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.
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.
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.
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.
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.