Insurance for Employment Placement Agencies
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Coverage Plans for All Your Needs
Essential coverages for your staffing agency
General Liability (GL)Instant quote »
- Coverage against claims from bodily injury, property damage and personal injury
- Coverage for products/completed operations
Get protected against your own employment-related issues
Business Owners Policy (BOP) + Workers Compensation*Instant quote »
All Standard plan benefits and:
- Coverage for work-related accidents and disease and subsequent:
- Ongoing medical care (such as rehab)
- Missed wages during recovery
- Ongoing medical care (such as rehab)
*plus Workers Compensation
We've Got You Covered with Coverage You Need
Recruiters and staffing agencies work to put workers in the right position for their current needs. There is always the risk of improper advice to a client, promising a position or contract that does not work out, data breach, as well as the loss of your own office or other assets. Several coverages combined can keep your agency running properly and away from financial loss.
A single accident could cost you a large amount in the lawsuit that any business won't be able to handle. Protect your business with General Liability insurance. General Liability will cover third-party claims of property damage, advertising mistakes and bodily injury and others that can arise during your business operations.
Business Owners Policy
Business Owners Policy (BOP) combines the benefits of property and liability insurance but additional insurance can be added depending on your business needs. With this type of insurance, you can pay only for one premium instead of paying for them separately. The insurance will safeguard against unexpected losses that General Liability insurance won't be able to cover.
Commercial Auto insurance is like your personal auto policy but with higher limits and better coverage. This insurance covers business-owned vehicles with protection and financial assistance against a vehicular accident, vandalism, theft, storm or any other natural disaster. The insurance will pay for the repair, replacement, medical and legal costs occurred during the event.
Whether the state requires it or not, Workers' Compensation will cover medical and rehabilitation expenses when your employee becomes ill or injured on the job. The insurance will also cover wage replacement, cost of retraining if needed and benefits to the surviving family members if a worker is killed on the job. Also, the employee relinquishes rights to sue in these cases.
A type of liability insurance, Employment Practices and Liability Insurance (EPLI) will cover the wrongful acts arising from the employment process. This insurance policy will cover the common issues ranging from wrongful termination, sexual harassment, discrimination, inappropriate worker's conduct, invasion of privacy, failure to promote and other related liabilities.
Professional Liability insurance protects your business form the costs associated with the lawsuits relating to professional negligence. The insurance will cover the defense costs, including court costs, attorney fees, settlements and judgments your business is required to pay.
Frequently Asked Questions
What risks could staffing agencies face?
The risks to staffing agencies can be great, regardless of whether you hire for temporary or permanent employment. Risk starts the moment you interview a potential employee. If you chose not to hire them you could face charges of discrimination for not hiring them, sexual harassment and other potential liabilities.
How much does insurance cost for staffing agencies?
The cost depends on how many insurances you need for your business. For instance, General Liability insurance costs up to $500 per annum. Professional Liability (E&O) insurance is around $2,500 per annum. Commercial Auto insurance is $3,000 a year. A Workers' Compensation insurance would cost up to $700 per year.
Do I need Workers Compensation for my employment placement agency?
Yes. You need Workers' Compensation because most states will require you to carry one if you meet the minimum number of employees.
How can I reduce the risk of my staffing agency?
To protect your business from common liability risks, carry a General Liability insurance to cover issues like a slip and fall claim. Protect your business from vehicular accidents by getting Commercial Auto insurance for higher coverage and limits than personal auto covers. You'll need Workers' Compensation as the state requires it to cover the medical and rehabilitation expenses when an employee gets sick or injured on the job.
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