Staffing agencies operate as the middle-man between employers and employees, which opens them up to many potential risks. Since they have obligations to both parties, staffing agencies need protection against any unforeseen complications. Staffing agencies insurance can safeguard your assets and secure your company, but you need the right policy to cover all of your bases.
1. General Liability Insurance
General liability insurance is necessary for most businesses because it provides protection from various complications that may arise from daily business transactions. Some of these risks could include:
- Third-party injuries
- Property damage
- Advertising issues
This insurance policy not only compensates the affected party but also offers coverage for legal costs often associated with settlements.
2. Professional Liability Insurance
This type of insurance protects businesses from any potential mistakes or negligence that result from provided services. Because of the coverage offered, professional liability insurance is also called error and omissions insurance (E&O insurance). This coverage is especially helpful if temporary employees fail to complete a job or uphold industry regulations.
3. Workers Compensation Insurance
Workers’ compensation insurance pays employees for lost wages or injuries incurred on the job. Ensure you are familiar with state laws, so temporary employees don’t go uninsured, leaving you to foot large medical bills.
When you have the right staffing agency insurance, you can maintain company assets and interests without worrying about unforeseen complications. With the right policy in place, you can rest assured all parties are protected.