PEO Pros

Workers' Comp Insurance – PEOs

Archives May 2011

Agents Strategic Partnership With PEO Brokers

Why Should an Insurance Agent Work With a PEO Broker?

Agents Strategic Partnership With PEO BrokersWhy should an insurance agent work with a PEO Broker?

Here at PEO Pros / PAY-surance HR, we are often asked that question. Since many PEO Brokers are also insurance agents, the strategic partnership may not be obvious. However, most PEO Brokers are smart enough to leave traditional commercial insurance needs to the traditional commercial insurance agents. We certainly do. We figure they are experts at what they do, and we are experts at what we do. Why would we take business away from Agents who could use us for certain niche clients?

So What is That Niche?
There are several:

1: Difficult to place workers’ comp clients. Often times, a client who has difficulty procuring workers’ comp can get coverage by placing their employees with a PEO. This could be a smaller client who doesn’t have a lot of premium, a higher risk client or even a client who has had some claims history in the past.
2: Clients who have had a lot of unemployment claims. There is nothing better than a professional HR partner to assist in reducing unemployment claims.
3: Clients who have had HR difficulties, such as lawsuits from employees. Again, a professional HR partner can assist a client in putting in proper procedures to avoid unnecessary lawsuits.
4: Clients who wish to reduce employee turnover. Often the benefit solutions available from a PEO can offer that high level environment to a smaller client, in such areas as health insurance, 401k benefits, group life insurance and other areas.

We at PEO Pros / PAY-surance HR are always willing to talk to traditional agents and agencies about strategic partnerships. Often times our clients need a service they should get from those agents, such as commercial auto, property & casualty, general liability or even surplus lines and bonds.

If you are an agent, or an agency that is interested in this type of strategic partnership, please feel free to contact us using the form below.

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Agency Captive for Workers' Comp

More Carriers are Offering Agency Captives for Workers’ Comp

Agency Captive for Workers' CompWe are seeing more and more large carriers entering in to the Agency Captive arena, particularly with workers’ compensation premiums.

Some of these carriers are well known, 50-state, A-rated companies. (We will release names as soon as we get permission – promise!) These segregated portfolio loss funds are also called “workers’ comp agency captives.”

In these situations, Agencies can benefit from clients that have good risk management procedures and corresponding loss history. There is also the possibility of higher average commissions as well.

More information is in a “knol” article published by our lead agent John Will Tenney here.

So if your agency is interested in a risk-sharing, income opportunity using a agency captive you may wish to contact us using the form below.

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