Liability is a tricky thing to plan for and control, especially if your business recruits and places staff or provides administrative services for your clients. Besides the standard avenues that could result in very expensive claims, staffing, ASO and PEO firms can find their potential costs skyrocketing above and beyond what they’ve expected. Staying solvent, healthy and competitive requires sound risk management along with your financial planning and business growth. That’s where umbrella liability can become a vital component of your temporary staffing insurance solution.
Closing the Gaps for Ultimate Protection
In addition to general liability, your indemnity package includes multiple products such as professional, commercial automobile, employee benefits, cybersecurity, abusive acts liability. Umbrella coverage adds to your security with increased coverages and limits for these kinds of liability coverages and more. Besides upping their dollar amounts, some versions of umbrella insurance can include Casualty Business Crisis Expense, which handles claims related to:
- Manmade disasters
- Multiple deaths and injuries
- Major automobile accidents
- Burns, dismemberment, brain and other injuries
- Permanent disability
- Tampering of food, drink and pharmaceutical products
Selecting a temporary staffing insurance package that also addresses your firm’s hard-to-place risks is prudent. Umbrella liability is the perfect answer to increase your coverages, their dollar amount limits and have safeguards in place for unique situations that can result in significant financial losses.