Why Your Staffing Agency Needs EO Coverage

No matter the business you work in, mistakes can happen. E&O insurance coverage for staffing agencies covers errors and omissions that may happen. While E&O coverage does cover mistakes, it does not cover intentional acts. Here are two of the most common risks for staffing agencies.

Staff Performance

Sometimes, you perform all the required background checks but when you place a contract worker with a company, he or she makes mistakes. If the mistakes lead to a financial loss, the client may file a lawsuit against your firm. Your agency is responsible for your employees.

If your staffing firm is in the medical industry, then you may face lawsuits more often. Nurses and other healthcare professionals carry a higher exposure to medical malpractice.

Staff Placement

If you make a mistake on staff placement, you could be held liable for it. For instance, staff replacement risk refers to:

  • Placing an unqualified worker
  • Failing to provide work
  • Failing to perform a screening

A worker could file a lawsuit against the staffing firm claiming that it misrepresented the company that they were placed with.

Staffing agencies carry a lot of risks. No matter how professional your agency is, lawsuits happen. Even with risk mitigation, you have to be prepared. E&O coverage protects against a variety of mistakes.

How High Net worth Impacts Your Insurance

It has been said the the more money you come across, the more problems you see. While this might simply be an anecdotal way of getting the point across, it does cut to some serious truths. When you’re someone who earns a lot of money, it means you are someone who is viewed as a target by those who want to get their hands on what you have. Take a moment to review these points and learn more about how you can protect yourself and your assets at all times.

Consider All Your Options

Proper protection starts with comprehensive insurance. This means you should think about an option like umbrella insurance for high networth individuals. An umbrella plan can help you cover all of your bases and ensure that you are always protecting that which is most valuable to you. These days, digital theft has become quite common. Most umbrella plans focusing on this type of protection will include cybercrime coverage and other modern options. Additional points that you should keep in mind when selecting an insurance plan of this variety can include:

  • Assets within a home or place of business
  • Large-scale assets and investments
  • Artwork and collector’s items

Stay Protected at All Times

While it can seem like making a lot of money makes life easier, the opposite is usually true. Be sure to look at how your insurance protects you and your assets to breathe a sigh of relief.

The Value of Having Builders Risk Insurance

Wile every business has its operational risks to manage, construction company owners truly understand the need for risk management through insurance coverage. Many clients require you to carry a certain level of liability insurance before you can be awarded contracts to build their facilities. After all, if a lawsuit arises due to an ongoing project, your clients don’t want to risk being sued without adequate insurance protection. This works well for your clientele, but what about your risk as a builder? Until your completed project has been accepted by the client, you own the project and many of its associated risks.

The Value of Protecting With Builder’s Risk Coverage

A builders risk policy covers the facility being built, certain equipment, materials , and supplies. Policies can vary, so it’s important to understand what is covered. Typically, the following items are not covered:

        Injuries and accidents

        Stolen supplies and building materials

        Land or landscaping


        Field office structures and items

Items not covered by a builder’s risk policy may be covered under other types of insurance products.

The Value of Working With the Right Insurer

It’s important for you to partner with an insurance company that can help you figure out exactly what your business needs. Your investors, employees, and clients expect you to have adequate insurance protection to cover your operations. Don’t risk the future of your business by not having the proper coverage.



What Kinds of Construction Bonds Do You Need

Bonds have been used in the construction industry for longer than anyone working today can remember, and it’s no surprise they’ve been around so long because they do a good job of managing certain kinds of risks that would be unwieldy to cover with regular insurance. Not all construction bond contracts are the same, though, and not all businesses need every kind of bond. In fact, it’s often the case that the exact range of bond types and values you need varies from project to project. Understanding the types of bonds out there is the first step to being sure you’re fully protected against industry risks.

Common Bond Types

There are a lot of bands out there, but a few types are common enough to be staples for most projects. Among them are license bonds, bid bonds, and payment bonds. Those three types cover the licensing of yourself and your team, the bids you quote, and the payment of subcontractors during the project. That protects your customer’s costs and your outgoing payments, which goes a long way toward protecting the project as a whole from disruption. Additional bond types may be needed to cover environmental risks, performance, or even maintenance after construction. Talk to a bond professional about your needs to learn more about specific bond types you might be able to use as an alternative to insurance.

Affordable Commercial Property Insurance for New Jersey Businesses

Commercial property insurance is one of the most important parts of a comprehensive commercial insurance package. Companies in New Jersey need property insurance that’s affordable but fully meets the full scope of their individual needs.

What Will Property Insurance Cover?

A commercial property insurance policy may apply to more than just real property. In addition to a building, a policy could incorporate coverage for damage to tangible business property kept onsite, building improvements or additions, and signage.

How Do Companies Evaluate Their Needs?

Property insurance coverage needs to depend on many different factors. Companies need to carefully consider what levels of coverage will provide effective protection based on their property’s value, condition, and risk exposure.

What Should Companies Look for in an Insurance Agency

Ideally, companies should work with an agency that has extensive experience serving commercial clients in New Jersey. In addition, it is preferable to work with an agency that is knowledgeable about a company’s specific sector. A working understanding of the risks associated with a particular industry enables agencies to offer clients valuable insight and attention to detail.

Ultimately, all businesses need to be strategic in how they protect themselves against risk. Their commercial property insurance has to be customized to their needs and priced competitively by a reputable carrier.