Why Staff Insurance Matters

If you are running a staffing company, then having insurance is extremely important. So is having more than the bare minimum of coverage—you want to protect yourself as much as possible. Here are a few of the main reasons that you should acquire staff insurance.

Possible Problems

First of all, staff insurance helps protect you if something goes wrong. If one of your employees is hired and is perceived to have done something wrong, then it’s possible that your business might get sued. Whether you’re in the right or not, lawsuits are expensive and damaging. Having insurance can help you recover.

Mental Health

Secondly, good insurance protects your peace of mind. Even if nothing goes wrong, you don’t even have to worry about the possibility. You know that no matter what happens, your insurance company will help protect you.

Legal Issues

Finally, insurance is legally required for staffing companies in many areas. Regulations will vary from area to area, but usually having some coverage is a necessary requirement to license or run your business. This means that having insurance might be absolutely necessary.

Get Started

Don’t leave your staff agency’s well-being up to chance. There are many different options out there for staffing coverage. Find a quality insurance provider to help ensure that your business will keep running smoothly.

How Will PEO Insurance Benefit Your Company?

As a professional employer organization (PEO), you offer a needed service to your clients. When they are able to outsource workers’ comp, payroll, training and employee benefits, it takes the pressure off of their company. The pressure, however, is then put on yours. Because of the risks you face, you need a proper PEO insurance policy. The following are some ways in which a policy will benefit your company:

  •  Legal Fees – If you are involved in a lawsuit because a client believes you did not provide them with the services they requested, your policy can help to cover the legal fees. This could include filing fees, attorney fees and a variety of other expenses you were not originally planning on.
  •  Settlement Fees – No matter the type of lawsuit, it’s possible the settlement could point in favor of your client. In such a case, you will often be responsible to pay a settlement to the client. Proper insurance coverage will step in to help you make this payment.
  •  Repair Costs – If your property was damaged due to vandalism or fire, a policy with the right coverage will help you afford the repairs. This could be essential to keeping your business running after unforeseen circumstances.

As you can see, there are some major benefits you can experience with the right PEO insurance policy. Contact your agent to learn more about the options you have and get covered today.

Why You Need Employee Liability Coverage

Most companies become acquainted with the workers compensation insurance requirements in their state fairly quickly, since coverage is mandated from the moment a business has one or more employees. What is easier to overlook is employee liability coverage, which is just as important, and which provides for the coverage of costs for medical expenses and lost work time relating to bodily injuries and accidents that are not covered by that basic workers compensation policy.

Liability Coverage for Staffing Agencies

If your company manages the staffing needs of other businesses, then this coverage becomes integral to your operation. You need coverage that includes any work site your employees are assigned to, and that also works worldwide. That makes your needs slightly different from those of other companies, and also more vital—after all, having employees is your business.

Bundled Coverage

For the best and most robust insurance coverage, find a provider who can meet your needs as a staffing provider by bundling together all your specialized and industry-specific coverage, including:

  • Employee liability insurance
  • Employment practices liability
  • Asset protection
  • Hired non-owned auto policies

When you have a partner whose offerings anticipate the needs of your business, then you know you and your employees are both protected, wherever the job happens to take them.

Types of Temporary Staffing Insurance

If you run an agency that places workers with corporate clients, chances are you see hundreds of resumes and conduct numerous interviews. It is easy to feel overwhelmed with the sheer number of applicants for the positions you are trying to fill. Many prospective employees are prepared to take temporary positions that may lead to permanent employment. The popularity temporary employment for both workers and clients has led to a significant rise in the involvement of staffing agencies, and it also makes the need for temporary staffing insurance more urgent.

You do not want to be held responsible for injury or damage caused by someone you placed with a client. To make sure this doesn’t happen, invest in temporary staffing insurance to protect you from various types of liability. A policy may cover bodily harm, damage to property, monetary loss and other problems. You may also find insurance that protects your agency in case one of your workers behaves abusively or engages in criminal activity.

The screening process is vital to ensure that every worker you place has the qualifications needed to do the job. However, sometimes there are unexpected events that can lead to mishaps. Make sure you have temporary staffing insurance so you can place workers with clients and have peace of mind.

 

How to Shop for Insurance

When it comes to shopping around for insurance in VA it can be a little stressful. There are so many coverage options and insurance agencies willing to help businesses with their needs. It can be hard to know where to start. With these three tips on what to look for, however, you can find the right agency for you in no time.

Look for Experience

Don’t settle for someone that hasn’t been at the top of their game for years. Some insurance agencies have been leading the way for many years. You don’t have to settle for anyone that isn’t experienced or specialized in your particular business needs.

Look for a Fast Quote

You don’t have time to wait around when you have a business to run. Finding insurance in VA is imperative to the life of your company. You’re not going to want to waste your time waiting on a quote when you could still be looking. Make sure that they offer you a quote quickly.

Look for Versatility

A firm that has many different specialties can help you in all aspects of your life. It’s good to be able to find a solution to all of your insurance needs in one place. If you’re looking for more than insurance for your business, then being able to find it at one firm can be convenient and beneficial.

Insurance shopping can be overwhelming. However, when you know what you’re looking for it can narrow down the search quickly.

