Learning The “Secrets” of Policies

A Guide to Staffing Company Insurance In order to be able to conduct your staffing business, there is a need to have adequate business insurance for your staffing company, and you should have this even before you send out your first temporary employee. The Worker’s Compensation and General Liability Insurance is the basic insurance that every staffing company has to purchase. Together with the basic insurance, it would be good for companies to also purchase a G/L policy that will include Professional Liability Coverage and Errors and Omissions(E & O) coverage. The staffing industry is unlike most industries, and staffing business owners are facing the biggest challenge in identifying an insurance company that truly understands the staffing industry. The important thing to securing the proper insurance for your business is finding someone who understands you business. There is a challenge when underwriting an insurance policy for a staffing company and that is the fact that you will be sending out temporary or contract employees to remote, third party client sites, which can cause you to lose direct control over these employees. It would be easier to assess the risks if these employees worked every day at your office location. In an insurance company’s perspective, there is greater risk for employees that work at client locations, which is the nature of the staffing industry. When insurance companies take into effect that your employees may be asked to perform tasks at a client location that you may not otherwise ask them to perform if they were on-site at your office, they have a larger underwriting task. This task of researching an insurance company, finding the right one and the right insurance policies to purchase, and actually purchasing the policy can be likened to going on a regular visit to a dentist. There is no enjoyment in doing these things yet it is something that you need to do. But, if you don’t have insurance for your staffing business, you will not be able to operate your company.
Looking On The Bright Side of Businesses
How much insurance to purchase and what types are right for your company is another concern to deal with. Nobody wants to be over-insured, but you also don’t want to be under-insured. The right insurance company will recommend that amount of insurance and the types of policies to purchase for your company. If there are already staffing clients in place, or if you have potential clients you will be doing business with, ask them to send you their standard staffing contract. You client will likely have a section in their contract that covers insurance, and how much and what types you need to have in order to do business with them.
Finding Parallels Between Services and Life
You should always remember that when it comes to risks, you client would want to deflect it on you as much as possible. They want to have no risk in having your employees work on-site at their location. You should consider trying to renegotiate the contract, or forgo the business is a potential client asks for more insurance coverage than you are able to pay premiums for.