If there’s one thing professional employment organizations have in common across industries, it’s that their insurance needs are unique. While types of liability might look similar on paper from one industry’s policy to the next, the realities of the risks taken by staff on the ground are very different, and each policy needs to reflect that. Nowhere is that wide differentiation more clear than for those PEOs who focus on medical staffing solutions, providing skilled workers to hospitals, clinics, private practices, and even home care services.
Employer Liability for Medical PEOs
Staffing companies don’t take on all the same liabilities a first-party employer does, but they do take on many of them, and they share others. That’s why your staffing firm insurance needs to be built for staffing firms, not just employers in general. When it comes to the additional liabilities that are part of providing care for sick or injured people, you could also wind up needing coverage many other staffing firms do not need, depending on the roles you fill and their requirements for professional liability coverage. Working with an insurer who specializes in medical PEOs is the best way to make sure you have the resources to double-check all your coverage areas, so you and your employees are always protected when they go out on a job.
Making the most practical decisions when it comes to an insurance policy for your business helps you yield the best results from your efforts. Of course, this is often easier said than done. Many business owners are not completely sure of the options available to them. Understanding the differences of PEO vs EOR, for example, can provide you with the data you need to make an informed decision for your company’s future.
Obligations and Responsibilities
As mentioned on https://www.monarchpartnersgroup.com/, an Employer of Record is a program that can provide a business with access to workers’ compensation plans and similar areas of coverage. It is very similar to the operations of a Professional Employer Organization. However, EOR will act as the sole party responsible for paying expenses like payroll and taxes associated with taxes. This can make a big difference, as PEO typically shares this responsibility with the business itself. Other key differences include:
- EOR assumes more risks than PEO
- EOR can handle seasonal and temporary workers
- EOR handles overseas employees
Making Informed Decisions
Weighing out the key differences between PEO and EOR can provide you with insight on which will work best for the needs of your establishment. Look over the details and it will provide more clarity on the option that is best fit for meeting the demands of your specific industry.