Small businesses in New York feel the pain of providing insurance to their employees and often struggle to 
be able to afford to comply with the Affordable Care Act. Often companies with one or two employees must go to the NY Health Exchange Market only to find that the insurance available to them is both expensive and lacking in substance. Enter the PEO. A professional employer organization (PEO) is a firm that provides a service under which an employer can outsource employee management tasks, such as employee benefits, payroll and workers’ compensation, recruiting, risk/safety management, and training and development. Utilizing a PEO allows a small one- or two-person company access to large company benefits including health insurance and other human resource options.
These days, there are lots of ways to handle human resources (HR): through a broker, a payroll provider, in-house or a PEO, such as TriNet, which offers complete HR solutions for small and midsize companies. “Most entrepreneurs don’t go into business to manage human resources and likely have no interest in running payroll, negotiating benefits, or worrying about how to comply with a litany of government regulations. You go into business to sell a product or provide a service, and generate revenue doing what you do best,” says Rod Mauldin, a business consultant who works for TriNet.
PEOs are a unique bundled solution that allow the business owner to hand over a majority of his or her HR administration to them. Whether it’s payroll processing or employment law compliance guidance, TriNet and other PEOs can handle it. In exchange, PEOs can provide business owners with rich benefits plans not easily available to small companies. One of the most important plans offered through a PEO, such as Tri-Net, is access to large group health insurance plans that are unavailable to small businesses under Obamacare.
Source: Rod Mauldin, business consultant at TriNet. For more information, contact him at 941-741-4293 or [email protected]. Also visit TriNet.com.
