Proper insurance coverage is essential for staffing agencies since they serve as intermediaries between employers and employees. Liability risks can arise if anything goes wrong on either end. However, finding the coverage you need is relatively straightforward. The insurance coverage a staffing agency needs will depend on its business operations. Most staffing agencies will need general liability and commercial property insurance, but a few may require additional coverage. Make sure you know what coverage you are legally required to have in your state by talking with a local independent agent. If you are sued, failing to carry the necessary insurance coverage (from a legal or business standpoint) could lead to bankruptcy.
Typical Coverages for Staffing Agencies
There are several coverage options that you can add to your business insurance policy to protect your company.
Some of the notable exposures currently getting attention in the marketplace are:
Worker compensation insurance gives employees benefits to help recover from work-related injuries or illnesses. It can also benefit your employee’s families if they lose their lives in a workplace accident. Different factors, such as job risk, claims history, and payroll size, can affect workers’ compensation costs.
General liability insurance can help protect your business against claims for bodily injury, property damage, advertising injury, errors, or omissions. In addition, without this coverage, you may be responsible for paying out of pocket for legal costs, such as attorney fees and settlement amounts.
Cyber liability insurance helps your business respond to a data breach if identifiable information gets lost or stolen personally. In addition, many policies will include extortion coverage, business income protection, and systems failure, all caused by a breach.
Also known as Errors and Omissions (E&O), professional liability insurance can help protect your business from consequential loss resulting from negligence claims associated with your professional service. Professional liability claims involve allegations whereby the customer alleges they lost revenue or incurred expense because of the negligent rendering of professional services.
Business property insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm, or theft. However, it doesn’t cover mass-destruction events like floods and earthquakes.
Staffing Industry Coverage Tailored to Your Needs
Our professional team can help you navigate the insurance marketplace and conduct a risk review. We advise not waiting for an event to audit your program and make necessary adjustments.
Additionally, we can provide coverages specific to your business, such as crime insurance, commercial umbrella insurance, and employee benefits. Mason-McBride will design a program to fit your needs.
Why Work With Mason-McBride?
As a locally owned Troy business, our clients are at the core of everything we do. We offer homeowners personalized advice and counsel based on our 100+ year history in Michigan.
At Mason-McBride, we are proud to have a team of dedicated, passionate, and knowledgeable individuals preserving our principlesWorkers’t-in-class service. Our team in Troy has eliminated risk uncertainty with comprehensive insurance solutions for over a century. In addition, we take pride in our shared belief in doing right by the employee, the client, and the community.