While starting a staffing agency is perhaps one of the easy types of companies to initiate, things can get a bit complicated. For many businesses, human resource tasks and issues are one area that is becoming increasingly difficult to navigate. Administrative burdens and workers comp issues are also an issue that many industries need to handle properly and can require help from other sources to help lessen the burden.
Those in the employment agency business need access to staffing insurance products and services that will simplify running this type of company, which can go a long way in enhancing profits for the staffing industry. Being relieved of the intricate business end of running a company by outsourcing cumbersome details to insurance professionals allows owners to become free to focus on its core function of expansion and other goals, allowing the company to use its time, talent and capital to fuel strategies for growth in the future.
Several coverage options available
There are different coverages that most staffing agencies need and can benefit from. Choose from the following list any staffing insurance policies that meet the needs of those providing staffing services:
- Temp Staffing Workers Compensation
- Employee Practices Liability
Employment agencies have particular liabilities and insurance needs that other businesses don’t have. Everyday their business interacts with a variety of people, from clients, and deliverymen, to vendors, potential candidates and others, all of whom visit their office. If, for example, a deliveryman falls while walking up the steps to the office, they could possibly sue the business for a large sum of money.
In a personal injury lawsuit of this kind, there will be lawyer’s fees to pay, court expenses, and possibly damages the judge awards the plaintiff, which could be quite high, given the sizeable settlements occurring in these types of claims. General Liability Insurance can pay for all these legal expenses, helping the business avoid experiencing massive legal bills.
Property Insurance reimburses the business for the value of the property that is lost or damaged, which means there is a need to give a value to any and all equipment, supplies, and other property.
There is a policy that insures the property for its full replacement value, or one that insures it for its current, depreciated value. Replacement value policies have higher premiums, but when computers are damaged in a fire, these policies will pay the business to replace them with new versions. Speak to an agent about any questions or concerns regarding staffing insurance.