Main Reasons You Need Small Business Insurance

If you are the owner of a small business, it is vital for you to have quality insurance coverage. Many small businesses put off insurance because they do not believe they can afford it or budget it in. However, this could not be a bigger mistake. Not having insurance could lead to the ultimate failure of your company, so it is important to get Florida small business insurance for the following reasons.

Plan for What Could Unexpectedly Happen

The main reason most businesses get insurance is because they are aware that anything can unexpectedly occur in the future. Something can always go wrong, so you want to make sure you are fully protecting your investment of money and also time. There is always the possibility that someone could sue you. Just one lawsuit could completely destroy your business, so be sure you have quality insurance in place.

Have Full Security in Every Way

Another reason you should have Florida small business insurance is because it gives you complete security and peace of mind. If a fire or tornado ever occurred, your business could be in big trouble without proper insurance. This is just another good reason to have coverage as a small business owner.

As you can see, there are many solid reasons to have insurance for your business. By having a good policy, you are planning for the unexpected and also giving yourself full security.

Why Errors & Omissions Coverage Is Important

Many devastating lawsuits against professional firms are brought on the basis of a mistake by an employee. Errors such as accidentally leaving out important information from a form, failing to enter an important calendar date, misplacing a document or making an inaccurate calculation can all cause serious damage to the client, ranging from monetary loss to personal injury. Even if your firm has excellent employee training and anti-error protocols, there is no way to ensure that no mistake is ever made.

Other Policies Will Not Protect You

Some professionals, while acknowledging the seriousness of the potential consequences of a mistake, believe that resulting claims will be covered by their firm’s liability insurance. However, most general liability policies exclude professional services. Your own professional liability insurance may also not necessarily cover negligent acts or omissions by your non-professional subordinates, although your firm can still be on the hook when it comes to resulting damages.

Look for Individualized Coverage

The most effective way to protect your firm from loss due to claims based on errors and omissions is to select a dedicated Errors & Omissions policy to cover this particular scenario. Consult an insurance provider offering policies for Errors and Omissions in New Jersey to determine which is best for you. E&O policies can differ in scope and coverage, so it is important to chose the one that addresses your firm’s risks.

Reasons You Need Specialized Staffing Agency Insurance

When you run a staffing agency, you face unique challenges that other business types don’t. For example, if one of your temporary employees is accused of theft at a job site or becomes injured on a job assignment, your agency needs to be protected. Here’s why you should turn to a staffing agency insurance carrier.

Knowledge of Staffing Agency Needs

The very nature of the staffing industry lends itself to situations where insurance coverage can be ambiguous or misleading. When you partner with a carrier that specializes in insurance for staffing agencies, you have peace of mind that you are comprehensively covered. These carriers know the common problems that staffing agencies face and can help more than a general insurance company could.

Your Business Remains Current

When you buy, say, car insurance, your carrier often tells you of ways to save. For example, you can save by taking a defensive driving course. Likewise, staffing agency insurers can educate you on ways to stay safe and current—ways you may not have thought of with a general insurance carrier. The net result is decreased risk and increased business success.

Staffing agencies need insurance carriers that understand the challenges of the industry. These staffing agency insurance carriers address potential coverage gaps and provide additional peace of mind.

 

Obtaining Staff Insurance From a Qualified Agency

As a staffing company, it’s important that you look into staff insurance. There are other types of coverage you’ll need as well, and your insurance agent can help you see where your risks are and how you can handle them. Staffing insurance is best obtained by a qualified agency for the following reasons:

  1. Experience – An insurance agency that regularly deals with staffing companies will have the experience needed to ensure you have the proper policy. They will generally monitor the industry to make sure they catch any emerging trends that need to be looked at. They also commonly track developments to come up with the perfect fit for your insurance services.
  2. Dedication – When you hire an insurance agent, you want someone who is dedicated to the work they do. A qualified agency will typically have a deeper commitment when it comes to ensuring you are covered against the specific risks you face.
  3. Products and Services – Doing business with a qualified agency often gives you an advantage in which products and services you receive. When you have a larger selection of coverage options, you are able to tailor the policy to the needs you have as a company.

Don’t trust your staffing company to any insurance company. Working with a qualified agency will help you obtain the staff insurance you need to find the most success in business.

How Staff Insurance Policies Protect Businesses

In today’s world, it is critical for businesses to have some form of staff insurance. Employee practices liability insurance, for example, protects businesses from claims made by disgruntled employees. Lawsuits can lead to enormous financial strain, and companies need to acquire protection in order to endure such difficult situations.

 

What Does an Insurance Policy Cover?

 

Staff insurance policies cover a variety of claims. For instance, employee practices liability insurance generally covers:

 

  • Workplace harassment
  • Workplace discrimination
  • Wrongful discharge
  • Emotional distress
  • Breach of contract for employment

 

This type of insurance does not usually cover injuries caused by the company. Rather, policies cover the actions of individual employees and managers.

 

What are the Terms of a Policy?

 

Insurance policies of this kind are often written on a claims-made basis. In other words, claims must be reported to an insurance provider while a policy is still in effect. Moreover, the event that led to the claim must have occurred on or after the date when the policy began. Some providers offer retroactive dates or full protection for earlier claims, but businesses should review the terms of their policies to determine whether or not these options are available to them.

 

Businesses should discus their options with an insurance provider before securing policies. There are many aspects to staff insurance, and businesses should obtain a policy that offers them thorough protection.