Managing a staffing firm comes with many unique risks, and the handling of employment practices liability is at the top of the list. Finding an insurance policy that can mitigate your business’ exposure is essential, and it could pay to choose a staffing-specific insurance policy.
What Is Employment Practices Liability Insurance?
Staffing firms necessarily need their employees to work for a variety of employers, which means your employees are laboring at a variety of work sites, all of which have their own cultures and conditions. This introduces a level of risk traditional employers do not typically have. Employment practices liability insurance helps limit the risk that comes from working with these clients. So while your staffing firm does pay the employee, this policy exists because your business isn’t able to control all working conditions of your employees.
What is Covered?
If you choose a staffing-focused employment practices liability policy, there will be coverage options that protect against a lawsuit against both employers. Wrongful termination, discrimination and sexual harassment claims are typically covered under your policy, which will protect your staffing firm and your client in a worst case scenario. Having this coverage offers peace of mind to clients, who need their contingent staff to be as little extra work as possible.
Consider staffing-specific insurance to protect your firm and your clients.
Purchasing insurance can be overwhelming. Even after you decide which type of business insurance in Virginia to purchase, you still need to decide how much to buy. The truth is there is no easy answer to the question, but there are things you can consider to help you make your decision.
General Liability Insurance
Even though Virginia law does not require a business to purchase liability insurance, it is still a good investment. It will protect you, your property, your employees and your guests in the event of property damage, bodily injury or other serious situations.
If your business uses company cars, auto insurance is a necessity. This includes using company vehicles to make deliveries, transport people or even just to get from one place to another on your property.
You will be required to carry workers’ compensation insurance, which replaces wages for employees injured on the job, if you have any employees. The exact amount you must carry will depend on the type of business you run and how many employees you have.
Commercial Excess Liability Insurance
This insurance will cover anything that your basic liability plan doesn’t. For example, if basic insurance only covers $100,000 in property damage, but you need $150,000 to fix your building, excess liability insurance will handle the difference.
When purchasing business insurance in Virginia, speak to a reputable, experienced and licensed agent. He or she will walk you through the process to ensure you have the best possible coverage for your business and budget.
According to New Jersey law, all employers who are not covered by federal programs and who are not approved for self-insurance must have workers’ compensation insurance. By having New Jersey workmans comp insurance, business owners can be covered if their employees get injured because of the work these employees performed for the business.
This insurance often also needs to cover lost wages. According to New Jersey law, employees who have been disabled for more than a week may get seventy percent of their wages when on disability. The workers compensation coverage may even pay something to employees’ family members if employees die because of job-related issues. These death benefits often include funeral expenses and seventy percent of the workers’ lost wages. In exchange, the employees and their families cannot sue their employer for problems incurred while working.
New Jersey workmans comp, though, may be expensive for small business owners. New Jersey has an agency in the Banking and Insurance department called the Compensation Rating and Inspection Bureau that determines how much premiums your client may need to pay. As an insurance agent, you want to provide these small business owners, who do so much for our country and its citizens, with coverage that will not bankrupt them but will still allow you to earn a living. Insurance agents, like you, help business owners around New Jersey follow the law, help their employees, and help themselves.
One of the most important components of a business is the employees they choose to hire in order to conduct the services and manufacture the products which are offered by the business. In order to properly take care of and responsibility for employees, there are certain needs which ought to be met. Employment agency insurance is a vital part of fulfilling this function. There are many different types of employment agency insurance which serve to not only protect the employees of a business, but also their employers. Knowing what you need in order to properly insure against unfortunate circumstances is key to running a smooth operation within a business or company. You can learn more about employment agency insurance by going online and conducting a certain amount of research pertaining to employee insurance.
Several Different forms of Vital Insurance
There are several different components to any quality insurance package for employers. Considering and being knowledgeable in these different areas will bring peace of mind and allow employers to rest easy knowing that, should trouble arise, they are well protected. Professional liability, general liability, crime, and employment practices liability insurance are just a few of the different types of insurance to consider. There are a number of qualified insurance agencies who can provide employers and businesses with these and other services to help improve business functions.