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Essential coverages for your staffing agency
Get protected against your own employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
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 a lawsuit that any business wouldn'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 (BOP) combines the benefits of property and liability insurance, but additional insurance can be added depending on your businesses 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.
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, sexual harassment and other potential liabilities.
The cost of coverage will depend on the policies you purchase, the types of professions you specialize in, and the annual revenue of your company. For instance, General Liability insurance can be as low as $300/year. Professional Liability (E&O) insurance as low as $600/year. Commercial Auto insurance averages $3,000 a year. A Workers' Compensation depends on the number of employees you have and starts at a few hundred dollars a year.
Yes, depending on how many employees you have it is likely mandated by your state that you carry it. After the first employee is hired it is prudent to take out a Workers Compensation policy.
You can build in risk mitigation processes and procedures. Your customer contracts should include indemnification clauses in your favor and you should set your customer's expectations when starting a relationship. Often, overpromising services can get a staffing company in trouble.
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