August 31, 2020
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If your organization currently self insures (reimburses) state unemployment insurance (SUI) costs, you could be exposing much needed dollars to:
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Unlimited Liability
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Several circumstances including loss of funding, restructuring or reorganization, state budget impasses, etc. can lead to layoffs. As a self-insured employer your organization is responsible to pay back your state unemployment agency for 100% of unemployment claims paid out to your former employees.
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Claim Overpayments
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As a result of sequestration, funding for SUI administration has been reduced. Employers can anticipate longer duration to process claims, issue
decisions and schedule hearings. The biggest concern is the potential increase in claim overpayments.
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Unknown Cost
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Self-insured employers are normally billed on a monthly or quarterly basis for the unemployment claims paid to their former employees. These bills can fluctuate greatly from one bill to the next, making budgeting a difficult task for this cost.
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How We Help
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First Nonprofit (FNP) offers group and individual unemployment programs that minimize risk, either by first dollar or stop loss coverage, provide a fixed annual/quarterly cost and remove the uncertainty of your exposure. Customers also receive claims administration, which includes claims auditing to prevent overpayments. While the benefits of each of our programs differ, program benefits include:
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How does stop loss insurance work?
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Excessively high claims do happen. Perhaps you lose a grant and
need to lay off several people? Our stop loss insurance limits your
liability when unexpected events such as this happen. The attachment point, point at which this stop loss insurance coverage applies, is based on your organization’s individual profile.
Ready to chat? Get in touch today to request a no-obligation savings evaluation.
We first started using First Nonprofit’s Unemployment Savings Program when we were a small startup nonprofit. We didn’t have an HR department and needed expertise in the event that an unemployment claim was made. We knew we were eligible to be a reimbursing employer, but weren’t sure how to navigate that process. They made it easy to set things up, plan for, and then manage claims when they came at a very reasonable cost. The amount of time and stress they’ve saved us dealing with all this has been worth way more than the cost. We’ve now grown to a large nonprofit and do have an HR department but have no plans to stop using their services. I highly recommend them to every nonprofit I come into contact with!
Throughout our membership in the Unemployment Savings Program, First Nonprofit understood our demands, community dynamics, and the importance of seamless services; that allowed us to serve our constituents better.
Because INCS advocates for the operating conditions that allow charter public schools to provide high quality public education, partnering with First Nonprofit was an easy decision. First Nonprofit’s unemployment programs provide our member schools two operating elements crucial to their ability to provide high quality public education: savings and budget certainty. Capable, committed teachers are the key to student success. By participating in the unemployment insurance savings plan, charter public schools gain peace of mind and are able to invest more money in their teachers.
It has been our sincere pleasure to maintain a strong, vibrant business partnership with First Nonprofit. We greatly admire their strong industry knowledge, technical expertise, constant professionalism, knowledgeable and dedicated staff. They are always extremely responsive, personable and provide us with the necessary guidance and recommendations on a numerous variety of employment scenarios.
NYCON members who use First Nonprofit’s programs enjoy enduring savings and improved efficiency. Our association knows that success, because from the beginning, we achieved the same great benefits. Great savings, seamless technology, and responsive service. NYCON highly recommends First Nonprofit’s remarkable unemployment solutions.
Visually Impaired Preschool Services has been a client of First Non-Profit since it was first offered as a benefit of VisionServe Alliance. We completed a thorough evaluation of cash savings to our agency before taking advantage of this wonderful benefit and it has been a very wise decision. Our experience with the processes from accounting to claims have been professional, expeditious and easy.
Luckily for us, our interactions regarding any issues with staffing has been very minimal! I can say that all other interactions with regards to billing, 941 reporting, etc. have been extremely pleasant, accommodating and easy to work with. Kim Ghanayem is always prompt, professional and friendly. Thank you so much!
First Nonprofit has been easy to work with and makes the administrative process easier and smoother. We enjoy working with you.