GigEasy’s Post

🗯 Did you know, as an agency you can become a Professional Passport agency partner.... and it's completely free!! See below for 5 benefits: 🌟 Align your business, with an industry leading accreditation, displaying to your clients you only work with reputable, compliant businesses 🌟 Take advantage of PP's market leading Insurance policy, protecting yourselves and your clients from financial loss, that stems from non-compliance* 🌟 PP have an extensive list of industry partners, that you can take advantage of, outside of payroll providers, from legal, software and employee reward scheme's 🌟 Regular newsletters and bulletins of industry changes through legislation, keeping you up to date on any changes that impact you 🌟 Becoming part of a network of like minded people, that all want the same thing. Compliance, transparency and fair game You can either reach out to Professional Passport direct or come to us and we can arrange the introductions that are needed. * Insurance relates to specifics which are worth exploring. See here for more: https://lnkd.in/dh-z47sy #accreditation #compliance #payroll

Fringe benefit wages are a great asset to government contractors. How they're managed has a direct impact on how profitable a company can be and how competitive they are in future bids. The GovCon Vertical website for AP has a great savings calculator when using fringe dollars for bona fide benefit expenses rather than cash paid out of payroll. Check it out! #servicecontractact #davisbaconact #governmentcontracting #fringebenefits #benefits

The Department of Labor (DOL) has released the final rule regarding the test for independent contractors. Employers will now use a totality-of-the-circumstances analysis, in which none of the factors carry greater weight. There are six factors to consider when determining whether a position/person should be classified as an independent contractor or an employee. These factors include, The degree to which the employer controls how the work is done. The worker’s opportunity for profit or loss. The amount of skill and initiative required for the work. The degree of permanence of the working relationship. The worker's investment in equipment or materials required for the task. The extent to which the service rendered is an integral part of the employer's business. In addition to these factors, we recommend that independent contractors have their own business license, multiple clients, insurance, equipment and an independent contractor agreement with the client/employer. Independent contractors should invoice their client, and companies should pay those invoices from accounts payable. Please contact us with any questions you may have regarding this change. #FLSA #DOL #PrismHRConsulting #independentcontractorrule

Small business contractors are feeling the impact of changes that insurance carriers are requiring in workers compensation insurance audits. We can alleviate most of the burden by connecting payroll accounting data feeds to the workers compensation auditing contractor. Without this, a small business could be looking at an extra thousand dollar bill just for the increased work in handling the insurance audit.

Many businesses believe that simply having an experience mod below 1.00 is the goal. But knowing how low it can be is important. The difference between the current experience mod and the minimum mod, a number unique to each business, represents the opportunity for further savings. Contact me to learn how USI is helping companies with their Workers Compensation: shawn.rubin@usi.com #workerscompensation #riskmanagement #usioneadvantage

Are you unsure about whether to pay your workers on a W2 or 1099? It's essential to understand the differences between true subcontractors and their necessary insurance coverages to avoid potential liability. Do they have a business? Are they an LLC? Corporations should have a policy or get an exemption if they qualify. Do they just do business as an individual, like: “Tammy Brown, doing business as Tammy Brown?” If they are just doing business as themselves, they don't necessarily have to have work comp coverage, but this means that you may need to cover them on your policy. These are important topics we should discuss. One of the other things is, are you dictating to them when they work, how they work, and what tools and equipment they should be using? These are all factors that you need to consider when you're paying people by 1099 to make sure that you aren’t going to have to pay for their work comp or their liability coverage. If you're not sure and you are in that realm of paying people as a 1099 subcontractor, then let's have a conversation. Let’s make sure that you have the right coverage in place, you are providing the proper coverage, and not going to get stung on an audit at the end of the term of the policy. Remember, work comp is based on payroll and if the subcontractors are on your payroll, you could get charged for them. Let's have a conversation and get that situation cleared up. #Subcontractors #Insurance #RiskManagement #BusinessTips

The National Council on Compensation Insurance (NCCI) recently shared insights from their Annual Symposium, revealing that Workers' Comp remains highly profitable with a Combined Ratio of 86%. This marks a significant milestone after a decade since the ratio was last over 100%, a truly unprecedented occurrence. The good news is that rates are expected to remain stable, barring changes in state laws or economic shocks. For business owners grappling with rising costs amid inflation, this development offers an opportunity to navigate these challenges. By assessing whether you might be overpaying for workers' compensation, you can potentially offset cost increases. If you're curious about optimizing your expenses without disrupting your current agent relationship, I'm here to chat.

Have you had changes in your company’s payroll or to the scope of work for your business? These factors can impact your workers’ comp policy. #NationalInsuranceAwarenessDay is a great time to contact your independent insurance agent to review & discuss these or other changes.

Most insurance providers require annual audits to adjust your premiums for the coming year. This is especially the case with liability and workers’ compensation insurance plans. What reports are required for a typical audit? ♠️ Sales reports ♠️ Profit & loss reports ♠️ Payroll records ♠️ Tax documents ♠️ Subcontractor or independent contractor documents Compiling all the reports necessary for an audit can be time-consuming and stressful. Learn how our insurance management service can help! #insurance #audit #californiabookkeepers

Engaging with contractors through CPS Group (UK) Ltd, means partnering with a team that prioritises your peace of mind. We've secured Off Payroll Protect Policy insurance for our contractors, ensuring that your projects are staffed with skilled professionals without the worry of compliance risks. Not all agencies offer this level of protection, but at CPS Group (UK) Ltd, it's part of our commitment to you. What additional peace of mind does it offer and how can it help your business? The Off Payroll Protect Policy insurance provides a layer of financial protection against potential liabilities arising from IR35 determinations. With the recent changes in legislation surrounding off-payroll working rules, businesses face increased scrutiny and potential penalties if found to be non-compliant. By partnering with CPS Group (UK) Ltd, you can feel rest assured that your contractor arrangements are backed by insurance, shielding from unexpected financial consequences resulting from IR35 assessments. CPS Group (UK) Ltd include this as part of our contract offering to businesses to ensure the highest standards of compliance, something that we pride ourselves on. Clients can trust that our contractors have undergone thorough assessments to ensure their compliance with tax regulations and employment laws, enabling you to focus on your core business activities without worrying about legal and regulatory risks associated with engaging contractors. By offering this added layer of protection, CPS Group (UK) Ltd positions itself as a trusted partner dedicated to delivering not just top-tier talent but also comprehensive support and risk management solutions to our clients. Especially for businesses operating in industries with enhanced security or with limited internal resources to navigate complex compliance requirements.  For more information, please get in touch. #CPSGroup #Contractors #Compliance #IR35 #RiskManagement 💼🛡️👥