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staffing agency insurance

Types of Insurance Coverage For Staffing Firms

Staffing firms have different insurance needs than other organizations. Not only do you need insurance to cover your own assets and employees, but depending on the types of employment you offer, you may need offer insurance coverage for temp contractors as well. As you search for staffing agency insurance, here are some of the coverage’s you should expect to purchase to cover your business.

General Liability Insurance – covers legal fees and settlement amounts associated with a non-employee being hurt or their property being damaged because of your business.

Commercial Property Insurance – pays to repair or replace damage to your property in case of a natural disaster, theft or other stated reason. Property covered include buildings, equipment, computers and even the data on your computers.

Workers Compensation Insurance – pays for legal and medical fees if one of your employees are hurt on the job.

Health Insurance – you can provide health coverage to your internal employees and contractors.

Professional Liability Insurance (Errors & Omissions) – covers your business in case of a lawsuit where a client believes you may have made a mistake.

Examples of this include:

  • A client doesn’t feel you satisfied your end of a contract
  • A resource you placed doesn’t have the expected skills and caused your client to experience significant loss

The right staffing agency insurance can play a major role in your long-term success. Be sure to evaluate your needs and align them to your policy before signing your insurance contract.

EMR, workers' comp

Experience Modification Rating and Insurance Costs

Workers’ Compensation insurance is a requirement of doing business for most companies, and some elements of those policies will always be outside an employer’s control. But when it comes to your EMR, workers’ comp does have some flexibility.

What Is EMR?

EMR (Experience Modification Rating) is a metric used by insurance companies to evaluate risk. Actual losses are compared to expected losses, based on employee classification codes for your particular industry. Retail salespeople, for instance, suffer fewer work-related injuries than construction workers, so expected losses are lower for retail stores than for construction companies. Values for EMR range around 1.00, with lower values indicating better than expected performance, and higher values showing greater than expected losses. An EMR lower than 1.00 earns a credit, and a value higher than 1.00 produces a debit.

Improving EMR

Your company’s EMR is calculated using data from their three most recently audited policy periods. For small companies, this means that even a few more claims than usual in a given year can have a significant impact on EMR. Reviewing safety programs and policies, evaluating safety training and keeping workplace environments free of safety hazards are all effective strategies for reducing claims and improving your score.

It always makes sense to takes the steps that will improve your EMR. Workers’ comp cost containment helps your business, and improved safety benefits everyone.

life insurance tips

Three Tips to Help You Pass a Life Insurance Medical Exam

For many individuals, a life insurance policy may be the only way to ensure that surviving family members can be provided for without being burdened with debt in the event of death. Some insurers can require life insurance applicants to pass medical exams before issuing policies. Here are some life insurance tips that may increase the chances of passing the exam.

Lose Weight

If you are overweight or considered obese and have other health issues, an insurance company may find it too risky to issue you a life insurance policy. If you know or suspect that you may be overweight, you may need to lose weight before taking the life insurance medical exam.

Stop Drinking

If you drink alcoholic beverages daily, you may have elevated enzyme levels in your liver. If these elevations show on a blood test during an insurance medical exam, you could be denied coverage. If you have not caused permanent damage to your liver and stop consuming alcohol, enzyme levels may normalize after approximately three months.

Don’t Smoke Tobacco or Marijuana

Smokers can have a hard time finding life insurance at the lowest rates. They may even be denied coverage if they have other health risks along with the tobacco use. Marijuana use can be considered risky behavior and may also result in denial of coverage.

If you don’t think you can pass the medical exam after utilizing these life insurance tips, other options may be available. An insurance professional can assist you with locating a policy that may not require a medical exam

insurance services of New England

Finding a Quality Insurer

Business owners are constantly faced with operating and liability challenges from client and employee alike. The right insurance partner can alleviate many of these concerns and protect your company from damaging financial fallout. A partnership with insurance services of New England can provide assistance as your company navigates through the world of risk management.

What They Should Offer

An insurance partner offers a wide range of services for the overall success of your business. A knowledgeable broker will be able to identify the following areas of need in your company:

  • Risk profile assessment
  • Hazard exposure and remediation insight
  • Employee benefit trends and attractive option packages
  • Wellness programs

How It Should be Offered

Not only is insurance services of New England knowledgeable about the needs of your company, they are committed to their level of service. Whether a small or large business, you can trust the individual attention they give your company. As a company they offer:

  • Hands-on and local responses
  • Extensive portfolio for a diversity of needs
  • Experienced representatives and brokers
  • Reliability in service
  • Accountability to consumer
  • Fair and cost-efficient pricing

Risk management and liability needs aren’t the only things covered by insurance services of New England. Personal insurance policies, surety bonding and comprehensive employee benefits are also part of the services that can be found in this top-notch insurance company. Each team member is able to provide a tailored plan of service regardless of the size or scope of request.

