By virtue of the very nature of the business, a staffing firm almost always requires a customized insurance plan of attack. Yet while no two companies are alike, all need to start with a few basic staffing insurance solutions.
Nuts and Bolts
Endorsements, exclusions and limits of coverage will differ depending on the scope and function of the company, but staffing firms do share some basic needs. As such, it is important to secure coverage in the following areas as a base starting point to a comprehensive package:
- Property insurance protects your company from damage to the business location.
General liability provides protection in case of claims of damages or bodily injuries suffered by third parties, customers and/or vendors on your business premises or as a result of business activities.
Errors and omissions covers firms against claims of negligence arising from honest mistakes or omissions.
Workers compensation is mandatory is most states and covers medical expenses and loss of wages arising from injuries or illnesses to workers caused by work done for the company.
Health insurance for temporary staff is required by some staffing clients.
Depending on your company, you should consider additional coverage beyond these basics. Some of the more common staffing insurance solutions include umbrella, employee benefits liability, employment practices liability, hired and non-owned auto liability and employee crime/theft coverage. Secure basic coverage for your staffing firm and consult with an experienced agent or broker for a customized package of coverage.