- by NEXO Team
- December 4, 2020
As a small business owner or a gym manager, you always want the best benefits for your employees. One of the most requested benefits is health insurance. However, it can be a real hassle finding, enrolling, and maintaining employee health insurance. For this reason, many gym owners and small business managers opt to let a professional employer organization (PEO) handle their employee health insurance programs. There are many reasons that you might choose to hand off this task to a PEO. Here's a look at some of the best reasons.
Let Someone Else Handle the Administrative Duties
From finding the right plan to processing the applications for health insurance, there's a lot of paperwork involved in signing up and maintaining employee health insurance. Who has that much spare time? If you're like most gym owners or small business managers, you don't.
When you opt to have a PEO handle your employee health insurance, they take care of all the administrative duties. You won't need to worry about employees coming to you with problems due to missing applications or other issues. Your PEO handles all of these duties and provides you with peace of mind, knowing that your employees are taken care of and have the insurance coverage they need at a price they can afford.
Enjoy Your Choices
When you opt to use a PEO for your employees' health insurance coverage, the PEO presents you with a variety of plans. You can choose a plan or open up the selection to your employees. Without any extra effort on your part, you offer choices to your staff and get the praise.
There are many health insurance plans with various coverage on the market, so you can provide your PEO with the coverage you want and the price point. They'll find what you want and present you with a few options. You don't need to worry about the age of your employees or preexisting conditions; you just convey the level of coverage you want.
Someone Else to Answer Questions
Your employees might have a lot of questions about a new health insurance plan, and you scramble to find the answers. When you use a PEO for your employee health insurance, you have a new source to find the answers. Your PEO is an expert on the health insurance plans that they offer.
In some cases, the PEO may allow your employees to ask the questions directly while in others you may need to contact them on behalf of your employee. Either way, you have someone else to answer all the questions concerning costs, coverage, applications, and other concerns.
You don't need to waste time reading through contracts trying to find the information. Your PEO is only a phone call away. They can quickly answer the questions or find the answers if they don't have them at hand.
When you can provide quick answers to your employees, they begin to understand your commitment to them. This can also help to lower your employee turnover rate when you have employees that know they're valued.
Save Time
From finding the right policy to double-checking all the paperwork, employee health insurance can consume a lot of your time. While your employees want this benefit, you might hesitate because of your own time constraints. If you're like other small gym owners, you probably have a to-do list that's already pretty long.
When a PEO handles your employee health insurance policies, they take all that time-consuming work off your hands. Your PEO finds the best policies, provides your staff with the correct paperwork and files the completed paperwork without you lifting a finger. You can use this extra time to grow your business and other essential tasks.
Easier to Handle Yearly Updates
You may find that the insurance policy changes or offers updates to services and coverage each year. You need to make your employees aware of these changes, and there may be steps you need to take ahead of these changes.
When changes and updates occur with your employee health insurance policy, your PEO will help you navigate the changes. Many PEOs are able to find out about upcoming changes long before you would if you found your own policy. This advanced knowledge gives you time to make any necessary changes ahead of the updates to your policy even if this means switching to a different plan.
Let Someone Else Deal With the Insurance Carrier
If you've ever had to deal with your own insurance carrier, you already know what a headache it can be. A PEO already has an established relationship with the insurance carriers that they offer policies from and will deal with the insurance carrier whenever issues occur.
Also, a PEO has a better negotiating position than you do. They represent multiple clients to bring to a particular carrier. When dealing with problems that arise, you want a PEO to step in on behalf of your gym and employees.
NEXO Can Help with Insurance Too
Liability: In most states, liability insurance is required. This protects your business if anything happens to people while on the premises.
Special Events: Some gyms host special events for their members. These might be private or public events. This insurance protects you against any unforeseen issues that arise and leave you liable.
Equipment: You probably already have property insurance but you need a special level of coverage in case your equipment causes some sort of damage to the property.
Employee practices: The actions of your employees can leave you liable for damages. If you're ever sued for wrongful termination, discrimination, or sexual harassment in regard to an employee, this insurance protects your business from financial ruin.
Worker's Compensation: You're required to carry a certain level of Worker's Compensation insurance to protect the well-being of your employees if they're injured on the job.
At NEXO, we can help you get the insurance you need for you and your employees. If you have any questions about employee health insurance, contact us today.
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