 

accountant professional liability

Common Errors by CPAs Require Liability Coverage

The offering of tax advice and return preparation by certified public accountants (CPAs) can result in a great number of claims against accountants, although any monetary loss pales in significance to the scrutiny of audit claims. This can wreak havoc on an accountant that does not have accountant professional liability insurance in their portfolio.

While tax season is the bread and butter of most accountants’ practices, the fact is that they work all year around helping people and businesses with their finances. The amount of work they produce annually is immense, which is why their work is often subject to intense examination by the Internal Revenue Service (IRS).

CPAs often victims of claims of malpractice

Malpractice quite often occurs from simple inattentiveness or poor client communications. This is usually the case, and more likely than from errors due to the complexities of the tax code. Most of the time these problems can be prevented by simple quality control procedures. Claims can range from any number of mistakes, from missed deadlines and elections, to poor advice. But the vast majority stems from return errors.

CPAs have a certain obligation to their clients to exercise due professional care. An engagement letter provides the client and other third parties with rights of recovery, which means that if the accountant is not performing within the agreement, as set forth in the contract, then it will be considered a breach of contract.

Clients may also claim negligence against their accountant any time the work that is performed is poorly done, contains errors, or is not laid out in a professional manner. This is considered a tort action. In order to recover from an auditor under common law, the client must prove either breach of duty, losses, or causation.

The auditors may leave it up to the accountant to prove that the client’s loss occurred because of factors other than negligence. If he or she can be substantially prove this to be true, a client may then be accused of contributory negligence, and the auditor may eliminate the liability of the accountant to the client based on this fact.

Accountants should always be thorough and check all work prior to having their client sign any tax documents waiting to be submitted. Having accountant liability insurance will provide relief when negligence or malpractice does occur. Speak to a reputable agent about obtaining this important coverage.

insurance marketing company

Market Your Insurance the Right Way

All business rely on advertising to succeed, and insurance is no exception. Marketing is the fastest way to let future clients know the advantages of choosing your agency over others. It can be a daunting task to tackle all of the ins and outs of self-promotion without professional assistance. Here are three ways a good insurance marketing company helps to bring in the clientele.

Web Design

Information today is just a few clicks away, so having an established web presence is a necessity. Having an easy to navigate homepage ensures your customers that their convenience is a priority. Safety is also an issue, so a marketing company that focuses on site security shows your clients their data is in good hands.

Branding

It is essential to keep your branding consistent across all of your advertising and marketing venues. Catering to big business on your homepage while your social media presence is geared towards homeowners alienates potential clients as they look into your business. Finding an insurance marketing company that understands how to keep a uniform image on the web and social media helps to ensure the right customers find you.

SEO Marketing

Fewer things get you more attention than having your business pop up first on a Google search. Creating a search engine optimization (SEO) strategy is geared towards doing just that. Having a great insurance marketing company properly index your website data and produce localized and focused content will increase your recognizability as your brand populates search results.

professional liability vs errors and omissions insurance

Liability Insurance for Many Types of Professionals

Depending on the type of work you do, or the services you provide for your clients, if you’re in the business of giving advice or recommendations, or generating programs or products for your customers, then you’re going to need liability coverage. Professional liability insurance and an errors and omissions policy are often considered synonymous in the insurance industry, but there is a slight difference in what the two policies provide, coverage-wise.

However, if you are accused of making mistakes during the course of doing work for clients, you’ll benefit from one or the other, depending on the specific nature of your job. In the professional liability vs errors and omissions insurance discussion, we can discuss why certain individuals need professional liability coverage, while others should opt to buy E&O insurance.

The two policies work along similar lines

The insurance that professionals, such as doctors and lawyers, obtain for liability claims incurred while performing their services is called “professional liability,” whereas insurance for liabilities encountered in other semi-professional occupations is simply referred to as “errors and omissions” insurance.

While they mean essentially the same thing since the insurance covers third-party grievances that do not involve bodily injury or property damage, professional liability is truly for businesses that provide professional services (e.g., consulting, troubleshooting, or installation). If your professional mistakes result in a financial loss for a client, they can then try to recoup expenses by filing a lawsuit against your business.

