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A Professional Employment Organization (PEO Insurance) is a third-party company that provides Human Resources services to small and mid-sized businesses that may not have an internal HR department. Professional Employment Organizations often handle the following tasks for companies:
- Establishing a payroll system
- Developing a human resources department
- Becoming compliant with specific tax regulations and employment laws
Additionally, a PEO may help business entities identify specific employees to hire.
What is Professional Employment Organization (PEO) Insurance?
PEO insurance provides protection to the companies providing these HR services, in the event that they are subject to civil action by a client. These civil actions can result from the failure to perform a specific agreed-upon task or engaging in activities that lead to illness or injury on the part of the client and its employees. Some provisions that are covered under a PEO insurance policy include:
- Real or perceived errors that impacted the client
- Negligence related to unprofessional conduct
- Failing to perform expected duties
- Making misleading claims or statements
In addition to PEO insurance, many professional employer organizations are encouraged to establish other business-related insurance policies such as commercial general liability, workers compensation, and commercial property insurance.
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PEO Insurance Quotes
Like most insurance policies, PEO insurance quotes will vary depending on several factors, including:
- The size of the client’s business
- The specific business the client operates
- The total workforce employed by said client
- The duties the client expects the PEO to perform
If your company contracts a PEO, it is wise to familiarize yourselves with the insurance policy they have in place in order to fully understand the expectations your business will be expected to meet and potentially prevent any disputes that might otherwise develop. If you operate a PEO and are looking to establish a PEO insurance policy, please contact us. Our expert insurance agents can review your specific needs and compile a custom quote for your business.Back to Business Insurance
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