Finding the right mix of staffing industry insurance coverage can be challenging for staffing companies. A staffing company often has employees working at various locations for different companies, giving the staffing company a high risk exposure for accidents and legal liability. Whether you are a brand new staffing company or have been in the business for a while, carrying a proper amount of insurance coverage can help protect you and limit your risk.
Various types of coverage are available when considering staffing industry insurance. Certain types of coverage may be required by law before you can legally send an employee out to work at another work site. Worker’s Compensation insurance is typically required for all companies who have employees. Other types of available insurance are general liability, employment practices liability, errors and omissions insurance, auto liability, professional liability, fiduciary liability, and cyber liability. In addition, you may want to consider insurance for employee benefits.
An important point to keep in mind when looking for proper insurance coverage for your company is that often a general liability policy does not specifically cover temporary employees or employees sent to work at a third party client’s work site. Securing the right types of insurance coverage for a staffing company can be challenging. As an employer with a greater risk profile, having enough of the right types of coverage is important for protecting your company financially, legally, and profitably.
Determining what type of coverage you need to protect your staffing agency can be a daunting prospect. If you are looking for insurance coverage for your staffing agency, visit World Wide for more information.