Payroll Risk Management

Unfortunately, risk is inherent in any business we get into. Some organizations such as professional sports, construction, and mining are riskier than clerical work, but forecasting and managing our risk is something that we all need to think about. Fortunately for you, TBM is here to help guide you through all the pitfalls and hassles of managing risk on your own.

Our Service Models to Help with Payroll Risk Management:

1. Under a PEO Model:

  • Your worksite employees would fall under the TBM Federal Employer ID (FEIN) which means that TBM would be (mostly) responsible for HR compliance and other risk factors.

2. Under a HR Outsourcing (HRO) Service Model:

  • Your worksite employees would remain under your FEIN but TBM would help to make sure you are compliant with all labor-related laws; that your taxes are paid and reports are filed so that you will avoid any costly penalties and/or fees.

Traditionally companies purchase Workers’ Compensation insurance and have to pay large upfront costs for the policy; typically 25% down. Then a payment plan is worked out for the rest of the years premium, at the end of the year the payroll is audited and the account is adjusted based on the estimated payroll.

TBM is committed to decreasing or eliminating small business risks and challenges by:

  • Identifying and prioritizing possible risks
  • Designing and negotiating cost-effective, custom-made insurance programs tailored to the needs of your company or organization
  • Establishing a loss-control program by assessing the risks facing your company or organization and preventing losses before it is too late
  • Designing a claims management program that will help you reduce your total cost of risk.

Look at a true Pay As You Go system from TBM…

  • No money down for the W/C premium
  • No Audit
  • Premiums are paid on actual payroll – not estimates
  • Better cash flow management allows you as a business owner to keep more of your money longer and make it work for you.

Companies have been caught off guard and had to pay in thousands of dollars for past years underestimated payroll premium. If your company has an unexpected growth in payroll you could be looking at a large bill to close out that year. Then there is a 25% down for the next year.One of the worst things a business owner can do is to take their eye off the ball – to not focus on the important stuff – like increasing sales. Distractions such as meeting government HR regulations and avoiding penalties, fines and employee lawsuits certainly won’t make matters better.

Workers’ Comp Specialist

  • Our Worker’s Comp Services and Products Include:
  • Captive Management Programs
  • High Deductible Programs
  • “Pay-As-You-Go” Plan
  • Multiple Coordinated Policy Programs
  • Master Policy Programs (w/ NCCI Compliance)
  • Custom Solutions tailored to your needs

Claims Management Services

  • In-Depth Claims Review
  • Loss Trend Analysis
  • Claims Demographic Studies
  • Variable Deductible Loss Run Analysis

Safety Committe Support Loss Control Services Variable Deductible Loss Run AnalysisLoss Control Services which include:

  • Safety Management
  • Written Safety Plans
  • Continuity / Disaster Recovery Plans
  • Property Loss Prevention
  • OSHA Training

TBM Methodology

  • Identify sources of risk
  • Define Risk Tolerance Levels – assign priorities
  • Review current plans
  • A review of current costs
  • Implementation of a plan to address the business risks
  • Manage Claims
  • Follow through with a plan to evaluate and measure the results