Staffing agency insurance packages should include an Umbrella Liability policy to protect agencies in the event that other coverage falls short. An Umbrella policy provides additional coverages and limits of liability over other underlying policies including but not limited to auto policies, Professional Liability, General Liability and Employment Practices Liability coverage. If other policies reach their limits and additional coverage is needed, Umbrella Liability steps in. You may think of umbrella policies as a kind of safeguard that pick up where other liability coverage leaves off. Many clients, in fact, require that staffing agencies carry such coverage.
What Is Covered?
Umbrella Liability policies generally include increased coverages and limits of liability over any underlying policies. These underlying policies can include:
- General Liability coverage
- Professional Liability coverage
- Employee Benefits Liability coverage
- Commercial Auto Liability coverage
What Else Is Included?
Plans may include Casualty Business Crisis Expense coverage. This covers:
- Major accidents
- Multiple injuries and deaths
- Traumatic brain injury
In the event of a major accident, staffing agencies should carry Umbrella Liability Insurance. As with all coverage, we may hope that we never have to use it, but when we do, it’s a necessity. Any staffing agency insurance plan should include appropriate Umbrella Liability Insurance.
There are plenty of coverage options for staffing insurance, but it’s best that business owners start out with the basics. General liability is common on a variety of insurance policies outside of staffing agencies, and with good reason. To better understand the more complex policies, staffing agency owners should get a firm grasp on the basics.
One of the first things to know about general liability for staffing agency insurance is that it’s divided into two parts: property damage and bodily injury resulting from accidents and “personal and advertising injury.” With property damage and bodily injury, the policyholder is responsible for any damage caused by the accident. “Personal and advertising injury” coverage relates to injuries resulting from malicious prosecution, a false arrest, using another person’s idea and more. With both parts of the coverage, the insurance company is obligated to provide legal counsel in the event that the policyholder is sued.
General Liability Medical Payments
Also included in a general liability policy for staffing agency insurance is medical coverage. These payments pertain to physical injuries that are the result of accidents that occur on the insured individual’s property or because of the insured individual’s business practices.
Staffing agency owners should be sure to discuss their general liability coverage to make sure they understand it and to see if there are any gaps to cover.