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.