Staffing agencies are a foundation part of the temporary and part-time labor force, but these companies aren’t immune to the challenges and liabilities that plague those who rely on full-time employees. Not only is maintaining comprehensive liability coverage a wise financial investment for your company, but many of the clients you will seek to partner with may also require that you carry staffing agency insurance.
There are several types of insurance your agency may be required to carry before a client will sign a contract with you. They generally like to see general liability, professional liability, workers’ compensation coverage and fidelity bond coverage.
- General Liability: will cover any damage done to property or injuries that occur to individuals on the property through their activities:
- Professional Liability: covers issues that arise from errors and omissions or malpractice claims
- Workers’ Compensation: would cover medical or disability costs associated with employee injury that has occurred while on the job
- Fidelity Bond: coverage that applies in the event of employee dishonesty, where an employee steals money, property or information from the work site
Staffing agency insurance is uniquely suited to address the challenges faced by temporary staffing agencies. Speak with a broker for most specific insight into the risks you may face and how to combat them.