Company is First Start-Up PEO to be awarded Accreditation and Provide Financial Assurance to Benefit Clients and Employees
St. Petersburg, FL – Jan. 18, 2012 – Engage PEO, a leading professional employer organization providing HR outsourcing solutions to small and mid-sized businesses, today announced that it has become the first PEO start-up in history to receive accreditation through the Employer Services Assurance Corporation (ESAC). This accreditation allows Engage PEO to provide its clients and employees with valuable financial assurance through ESAC’s Client Assurance Program.
ESAC, established in 1995, provides financial assurance and national standards of operation for the PEO industry. ESAC monitors its accredited PEOs for adherence to important financial, ethical, and operational standards and, through its Client Assurance Program, provides tangible assurance backed by surety bonds of the performance of specific employer responsibilities such as payment of wages, taxes, employee benefits and insurance premiums.
This financial protection program provides reimbursement up to $1 million per accredited PEO, plus $10 million in excess coverage, for losses to clients, worksite employees, taxing authorities and insurance carriers in the unlikely event that a participating PEO defaults on its financial responsibilities. Assurance is provided through the Employer Services Trust with a major national bank serving as Trustee.
“Our mantra throughout the Company’s short history is that clients should ‘expect more’ from the PEO industry and especially from Engage. The fact that Engage has achieved the gold standard for the PEO industry, something that such a small fraction of all PEOs have achieved, is a testament to Engage’s continuing commitment to excellence,” said Jay Starkman, Engage’s chief executive officer. “We are thrilled that our current and future clients will receive the financial assurance available as an accredited PEO of ESAC, as well as the independent verification of our service quality and financial stability.”
“The development of ESAC’s PEO industry assurance program parallels the development of similar programs such as the FDIC for the banking industry, SIPC for the securities industry, and the state insurance guaranty associations for the insurance industry,” said Rex Eley, President/CEO of ESAC. “ESAC-accredited PEOs like Engage are demonstrating their commitment to protecting the public, insurers and regulators, just as the banking, securities and insurance industries have done over the last several decades.”
About Engage PEO
Engage PEO delivers comprehensive HR solutions to small and mid-sized businesses, sharpening their competitive advantage. Comprised of the industry’s most respected veteran professional employer organization executives, certified HR professionals and attorneys, Engage PEO provides hands-on, expert HR services and counsel to help clients minimize cost and maximize efficiency for stronger business performance. The company’s superior service offering includes a full range of health and worker’s compensation insurance products, payroll technology and tax administration, risk management services and best-of-breed technology as part of an extensive suite of HR services. For more information visit www.EngagePEO.com
For additional information on ESAC, please contact ESAC at info@ESACorp.org.