There are many insurers that are licensed to provide workers’ compensation insurance allowing employers to fulfill their statutory obligations to have the coverage. There are comparatively far less however who are willing to offer a proposal to a temporary staffing or professional employer organization (PEO) business. Understanding who these insurers are and when and under what circumstances they are willing to underwrite a temporary staffing or PEO firm is critically important. Moreover, the relationship that exists between this small underwriting community and the insurance agency or broker a temporary staffing or PEO firm uses is even more important.
The Foley Insurance Group is an agency that makes it our business to create and sustain strong and trustworthy relationships with the temporary staffing and PEO underwriting community. We do this by always adhering to the strongest professional standards when we conduct business with underwriters. We do this by understanding the temporary staffing and PEO business overall and our underwriters know this. We do this by working with them on a daily basis. We do this by promoting the importance that loss prevention and overall loss management has to favorable loss experience for both the underwriters and to our customers. We do this by attending and supporting often with the underwriting community, the national and state specific trade association events that serve the temporary staffing and PEO industries. And we do this by keeping our ears to the ground making sure we are up to date on all things insurance and risk management for the temporary staffing and PEO industries.
When you are dealing with The Foley Insurance Group you can rest assured that you are dealing with an agency that can assess all the pertinent details associated with a temporary staffing or PEO firm’s workers’ compensation exposure and obligations and in a consultative manner recommend which alternative among alternatives is the best for maximizing shareholder value, both in the short term as well as strategically. That may mean a traditional guaranteed cost program, it may mean a captive insurance alternative, it may mean a low or high deductible option, it may mean a retrospective rating plan, it may mean bifurcating some risk and utilize the assigned risk or the state’s market of last resort, it may even mean utilization of a PEO.
It is our job to generate viable alternatives, assist our clients in getting the selected alternative implemented and to work with our clients on an ongoing basis to monitor the necessary to make sure the intended results are being realized.