Since staffing agencies serve as intermediaries between employers and employees, proper insurance coverage is essential. It is possible for liability risks to arise if anything goes wrong on either end. Finding the right coverage, however, is relatively straightforward.
The type of insurance coverage a staffing agency needs will depend on its business operations.
The majority of staffing agencies will need general liability and commercial property insurance, but a few may require additional coverage.
In the event that you are sued and do not have the necessary insurance coverage (both legally and economically), you may end up bankrupt
Common Coveraged for Staffing Firms
Whether you work in temporary staffing, permanent placement, recruiting and executive search, or payroll, Program Insurance Enterprises works closely with you to design an insurance plan that fits your needs.
Some of the notable exposures currently getting attention in the marketplace are:
Workers Compensation Insurance:
Worker compensation insurance gives employees benefits to help recover from work-related injuries or illnesses. It can also benefit employees’ families if they lose their lives in a workplace accident. Different factors, such as job risk, claims history, and payroll size, can affect workers’ compensation costs.
General Liability Insurance:
General liability insurance can help protect your business against claims for bodily injury, property damage, advertising injury, errors, or omissions. In addition, without this coverage, you may be responsible for paying out of pocket for legal costs, such as attorney fees and settlement amounts.
Cyber Liability Insurance:
Cyber liability insurance helps your business respond to a data breach if identifiable information gets lost or stolen personally. In addition, many policies will include extortion coverage, business income protection, and systems failure, all caused by a breach.
Professional Liability Insurance:
Also known as Errors and Omissions (E&O), professional liability insurance can help protect your business from consequential loss resulting from negligence claims associated with your professional service. Professional liability claims involve allegations whereby the customer alleges they lost revenue or incurred expense because of the negligent rendering of professional services.
Business Property Insurance:
Business property insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm, or theft. However, it doesn’t cover mass-destruction events like floods and earthquakes
Staffing Industry Coverage Tailored to Your Needs
Our professional team can help you navigate the insurance marketplace and conduct a risk review. We advise not waiting for an event to audit your program and make necessary adjustments.
Additionally, we can provide coverages specific to your business, such as crime insurance, commercial umbrella insurance, and employee benefits. Mason-McBride will design a program to fit your needs.
Why Program Insurance Enterprises?
Program Insurance Enterprises has partnered with reputable insurance companies to offer staffing agencies premier business insurance coverage. Our goal is to become your long-term partner and provide the expert advice you need to make an informed decision based on your overall business strategy.
We differentiate ourselves from our competitors by providing proactive service to our policyholders. This is possible since we are knowledgeable about the staffing industry, products, and situations that might arise.