Employment agencies are a bridge between employees and employers. In a case where something doesn’t go as planned, this can mean the staffing agency is liable and can be held responsible for the problem. Because of that, having proper employment agency insurance is important. There are a few different options that can help mitigate some of the risk.
This is the first policy that most businesses purchase. The reason for that is because it covers several different liability issues that businesses can run into. It may help you cover situations like property damage or injuries at your office, but also protects in other situations.
Business Owner’s Policy
Business Owner’s Policy insurance is a combination of Commercial Property Insurance and General Liability Insurance. It is often less expensive than buying each policy on its own. With BOP, you’ll be covered in the situations listed for general liability, but also against damage from theft, fire, and vandalism.
Errors & Omissions Insurance
This form of employment agency insurance protects you in cases where a client believes you have made some sort of mistake, such as placing an employee who is not capable of doing a job. Other examples include not filling a position by a certain deadline or not complying with certain industry regulations.
Having these types of insurance can save your skin in situations where you get in a jam. Covering these problems can make your life much less stressful as an employment agency owner.