Protecting your company and its financial assets requires a comprehensive risk management program. Professional Employer Organizations (PEOs) are very complex companies with many interwoven risks.
Through our relationship with key vendor partners, McHenry Consulting introduces clients to a single-source provider for comprehensive risk management services including:
- Data analysis and benchmarking
- Claims and loss prevention program development and consultation
- Management level program implementation, training and development
- Multi-line insurance program reviews and consultations
- Financial analysis of risk transfer methods
Historically, PEOs looking for workers’ compensation insurance have been faced with limited options. PEOs can represent large blocks of small businesses, which are often of interest to carriers. Many carriers, however, are unwilling to make the long term investment of time, energy, and focus necessary to manage the exposures. In addition, PEOs often face a stigma in the insurance marketplace, due to the historically poor performance of certain PEO programs. Over time, a gap developed in the marketplace where only the largest PEOs had access to quality, rated, nationwide coverage.
We recognize this gap and the need to build relationships between PEOs and workers’ compensation companies. Towards that effort our select vendor partners have established programs with several quality carriers that have made a commitment to understanding the needs of PEOs and to working with us to maintain healthy relationships that are built to last.
Your PEO Risk Management Plan: The Key to Controlling Insurance Costs
- Improve profit potential from improved performance
- Achieve operational efficiencies
- Control premiums by controlling claims
- Maximize settlements
- Monitor the effectiveness of risk control measures
- Project future risk
Our Process to Implementing a Comprehensive Program of Risk Management Services:
- Review all contracts to identify any hidden exposures
- Assess each risk and recommend a strategy for its elimination or management
- Analyze your claims history, in order to identify opportunities for reducing premiums through self-insurance and minimizing losses through workers’ compensation claims management services
- Suggest methods of transferring risk (via contracts, etc.) as an alternative to purchasing insurance
- Design a risk management program that is cost-effective and provides uniformity to your needs
- Prepare insurance specifications and administer the bidding process
- Provide personalized, ongoing service from the initial assessment through the monitoring of performance
- Project future risk and modify your plan as your business grows