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August 12, 2019
personal insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

August 8, 2019
BAGI Group Health Insurance

BAGI Member Benefits: Affordable Group Health Insurance

Group health insurance policy renewal rates are being released by insurance companies right now. On average, Indiana employers are seeing a 10-11% increase this year. As a business owner, you want to provide a good work environment that attracts and retains employees, but not at the cost of a healthy balance sheet. Fortunately, as a member in good standing of BAGI, you have a unique opportunity to help you manage these seemingly competing goals. BAGI Group Health Insurance Program This Program uses the pooling concept through BAGI membership to bring about a more even spread of risk, less rate volatility, and a viable answer to the double-digit rate increases we are seeing this year. Wharton & Power is the sole administrator of the program. Benefits: pool your employees into a wider group of insured individuals, thereby diluting the effects health risks have on your policy rates avoid large rate increases by tapping into group buying power opt-out of the community-based rating pool, which particularly benefits companies with healthy employees choose from 12 different plans, from benefit-rich and low-out of pocket plans, all the way up to plans with the maximum allowed federal out-of-pocket limits If you are facing a huge jump in your group health insurance premiums, give us a call at 317.663.4138  or send us an email. We have the knowledge and experience to help you balance employee needs with bottom-line concerns.
August 5, 2019
business insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

July 29, 2019
personal insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

July 24, 2019
PEO Services

The Benefits of Outsourced HR Services

For many small businesses, managing the activities usually performed by a human resources department are done on the fly. Performance reviews, creating an employee handbook, or even setting vacation and PTO policies are dealt with as issues arise rather than strategically. The expense of a full-time HR professional is not always in the budget, so employee management duties fall to the owner or designated support staff. Or, the human resources director is being pulled in too many directions. The fact is, however, that businesses are subject to complex employment regulations or lawsuits, and the cost of misunderstanding or ignoring them can be steep. Bringing in outsourced HR services is a cost-effective way to protect your business and promote a positive work environment. Outsourcing human resources functions means you have an expert in your corner. Full-service organizations can assist you with all aspects of managing your employees: employee handbooks, mandatory postings, training, EEOC claims, salary reviews, downsizing or growth planning and execution etc. Programs can be tailored to your needs and, in the case of PEO’s like Worksmart Systems, can include other services like payroll and employee benefits. HR services providers do not get involved in the activities of your day-to-day business. They serve as your partner to increase regulatory compliance and reduce employer liability while maintaining your company culture. For organizations like Worksmart, HR services begin with payroll. Tracking the salaries, exempt and non-exempt status, overtime, PTO, taxes and health benefits for each employee has always been complex. With the new regulations passed over the past few years, the HR landscape has become even more daunting for a business to manage. Worksmart helps their clients address employer challenges by including HR services within their payroll programs. There are no hourly rates; the goal is to ensure that their clients never worry about incurring extra fees by picking up the phone and asking for advice or assistance. If you already have a human resources staff, outsourcing can provide a robust infrastructure, saving time and money. Contracting with a one-stop-shop for HR services can streamline vendor relationships, such as medical, dental, 401K, other business insurance, payroll, and worker’s comp. It is also helpful to find an organization that also offers an HRIS, providing you one place to manage all of your employee data. Looking for an outside partner to help manage the challenges that come with employing people is a powerful option for your business. Either you have access to a fully staffed HR department for less than hiring one person, or, your current HR staff can tap into outside expertise to help them perform at their best. I would be delighted to discuss how outsourced HR services can benefit your company. Send us an email, or give us a call at 317-663-4138.
July 22, 2019
business insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

