Professional employment organizations are some of the fastest-growing businesses in the modern marketplace. With more and more people in need of the correct line of work and countless companies desperate for qualified workers, staffing agencies are filling a critical role for the economy. However, these groups also need to take extra steps when it comes to staying protected from potential hazards. Since your employees and contractors have different risk parameters, a traditional insurance policy usually won’t suffice. Review these points and learn more about the biggest challenges that professional employment organizations face.
What Are the Risks of PEOs?
One way to go about finding adequate staffing agency insurance is by reviewing the exposures that you are most likely to come in contact with on a regular basis. Professional employment organizations need to think about aspects of daily operations like accidents that can occur while a contractor is on the job. Since standard workers’ compensation won’t cover such scenarios, you need to take out an insurance policy that is structured specifically for PEOs. Other insurance points to review include:
- Errors and omissions coverage
- Cybercrime and associated liability
- Commercial auto
How To Find the Right Coverage
When you take time to think about the different risks that your staffing agency faces regularly, it can make finding appropriate insurance coverage a much simpler task. Look at your options and see what steps you need to take to stay shielded from harm.
