Understanding the difference between construction general liability insurance and other kinds of insurance is necessary for many contractors. The following describes some common forms of insurance.
Your business property is part of what you have invested in your success, and it should be protected. Property insurance will cover tools and equipment for many contractors.
This is a specific type of property insurance that offers coverage for fire, vandalism and other unforeseen events that may occur during construction. Each project will have a different value, and therefore different needs for builders risk insurance.
Construction General Liability Insurance
If someone files a lawsuit against your business for property damage or injury, liability insurance can protect you. It will cover injuries to non-employees and damages that may occur on property that is not owned by your business.
Commercial vehicle insurance needs will vary depending on state requirements. Individual contractors may need this insurance for coverage beyond what is offered by their personal auto insurance.
If you are shopping for insurance, from construction general liability insurance to builders risk coverage, it is important to find an insurance agency that will take the time to understand your business. This will help you know you are purchasing insurance that fits your needs.
As a small business owner, you want to keep your employees safe on the job, but you cannot always prevent injuries. Workers compensation in Virginia is required for almost all companies and can vary quite a bit in cost. If you want to provide adequate coverage for your workers but still be able to manage expenses, consider these three factors that may affect your premium rates.
1. What is the Nature of Your Business?
Your industry may be the single biggest issue that determines your premiums. If you are in a dangerous or high-risk line of work, expect your premiums to be significantly more than someone who provides clerical or other administrative work that requires little to no physical activity.
2. How Many Past Claims Have You Had?
The safety record history of your business can directly impact the amount of your workers compensation in Virginia. If you have had few insurance claims filed, you can expect lower premiums than a company that has a higher number of work-related injuries.
3. Why Does Payroll Matter?
The other two factors speak more to the safety of your line of work, but your payroll also can influence premium amounts because it is part of the formula for calculating rates. A lower payroll amount may translate to lower premiums because you may have fewer employees to cover.
While you cannot change all of these factors, you can create a work environment that stresses safety in order to control rate increases for workers compensation in Virginia and keep your employees injury-free.
One question to ask insurance companies you are considering for your temporary staffing insurance company is this: “What happens after I file a claim?” In company responses, look for a straightforward step-by-process and ease of contact.
Acknowledgement of Claim
In the first 24 to 48 hours after filing the claim, you should expect to receive written acknowledgement of the claim you filed. This acknowledgement should include the claim number as well as the name and contact information of the insurance claims professional handling the claim.
Contact from Claims Claims professional
Within one business day of the claim being received, the claims professional should contact your staffing agency to talk about the claim and where the process could go. This contact is normally via telephone.
If a lawsuit has been filed against your agency, the claims professional reviews your coverage and assigns you defense attorneys. They are chosen from a list of qualified area attorneys.
Dealing with a temporary staffing insurance claim can be an overwhelming and uncomfortable process. It is important that your insurance company is responsive to your questions. To that end, ways to contact your claims professional should be clearly listed. For example, you should know your claims professional’s name, mailing address, phone numbers, fax numbers, website URL and email address.
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.
The staffing industry is an exciting field where people who want jobs can become connected with employers who have work available. Despite the field’s incredible growth in recent years, there are some unique risks that staffing agencies face due to the nature of their work. Having the right staffing agency insurance can help to mitigate those risks, so agencies can stay focused simply on connecting potential employees and potential employers.
Double Liability From Clients and Temporary Workers
One unique aspect of the staffing industry is that there is potential liability from both the person you’re sending out for the work as well as from the client. This level of double liability is common within the staffing industry, but far less so in other areas of employment.
For instance, many staffing agencies specialize in providing temporary workers to local businesses. Even though the staffing agency has no control over the client’s environment and no direct control over how the client engages with that temporary worker, the staffing agency could potentially be liable in the event that the temporary worker or the client file a lawsuit. Even without knowledge or participation in any upsetting incidents, staffing agencies can still face this double liability. This is why it’s highly important for staffing agencies to find the right insurance in order to safeguard their businesses.
References and Research Help You Find Your Firm
There are many reputable firms that specialize in staffing agency insurance. Ask your colleagues if they have recommendations or research firms online. Finding the right insurance may take a little time, but it will be worth it for you and your business in the long run.
We’ve broken down common risks that the staffing industry might face and provided a staffing insurance solution to reduce that risk in this staffing insurance infographic.