If you own a staffing agency, you know how lucrative the business can be. You also know you play an invaluable role in connecting the best employees with the right employers. Of course, doing so means you may have obligations to both parties, potentially landing your agency in legal hot water. For the peace of mind you need to do a good job, staff insurance is indispensable.
4 Essential Types of Coverage
Smart staffing agency owners generally opt for four types of coverage:
- General liability insurance
- Business owner’s coverage
- Professional liability protection
- Workers’ Compensation insurance
General liability insurance protects your agency from the basic sorts of damages that arise during the normal course of business. For example, should someone fall in your office, general liability insurance offers protection. A business owner’s policy, by contrast, protects your agency from business-related damages, such as those caused by fire, theft, vandalism, and storms. Meanwhile, professional liability coverage safeguards against errors and omissions. Finally, workers’ compensation insurance insulates your agency from liability due to on-the-job injuries.
When employees and employers are happy, you are happy. If something goes wrong in the relationship your staffing agency facilitated, you don’t want to be held legally responsible for costly damages. Investing in a comprehensive staff insurance policy is usually an effective strategy for keeping your staffing agency out of hot water.