Questions About Insurance You Must Know the Answers To

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. On top of the basic insurances, it will also be useful for a company to buy a G/L policy that will include Professional Liability Coverage and Errors and Omissions (E & O) coverage. The biggest challenge faced by a staffing company is finding an insurance company that truly understands the staffing business. Working with someone who understands you business will help you secure proper insurances for your business. When a staffing company sends out temporary or contract employees to remote, third party client sites, the business owner can lose direct control over these employees, and this is the reason why underwriting an insurance policy for a staffing company is quite challenging. If these employees worked everyday at your location then it would be easier to assess the risks. in the staffing industry, employees work at client locations and in the perspective of insurance company, the risks are higher. The underwriting task is larger for an insurance company since they consider 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. Someone has said that it is like visiting a dentist to do the task of researching an insurance company, finding the right one and the right insurance policies to purchase, and actually purchasing the policy. Both are necessary but not fun. But, if you don’t have insurance for your staffing business, you will not be able to operate your company.
Finding Similarities Between Services and Life
The staffing business also needs to deal with how much insurance to purchase, and what types are right for the company. Being over-insured and under-insured are both not good for the company. Finding the right insurance company that understands your business will also help you in the amount of coverage that your business needs and the types of policies to purchase. 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.
The Essentials of Services – 101
Always remember, that clients would want to deflect as much insurance risk on to you as possible. If it is your employees working on-site at their location they want to have no risk in this. If a potential client asks for more insurance coverage that what you will be able to pay premiums for, you can consider trying to renegotiate their contract, or consider foregoing the business.