APPROACHING THE 2024 EPLI MARKET

While much of the EPLI landscape has changed in the last couple of years, much is still the same. Companies should look to ensure that they understand the basics of caring for colleagues and promoting a healthy workplace.

TIME ON YOUR SIDE: FIVE SCRAPPY WAYS YOUR PEO CAN USE AI TO SHRINK THE GROUP HEALTH SALES CYCLE

In your group health sales cycle, time is of the essence. Shorter sales cycles generally lead to larger volumes, higher revenues, more satisfied account execs, and repeat customers, especially for an annual purchase like group health insurance. You can shrink the time you turn a lead into a customer by adding a speedy new member to your sales team: artificial intelligence. AI can help you close deals faster than your competitors can get their boots on.

ASK THE EXPERT: A Q&A WITH PAUL NASH OF BEAZLEY

Paul Nash is an employment practices liability (EPL) underwriter with Beazley. He is the EPL and Safeguard product leader for both the UK and US teams and was instrumental in developing the first SAM/SML policy issued by Beazley in 2006. He has more than 30 years of experience in the insurance. He recently spoke with Paul Hughes of Libertate Insurance about the state of the EPLI market, how he has seen the PEO industry evolve and more. PEO Insider captured their conversation.

MY CLIENT MOVES TO A NEW STATE: WHAT ARE MY NEXT STEPS?

The rise in remote work has brought new challenges. Sometimes, a client notifies its PEO that they are hiring an employee in a new state where the PEO might still need to be licensed. So, what should you do? Below are some key points to consider when a PEO does business in a new state.

5 Ways PEOs Can Minimize Workplace Safety Liability in California

The COVID-19 pandemic caused workplace safety to be viewed through a lens of magnified importance, but as the world regains a sense of normalcy three years later, many employers have placed it on the back burner. However, now is not the time for complacency in California, particularly considering Cal/OSHA’s vacillating view of PEOs.

THE PEO PERISCOPE: A LOOK UNDER THE INSURANCE MARKET

By utilizing the most current and credible information available, Insurance Trends provides quarterly feedback and insights on the insurance industry and its impact on the PEO community. It provides current analysis and futuristic expectations on the terms and conditions that should be anticipated for property and casualty lines of business insurance that impact a PEO and its client companies.

DELIVERING VALUE THROUGH RISK MANAGEMENT

Small to medium size companies rely on PEOs to effectively manage critical back-office functions of their businesses such as payroll, employment taxes, employee benefits, human resource functions, and workers compensation insurance.  As a co-employer, PEOs specialize in the most efficient and effective means of supporting their clients by leveraging not only economies of scale, but a firm understanding of the ins and outs of workers compensation and risk management. Just like their PEO partners, carriers also have a positive incentive to improve the viability and efficiency of insureds workers’ compensation programs.   

THE EVOLVING ROLE OF THE PEO RISK MANAGER

To protect their organizations, PEO risk managers need to expand their thinking and competencies to identify and address emerging risk exposures that threaten the reputation and operational ability of their PEOs. The PEO business and threat environment will continue to change.  PEO risk managers will be challenged to continue to effectively identify and mitigate risks while adding organizational value. 

NOT SO RISKY BUSINESS: TACTICS TO FRAME YOUR RISK REDUCTION STRATEGY

PEOs are in a unique situation of being the major—and sometimes only—source of HR services and expertise for many businesses that have varying levels of interest and time to put towards these issues. It’s a bit like being an online lecturer at a major university for undeclared freshman. Several may stay after to graciously thank you for the revelations, though you may hear some snoring. Communicating with clients in ways they understand the seriousness of some issues is hard. 

AVOIDING ROADBLOCKS: CREATING IDEAL RISK MANAGEMENT DASHBOARDS

Key performance indicator dashboards instantly produce either awe or fear when brought up in conversation, and for good reason. They can be seen as straightforward, objective models that can do no wrong. Or, they can be seen as confusing, subjective, instruments rife with errors. While you have likely seen examples of many different types of dashboards (the good, the bad, and the ugly) it begs the question: what should a dashboard be in its most ideal form? More specifically, what is the most ideal dashboard for a PEO risk management professional?  

NEXT GENERATION PEO RISK DEPARTMENTS

As we all know, the year is 2023, and as PEO risk managers it is important that we embrace the title of a Bob Dylan classic: “The Times They Are A-Changin’.” Given the myriad of changing issues facing the PEO risk manager, a detailed point-by-point examination of the evolving issues would be too lengthy to illuminate within the pages of this article. That being said, this article will focus on two emerging and evolving issues that the PEO risk manager should embrace: dynamic risk analysis and next generation risk department staffing.  

5 QUESTIONS TO ASK A CLOUD SERVICE PROVIDER ABOUT CYBERSECURITY

One of the questions I’m frequently asked by PEOs is simple: Is the cloud safe?  Actually, this is a trickier question than it seems. The answer is yes, of course, but like any internet-based endeavor, there are certainly many caveats. Cloud security requires you to think about security differently than on-premise security or data center security.

DISASTER RECOVERY FOR PEOS

Disasters are inevitable, and their timing is unpredictable. Preparing your company and employees before disaster strikes can make the difference between a catastrophe or an inconvenience. While no one wants to experience a business disruption, especially any technology-related disruption, there are many reasons that you could end up in that position.

HOW TO SPOT CLIENT RISK AND WEIGH VALUE

Risk. On one side, it contains success stories that share leaps of faith that paid off; on the other, it holds shattered dreams of big gambles that eventually sunk a business.  In the PEO world, risk is on every executive’s mind each time a new client is signed, and it’s not something taken lightly. For Stratus HR, that assessment is less about a balance sheet and more about the company’s history and values. 

DON’T GO TO SLEEP ON THE WORKERS’ COMP MARKET

In May 2022, NCCI issued their Annual State of the Line report which hit on key workers’ compensation metrics and trends impacting the industry. There can be no underestimating the positive results. With an 87% combined ratio, 2021 marked the eighth consecutive year of record underwriting gains.