Remember that you don’t actually have to do anything wrong to be sued since the quality of your services is subjective. You may simply be a victim, as someone that has a difficult client that can’t be satisfied no matter how hard you try, someone that won’t be satisfied regardless of the outcome. If they decide to exercise their discontent via the legal system, you could be on the hook for an unfavorable settlement if you don’t have E&O or professional liability insurance.

Many industries use the terms E&O and professional liability insurance interchangeably. The important thing to remember is that in the debate over professional liability vs e&o insurance, it basically means the same thing. You’re getting coverage for claims that occur over services you’ve provided.

 

Non owned automobile insurance

Driving Your Business Further

If you provide vehicles for your employees to drive when they are on the clock, insurance on those vehicles is incredibly important for your business. However, if your employees drive their own automobiles or any vehicle that you do not own, you need an entirely different level of coverage. Non owned automobile insurance is the best way to protect you and your business when your employees drive for you in cars you don’t own.

Protection Under Non-Owned Automobile Coverage

This type of coverage is beneficial for multiple parties including the named insured. It is especially helpful for staffing companies or businesses that hire temporary workers. However, keep in mind that these benefits are specific to vehicles that are not owned by the company itself.

  • Staffing firm – They are protected if their temps cause damage to their client’s or others’ property.
  • Business owners – If an employee causes property damage or bodily harm while driving a non-owned vehicle for work, the company is protected.
  • Others – If someone or their property is harmed, they are covered by the company’s non-owned automobile insurance plan.

This covers many scenarios. Protecting your business with such expansive coverage could prevent a lot of stress and unnecessary loss. A lot can go wrong on the road, but the proper insurance plan will take care of everything.

staffing agency insurance

The Interview Process and EPLI Concerns

As someone who provides other companies with individuals designed to help them accomplish their workload, hiring the best candidates available is of the utmost importance. This process begins with interviews. The person in charge of hiring needs to thoroughly screen all potential candidates. It’s vital that any interviews that take place are done with certain procedures at hand and are carried about in a professional manner. This includes careful preparation of questions, making sure nothing is asked that may be construed as intrusive, or any matters brought up that normally shouldn’t be discussed in an interview setting.

The reason for this is that often the person being interviewed may enter a claim of unfair treatment, discrimination or some other type of violation they feel has occurred. There may even be legal grounds for a suit, depending on what allegations are being brought to light. This is where staffing agency insurance that addresses employment practices liability (EPL) is vital, if ever a candidate, for whatever reason didn’t receive proper treatment or were asked questions deemed inappropriate, and they decide to file a claim against your agency.

Take note of anything that may draw concerns

You certainly want to hire people who are attentive, polite, on time, and dress properly for the occasion. Is the person dressed professionally and well groomed? They should start out by introducing themselves by name, shake hands and make eye contact. Ask pertinent questions about their work history, and what circumstances led them to leave their last position. You may ask specific questions about their skill sets and ask them to give examples of how their knowledge and abilities were of use to former employers.

Often during the interview process the screener may pick up on something that seems out of step with the interview. Write down any nuances that might be considered out of context with the proceedings. Make sure to contact former employers, provided that consent is given and call references in order to get a fuller picture of the individual being considered for employment.

It’s important to avoid questions about their marital status, age, ethnicity, religious convictions, or any other questions now considered to be off limits or taboo. These are the types of things that lead to a discrimination or harassment claim. As an employer you should always have staffing agency insurance in place to protect the interests of the company in the event a claim should arise.
 

home health care insurance

Mitigating Risk for Home Health Care Providers

As more and more folks decide to stay in their homes to age, manage chronic illness, recover from illness or injury or choose hospice care, the home health care industry is booming. Employers of this essential work force need home health care insurance to mitigate losses as the result of oversights, mistakes, or accidents that lead to injury or death. Other exposures include workers’ compensation claims, general liability, cyber-liability and the use of hired or owned automobiles in the delivery of services.

Insurance protection is vital to companies of all sizes, and comprehensive programs are available. Policies from top-rated insurers are flexible and can be tailored to cover specific risks including lawsuits against owners, directors or officers of small or large firms. Employment practice liability can help with human resource management as part of risk management services. Regulatory audits can open a home health care agency to fraud and abuse claims brought by the government or agencies acting on its behalf, and there is coverage designed to assist in responding to audits and managing appeals.

Losses may be inevitable in an industry that requires close, often physical work with sick or injured clients. A comprehensive home health care insurance policy can help companies run smoothly and maintain their focus on providing outstanding patient care.