Can My Clients Get Their Own Policy Number with a PEO?
When they partner with a PEO, will your clients receive their own policy number? The answer depends on whether your client is located in a multi coordinating policy (MCP) state or a master policy state.
- In a MCP state, each Workers’ Compensation and employer liability insurance policy is provided with a standard policy covering only the direct workers. Each receives its own standard policy, which covers their workers using their company name and federal employer identification number. This means that if your client is located in a MCP state, they will be able to receive their own policy number while working with a PEO.
- Master policy is used to provide Workers’ Compensation and employer’s liability insurance with a standard policy, written in the name of the PEO, that covers all workers and clients that work with a PEO. If your client is located in a state where master policy is used, their policy number will be shared.
When considering a PEO, your clients may have many questions about how a PEO will fit the needs of their business, especially if they have challenges like high ex-mods, a history of workplace accidents, or a business that operates across multiple states. However, a PEO partnership can have many benefits, including improved safety and compliance, improved HR practices, and access to affordable, comprehensive Workers’ Compensation coverage.
If you’re ready to help your clients find the best PEO fit for them, we can help! At PEO Insurance Brokers Network, we work directly with insurance agents and PEOs, and will put our knowledge to work to find the best fit for your clients. We provide Workers’ Compensation coverage to businesses in need, no matter the risk, and will help you find the best PEO coverage and savings for your clients, even if they’re in high-risk industries like roofing, temporary staffing, or transportation.
To learn how we can help you find coverage for your high-risk industry clients, email quotes@peobrokersnetwork.com to receive a quote.