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ESAC administers an accreditation program for the professional employer organization (PEO) industry to verify compliance with government regulations and important industry standards. The performance of key employer responsibilities by accredited PEOs is backed by bonds providing financial assurance for clients, worksite employees, insurers and regulatory authorities.
- ESAC provides services and assurances similar to the FDIC for the banking industry, SIPC for the securities industry, and state insurance guaranty associations for the insurance industry.
- ESAC provides compliance verification and monitoring services similar to Sarbanes Oxley and ISO9000 requirements.
- ESAC-accredited PEOs demonstrate financial stability, ethical business conduct and adherence to operational standards and regulatory requirements.
- ESAC accreditation decreases the burden of research and verification by PEO clients and regulatory authorities.
- Financial assurance to clients, worksite employees, insurers and regulatory authorities is provided through $1 million individual surety bonds covering each accredited PEO plus a $10 million excess surety bond.
- ESAC-accredited PEOs submit audited financial statements and quarterly independent CPA verification of payment of taxes, benefit contributions and insurance premiums.
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