July 17, 2019
PEO

PEOs: The Difference Between Full Co-Employment and ASO Models

As business leaders review the PEO marketplace for human resource services like payroll, employee benefits and HR administration, two options emerge: a full co-employment model and an ASO model. What are the differences? Why choose one over the other? A co-employment PEO is a Professional Employer Organization that provides small to medium-sized businesses with HR services through a co-employment model. An ASO PEO is an Administrative Services Organization that also serves as a source for HR services but without a co-employment agreement. Both models aim to streamline the behind-the-scenes administration requirements associated with having employees. It is important to note that co-employment does not mean the PEO delves into the day-to-day operations of a business. They are there to add efficiency, structure, and accountability to the backend of an organization. The Benefits of a Co-Employment PEO: The Power of Pooling: A co-employment PEO combines all of their clients’ employees into one group, creating one large pool to cover under a group health plan. This pooling allows the PEO to offer the bargaining power of large businesses to small and medium-sized businesses, which can lead to better coverage and lower premiums. The ASO model is based on outsourcing services separately for each employer that contracts with them. While ASOs also alleviate their clients from the responsibility of finding and implementing a group health plan, they are not able to offer smaller employers the preferred rates and benefits available to large companies. Full Suite of HR Services: With co-employment comes a full array of human resource services: health insurance, payroll functions, HR admin, HRIS, reporting and compliance. The PEO essentially takes on responsibility for their client’s employees like they are their own. The organization enrolls those employees in a timely manner into a group health coverage plan, provides payroll and payroll reporting, and manages COBRA and COBRA compliance as well as other human resource functions. An ASO is based on a cafeteria plan model, where an employer can pick and choose which services they would like to outsource. This type of PEO may not be able to reap the benefits of the bargaining weight of larger organizations, as it may not have enough participants in each service line. The co-employment PEO model includes many benefits to a small or medium-sized employer. Case in point, Worksmart Systems is an Indiana-based PEO that has been offering HR outsourcing services for 21 years. They provide a group health insurance plan. By pooling health risk-rating groups over many employees, Worksmart can offer small to medium-sized businesses competitive rates that larger businesses enjoy. Questions about PEO services? Send me an email, or give me a call at 317-663-4138.
July 15, 2019
personal insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

July 10, 2019
independent insurance broker

Complicated Life? How an Independent Insurance Broker Can Help Protect It

The Wharton & Powers Team prides itself on being an independent insurance broker focused on comprehensive risk protection. But what does that really mean for you? You may relate to the following story, which illustrates how our business model helps protect our clients’ complicated lives. One of our clients is a good reflection of many of the people we serve: he is a family man and business owner. His company has locations in Indiana and Texas, and we provide business insurance and group health insurance to both. On the personal side, he and his wife own a brand new home in Carmel along with the house they used to live in, a lake cottage, five vehicles, jewelry, etc. Needless to say, there are many moving parts to his life. Our client reached out to us recently about a home he and his wife are in the process of purchasing in Siesta Key, Florida. They plan to use it for themselves and as a rental. The first complication here is that the home is located in Florida; it’s difficult to insure homes in that state because of hurricanes and the proximity to water. Compounding the problem is the plan to rent it out, since those properties have the reputation of not being as well cared for as when the owner lives there. Florida A-rated insurance companies really do not want to touch this type of coverage. And, most affiliated insurance brokers can only write policies within the areas they are located, which means our client would have to develop a new relationship in Florida. Fortunately, our client works with us. All of the properties our client owns currently were insured by the same company which did not want to take on the Florida place. Regardless of how well they knew and liked him (especially the income he provides), they said no. All homeowners know you cannot get a mortgage without homeowner insurance and the closing was coming up fast.  As an independent insurance broker, we are not tied to one insurance company for coverage. Also, we have been in business for over 28 years and have strong relationships with multiple underwriters. Our network helped us find a broker in Florida who was willing to offer coverage. In addition, we were instrumental in ensuring our client was able to close on the new home when complications with the deal arose. Being a full line independent insurance agency, we were able to tap our extensive resources to get our client what he needed. And, were are not beholden to one company’s process, quotas and rules. Insurance agencies affiliated with one underwriter do not have the flexibility to help cover complicated lives. Like you, our clients do not live one-dimensional lives. Wharton & Powers is perfectly suited to help you protect every aspect. Reach out to us to learn more.
July 8, 2019
business insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

June 24, 2019

Words to Thrive By | Business Quotes from Wharton & Power Insurance

June 17, 2019
personal insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

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