The staffing industry has innovated to offer premium outsourcing solutions to a wide range of businesses. If your firm provides employee benefits administration or other fiduciary-based service, you’ve probably taken extra measures and have done your due diligence to source the best talent possible. Even so, your unique risk picture demands the inclusion of fiduciary liability coverage in your staffing agency insurance plan.
Enhanced Protection for Your Firm
Payroll, health insurance and other benefits administration requires strict adherence to established policies, federal and state regulations and clients’ specifications. Nevertheless, providing these and other kinds of PEO or ASO services open your company up to multiple avenues of liability exposure. Whether from accidental error, misjudgment or deliberate acts of fraud, right kind of fiduciary liability coverage handles claims arising due to:
- Mistakes in managing benefits, retirement and health insurance plans
- Misappropriation of payroll funds
- Denial or change of benefits.
- Conflict of interest issues
- Unwise or detrimental investment decisions
Maintain Your Clients’ Trust
Insurance not only protects your company, but also safeguards your clients’ financial outlooks and business health. For close partnerships like these that rely on trust, adding an extra layer of indemnity coverage supplies you with additional security and the ability to keep providing specialized management, PEO and ASO services for your customer base.