Starting a staffing agency is perhaps one of the easy types of businesses to initiate, but it can also get complicated pretty quickly. For most business models, human resource tasks and issues are one area that has become increasingly difficult to navigate. Administrative burdens and workers comp issues are another concern that many industries need to handle properly and this can require help from other sources to help lessen the burden. Staffing agency insurance helps to deal with many of these administrative issues.
Those in the employment agency business need access to products and services that help to simplify running this type of company, since this can go a long way towards enhancing profits for the staffing industry. Being relieved of the intricate business end of running a company by outsourcing cumbersome details to professionals, allows owners to become free to focus on their core function of expansion and other goals, allowing the company to use its time, talent and capital to fuel strategies for growth into the future.
Some standard liability concerns to consider
Employment agencies have most of the same liabilities and insurance needs that other businesses have. Their business interacts with a variety of people on a daily basis, from clients, and deliverymen, to vendors, potential candidates and a list of others, many of whom visit their office. Iffor example, a client falls while walking up the steps to the office, they could sue the business resulting in having to pay a claim 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 large sized settlements occurring in the wake of these types of claims. General liability insurance can pay many of the legal expenses, helping the business to avoid experiencing massive legal bills.
Property insurance can, and should, be purchased that reimburses the business for the value of any property that is lost or damaged, which means there is a need to do an inventory and give a value to any and all equipment, supplies, and other property. There is also a policy available 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 if, for example, computers are stolen, or damaged in a fire, these policies will pay the business to replace them with newer versions. Speak to an agent about any questions or concerns regarding staffing agency insurance.