small and mid-sized businesses are doing, this analysis might reveal that this is the right time to consider outsourcing some or all of your HR (not just payroll), employee benefits, and workers’ comp administration.
Included in our PEO services, YPP’s HR team negotiates for both health and workers’ compensation insurance so you don’t have to. While we don’t sell insurance, we do understand the complexities, including the impact of Health Care Reform, bringing our expertise and years of experience on your behalf. And, we are always taking into account the overall picture of your company and your employees. In addition, YPP manages workers’ comp claims and monitors your experience modifier throughout the year. In short, we work all year to manage your insurances, not just at renewal time, and we keep in mind the big picture of you, your company and your employees.