An astonishing 82 percent of small business failures are the result of poor cash flow. With long receivable collection times, rising costs, and financing tightening, properly managing cash flow is becoming increasingly difficult. However, one area that can help your small business is pay-as-you-go workers comp – a simple, inexpensive solution that reduces costs, improves your cash position, and covers your employees in the event of accidents, illnesses, or injuries.
Here is an explanation of standard workers’ compensation insurance, the pay-as-you-go workers comp insurance offered by SouthEast Personnel Leasing Inc., and why we’re known for providing the best pay-as-you-go workers' comp.
Conventional workers’ compensation insurance requires an upfront annual downpayment. That down payment is calculated based on the wages paid to employees. Depending upon the insurance provider, that initial payment can be anywhere from 50 to 100 percent of the premium.
According to the National Academy of Social Insurance, the average cost businesses must cover for workers’ compensation is $1 for every $100 in wages. Given the razor-thin profit margins in some industries, that’s a considerable cost to small businesses.
Geared toward small businesses within the sanitation, transportation, communication, forestry, construction, and marine industries, our services include worker’s compensation services, benefits management, payroll administration, and safety & risk management solutions.
These cost-effective, efficient, and compliant services help level the playing field, reduce your small business costs, improve your operations, and increase your cash position while providing much-needed protection against uncertainty and risk.
With the pay-as-you-go workers comp insurance options offered by SPLI, there is no annual downpayment. There is no substantial upfront cost. With pay-as-you-go workers comp insurance, you pay for your PEO service as you use it – week-by-week.
Improved Cash Flow Management: With our pay-as-you-go workers' comp options, you keep more money in your business. This improved cash position means you’re better able to manage your small business’s expenses weekly as opposed to monthly.
Your costs are much easier to manage with our pay-as-you-go workers comp options. This is because your costs are based on real, current, and accurate payroll. They’re based on current staffing levels and the current positions your employees hold. It’s not based on a convoluted upfront payment at the beginning of the year that assumes your staffing, positions, and employee salaries won’t change.
With conventional workers comp insurance, it’s easy to overpay or underpay your upfront downpayment. Having to pay a large sum upfront is frustrating enough without having to increase that amount next year once your policy renews simply because of a mistake in your premium.
Pay-as-you-go workers comp options with a PEO are the perfect solution for small businesses that hire temporary employees or those who often deal with seasonality and infrequent business. As a small business owner who needs to control payroll by taking advantage of seasonal workers, it only makes sense that your insurance coverage and costs are managed the same way.
As a small business owner, your time is best spent on cultivating customer relationships and growing your business. Our services allow you to do just that. No more data entry errors because of some outdated and antiquated manual payroll paper process. No more trying to figure out how much you need to pay upfront based on an easily misconstrued premium calculation done on an Excel sheet.
With SPLI, it is easier to maintain compliance with state-mandated workers' compensation regulations and laws. We remove a needless burden by eliminating the frustration that comes from manually calculating premiums or suddenly finding out you’re no longer compliant because of a simple key-entry error from a busy team.
As an A-rated AM Best Partner, you’re dealing with an established, full-service professional employer organization (PEO) with 36 years of experience. You’re dealing with a workers' comp and insurance subject-matter expert, one who does everything possible to protect your small business, its future, and your interests.
We are not just an insurance solution. We are ultimately a partner, one you can count on for simple, cost-effective employer services that help you focus on what truly matters.
SouthEast Personnel Leasing Inc. empathizes with the struggles that small business owners face. We know that small businesses are typically at the bottom of the supply chain and often the last to be paid. That’s why our pay-as-you-go workers comp insurance plans are designed to put you in total control of your finances.
Connect with us today to learn more about how our workers’ compensation plans can help your small business control its future.
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