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.