Staffing firms encounter a unique mix of risks while serving the needs of their clients. Whether it’s their contractors working at client sites, providing PEO or ASO services or meeting the needs of their customers in other ways, the complex natures of their lines of business expose them to multifarious avenues of liability. Securing your firm’s future and ensuring it remains resilient enough to face upcoming challenges requires a custom-built, innovative staff insurance solution.
The Basics of a Staffing Insurance Package
As your staffing insurance agent builds a total indemnity package for your firm, he or she will usually begin with a few basic coverage types:
- General liability, which usually handles claims of bodily injury and property damage arising from your contract employees’ actions while on assignment
- Staffing employment practices liability, which shields both your firm and your clients in the case of employment discrimination claims
- Worker’s compensation coverage, tooled to medical coverage and other benefits to contract employees for injuries occurred during the course of business
Of course, these aren’t the only policy additions your package may incorporate. Your solution may include crime coverage, property and inland marine, fiduciary liability and cyber liability. An expert staff insurance firm should analyze your firm’s distinctive risk picture to supply it with a sophisticated hedging strategy against significant final loss.