May 28, 2020

An In-Depth Look with PEOs

Listen Later

22 minutes

Remember when you used to thumb through actual yellow and white pages of a phonebook to find people and services? In this episode, Toby Mathis of Anderson Advisors talks to Fred Lovingier, District Manager for Insperity, a professional employer organization (PEO). Fred has more than 15 years of management, marketing, and sales experience.

Highlights/Topics:

What is a PEO? Outsourcing firm that provides services to small- and medium-sized businesses

Why work with Insperity? Buying power and outsourcing

What are the two main reasons why you should consider a PEO? Stabilize high volatility in healthcare costs and employee liability

What are business owners’ top concerns? Don’t want to deal with other people

Does Insperity offer employees access to a group health plan at the same price as other big companies? Yes, just like Walmart, Coca-Cola, and UnitedHealthcare

What about workers’ comp benefits? Workers’ comp is based on a safety rating or mod number addressed as so much per hundred of payroll

What’s Insperity’s rule of thumb? Vetted company that becomes a client, automatically reduces its current workers’ comp 10%; dangerous fields costs more money

Whenever a PEO charges or consumes savings, what happens? Buying power is used to create offsets that help make the cost of doing business tolerable

What if business owners carry health insurance? Most business people know that they’ll get a new rate, typically higher, every year

What’s typical misconceptions about who’s liable? It's almost impossible to get a group plan these days; but you can go in combination with a group

Can people be fired or released? Yes, but they may maintain direction and control of their company and receive onboarding/offboarding assistance

What's the magic number or sweet spot for a PEO? Groups between five and 5,000

How much does it cost? Typically, it’s less than the cost of hiring somebody, but the quality is significantly higher

What is Insperity’s vision and mission? Give people the support and tools they need to grow and help businesses succeed for communities to prosper

How long do Insperity’s clients stay? On average, clients stay 6.8 years, which represents an 80–85% renewal rate each year

Resources

Fred Lovingier on LinkedIn

Insperity

Fred Simonds's Website

Fred Simonds’s Office: 10845 Griffith Peak Dr., Suite 500, Las Vegas, NV 89135

Fred Simonds’s Phone: 702-470-1948

Fred Simonds’s Mobile Phone: 702-203-0063

Fred Simonds’s Fax: 866-422-1927

Yellow Pages

Family and Medical Leave Act (FMLA)

UnitedHealthcare

Workers’ Comp

COBRA Management

National Association of PEOs

Toby Mathis

Anderson Advisors

Anderson Advisors Tax and Asset Protection Event

Anderson Advisors on YouTube

...more

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Anderson Business Advisors Podcast

By AndersonAdvisors.com

4.8

7979 ratings

May 28, 2020

An In-Depth Look with PEOs

Listen Later

22 minutes

Remember when you used to thumb through actual yellow and white pages of a phonebook to find people and services? In this episode, Toby Mathis of Anderson Advisors talks to Fred Lovingier, District Manager for Insperity, a professional employer organization (PEO). Fred has more than 15 years of management, marketing, and sales experience.

Highlights/Topics:

What is a PEO? Outsourcing firm that provides services to small- and medium-sized businesses

Why work with Insperity? Buying power and outsourcing

What are the two main reasons why you should consider a PEO? Stabilize high volatility in healthcare costs and employee liability

What are business owners’ top concerns? Don’t want to deal with other people

Does Insperity offer employees access to a group health plan at the same price as other big companies? Yes, just like Walmart, Coca-Cola, and UnitedHealthcare

What about workers’ comp benefits? Workers’ comp is based on a safety rating or mod number addressed as so much per hundred of payroll

What’s Insperity’s rule of thumb? Vetted company that becomes a client, automatically reduces its current workers’ comp 10%; dangerous fields costs more money

Whenever a PEO charges or consumes savings, what happens? Buying power is used to create offsets that help make the cost of doing business tolerable

What if business owners carry health insurance? Most business people know that they’ll get a new rate, typically higher, every year

What’s typical misconceptions about who’s liable? It's almost impossible to get a group plan these days; but you can go in combination with a group

Can people be fired or released? Yes, but they may maintain direction and control of their company and receive onboarding/offboarding assistance

What's the magic number or sweet spot for a PEO? Groups between five and 5,000

How much does it cost? Typically, it’s less than the cost of hiring somebody, but the quality is significantly higher

What is Insperity’s vision and mission? Give people the support and tools they need to grow and help businesses succeed for communities to prosper

How long do Insperity’s clients stay? On average, clients stay 6.8 years, which represents an 80–85% renewal rate each year

Resources

Fred Lovingier on LinkedIn

Insperity

Fred Simonds's Website

Fred Simonds’s Office: 10845 Griffith Peak Dr., Suite 500, Las Vegas, NV 89135

Fred Simonds’s Phone: 702-470-1948

Fred Simonds’s Mobile Phone: 702-203-0063

Fred Simonds’s Fax: 866-422-1927

Yellow Pages

Family and Medical Leave Act (FMLA)

UnitedHealthcare

Workers’ Comp

COBRA Management

National Association of PEOs

Toby Mathis

Anderson Advisors

Anderson Advisors Tax and Asset Protection Event

Anderson Advisors on YouTube

...more

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