What Kind Of Insurance Programs Are Available To The Staffing Industry?
There are a multitude of insurance programs available to the Staffing industry. Here are just a few you should consider for your staffing firm:
- Property and Operational Liability
- Hired & Non-owned Automobile Liability
- Employment Practices (Employment Related) Liability Insurance
- Errors & Omissions Liability Insurance
- Third Party Fidelity Bond
- Worker’s Compensation Insurance (including PEO worker’s compensation)
- Benefits & Healthcare Insurance for full & part-time (temporary) personnel
- International insurance for those firms placing personnel worldwide
Why Do You Need Third Party Fidelity Coverage?
Fidelity coverage can be tailored to protect not only the dishonest acts committed by an employee, but your Client’s loss sustained by the dishonest acts of an employee placed with them. Clients appreciate this extra layer of protection for their business!
In a recent case in the Midwest, a temporary employee placed with a client was caught stealing inventory and selling the merchandise for her own personal gain. Fortunately, the Staffing firm had enough 3rd Party Fidelity coverage in place to protect the client for this loss. The former employee is now enjoying time in jail, and the client company received payment of over $78,000 for their losses.
Why Do You Need Errors & Omissions Liability Coverage?
Errors & Omissions Liability protection can also be structured in various manners. The wrongful acts of your own employees, and those placed with your clients on a temporary basis, can be covered. It can also extend to include allegations for your professional placements.
Over the years, there have been many instances where Staffing companies have been held liable for failing to disclose an employee’s criminal record to a client company. One such case involved a formerly convicted sexual offender that was placed with a client on a temporary basis. This individual proceeded to commit sexual offenses against other employees during their assignment. Over $300,000 in legal fees were involved, and settlement costs equated to over $1,000,000. The Staffing firm had an Errors & Omissions Liability policy that not only covered all legal fees, but the settlement costs as well.
Who Can Provide These Essential Insurance Coverages For My Staffing Firm?
Finding the right insurance agency to handle all of your needs can be complicated. The firm selected should be capable of providing the following services (at a minimum):
- Professional & knowledgeable staff that has worked with the Permanent & Temporary Staffing industry extensively.
- A firm with adequate availability of insurance markets for full placement of your insurance needs.
- A firm capable of tailoring any insurance product to meet your professional needs.