Blog

October 7, 2019
business insurance

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

September 30, 2019
personal insurance

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

September 23, 2019
business insurance

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

September 18, 2019
payroll services

The PEO Difference in Payroll Services

As a business owner, you have many options for managing your payroll. However, there are key advantages to using Professional Employer Organizations, or PEOs, over other types of service providers: 1) The Value of Co-Employment Contracting with a PEO like WorkSmart Systems means you enter into a co-employment agreement. By grouping together all of the employees they serve, WorkSmart is able to offer you the benefits of economies of scale. These benefits go beyond cost-savings. You also gain the service, expertise and technology that large organizations receive without being one yourself. The PEO does not delve into the day-to-day activities of your business. Rather, a PEO takes care of the paperwork, disbursements, communication and reporting that comes with managing a payroll. And, the co-employment relationship means the PEO has a vested interest in making sure few if any mistakes are made. 2) Complete Payroll Services The power of pooling also allows PEOs to offer state-of-the-art payroll systems that improve the process for the employer and the employees. Everyone has direct access to the information they need without having to go through an HR professional. WorkSmart PEO even goes a step further by offering all of their payroll clients general human resources services at no additional cost. You are assigned a Payroll Specialist, rather than someone in a call center, who manages your account and knows you and your business. In addition, WorkSmart provides access to an HR expert who can guide you through hiring and firing processes, employee handbook creation, mandatory posting, training and a host of other employee relations and regulation needs. 3) Your Partner in Compliance Tracking 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 last few years, the HR landscape has become even more daunting for a business to manage. PEOs work hard to stay up-to-date on the latest reporting requirements to ensure their clients are compliant. With the ever-increasing cost of missing a deadline or misrepresenting your workforce, it is smart business to have an expert watching out for you. If you are thinking of outsourcing your payroll services, or are already contracted with a traditional provider, you may want to look into what a PEO can offer. Payroll is much more than salaries and W-2s these days. Having an expert on your side can reduce the headaches, costs and complexities of managing your employees.
September 16, 2019
personal insurance

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

September 7, 2019
business insurance

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

September 4, 2019
personal lines insurance

Don’t Wait Until Its Too Late to Discover That Your Jewelry is Underinsured

You are at a time in your life where your family has amassed or inherited a valuable collection of jewelry. However, that special wedding set you bought and insured 20 years ago for $5K is now probably worth $40K. If you lose a piece, the insured value may not even make a dent in replacing it. If it’s been a while since you had your jewelry appraised and reinsured, now is the time. And, Wharton & Power Insurance can help. Theft, fire, or just something slipping off while golfing or enjoying the beach, are just some of the ways we see our clients losing their valuable jewelry. Regular homeowners insurance only goes so far in covering that loss. If your policy does not cover specific jewelry pieces, such as blanket coverage of $1,000, you are quite underinsured. Even if a set value schedule was developed years ago with an agreed upon value, you could lose in a new claim. The U.S. has seen an inflationary period for gold and silver, increasing the value of jewelry and other valuables. For most of our clients, the emotional attachment that comes with jewelry means losing it is a big deal. It is usually replaced with something just as special, which becomes a large expense when the piece is underinsured. This loss is a big deal to insurance providers as well! A big-ticket claim means their investigative process kicks in, with interviews etc. to ensure the loss is valid. Recent appraisals help everyone out by streamlining the process. If you are insured correctly, then you are paying a premium equal to the loss, so the insurance company is more inclined to give you the appropriate value. One the other side of this spectrum, Wharton & Power Insurance has a client who recently took the time to review her large collection of jewelry and its coverage. She realized that many small pieces were on the schedule that could be covered as a whole under her regular homeowners insurance that covered $5K worth of jewelry. Taking those pieces off her separate policy reduced her premium while providing appropriate coverage. Here at Wharton & Power Insurance, most of our clients have valuable jewelry that may not have been appraised in a while. So, to provide better service, we created a partnership with Dana Friedman, owner of Petite G Jeweler in Indianapolis. To get you started on your way to adequate coverage of your special pieces, our firm will cover the appraisal cost of one piece of jewelry at Petite G. Then we can help you decide how best to appropriately insure your valuables while keeping premiums manageable. For more information on this program, send us an email or give us a call at 317.663.4138.
August 26, 2019
personal insurance

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

August 19, 2019
business insurance

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

August 14, 2019
Local PEO

The Benefits of Partnering with a Local PEO

The shop local movement is alive and strong in Indiana. Knowing where the products they buy come from and being able to call upon an actual person when a problem arises is important to consumers these days. The same is true for businesses, particularly when they are outsourcing critical services like payroll or health insurance. Contracting with a local PEO, or professional employer organization, ensures you have a partner that understands your unique needs, and is readily available to assist you when situations arise. The Benefits of a Local PEO Experts in Local Compliance – When it comes to payroll, health insurance, worker’s compensation and the like, each state has its own procedures and regulations that must be followed to stay in compliance. Local PEOs like WorkSmart Systems are experts in their geographical arenas. This knowledgebase allows them to be more effective in ensuring their clients complete the requirements. The increasing negative impact of non-compliance on businesses and their employees means it is critical to have an informed partner on your side. In-Person OnBoarding – Guiding your employees through understanding your group health insurance plan and answering their individual questions should not be done by conference call or webinar. Face-to-face group and individual meetings allow for in-depth conversation and information sharing. National PEOs are not inclined to fly in a representative to personally conduct these critical onboarding sessions, leaving room for confusion and frustration among you and your employees. Greater Flexibility and Better Customer Service – Local PEOs understand the unique traits of the state in which they work, and tailor their offerings to address those specifications. For example, WorkSmart crafted their payroll, HR services, and group health plans with Hoosiers in mind rather than forcing their clients into a national cookie-cutter model. And, by assigning a local account manager to each of the employment partners, they are able to better address the specific needs of each business and their employees. Fortunately, in Indiana, there is no need to go outside of your own state to manage the critical administration services of your business. With Hoosier-based PEOs like WorkSmart Systems available, your interests will be served by local experts committed to your shared community.  Let us know if you have questions about PEOs and the services they offer. Send us an email, or give us a call at 317.663.4138.
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.
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