Staffing agencies have unique insurance needs. Not only do they need to cover themselves, but they must also carry coverages to protect the contractors they hire. If you’re looking for staffing insurance, here are three must-have coverages you should expect to include in your policy.
Workers’ compensation is needed to cover your internal employees as well as the contractors you hire. In case of a workplace accident, your policy will cover the associated medical costs as well as any lost wages while the employee is out of work.
Professional liability is a specific coverage that covers you in case a lawsuit is filed against you by a customer or client claiming that an error on your part led to them experiencing a loss. For example, a customer may claim that you placed them in a role for which they weren’t a match, or a client may claim that your background checks were inadequate. In either case, your policy will cover your attorneys’ fees as well as any settlement or judgment amounts.
Employment Practices Liability
Employment practices liability is vital for staffing agencies as it protects you against claims such as discrimination and wrongful termination from your in-house and contract employees. If a claim is brought against you, your policy will cover your legal fees and any amounts for which you’re liable.
There are many other valuable coverages for staffing firms including general liability, property and crime insurance. Work with an agent who’s experienced with staffing insurance to create a policy that meets your needs.