Operating a staffing business can be nerve-wracking if you don’t have comprehensive protections set in place. Many staffing providers are under-insured simply because they aren’t away of the robust vendor management services available to them. Here’s a look at some insurance policies that might work for you.
1. Workers’ Compensation
This isn’t just a good policy to have in general—most states require businesses to have workers’ compensation if they have at least five employees. It is a policy that protects your employees in the event of an injury or death. Here is what workers’ compensation offers your employees:
- Medical expenses
- Permanent disability
- Death benefits
- Lost wages
2. General Liability
This is a policy you should have set in place to protect your staffing firm from lawsuits involving property damage or bodily injury. If you have contract employees then general liability is even more beneficial. The coverage will extend to your contracted employees while they are on assignment.
3. Employment Practices Liability
Any staffing firm should have employment practices liability to cover claims regarding claims of sexual harassment, discrimination, or wrongful termination. This coverage also applies to in-house employees as well as temporary employees.
Be proactive and make sure you have all of the vendor management services you need. Protecting your business is important and will make things run smoother for you and everyone you work with.