Depending on your business’s specific operations and needs, the types of policies you purchase and the limits of those policies will vary. Here is a list of some common insurance policies that may be right for staffing agencies:
General liability insurance—A policy can provide coverage for claims of bodily injury or other physical injuries, personal injury (libel or slander), advertising injury and property damage. It can be offered as a package policy with other coverages such as property, crime, automobile and more.
Business property insurance—Also called commercial property insurance, this coverage helps pay for damages to your company’s equipment and property after a covered accident or incident.
Business interruption (income) insurance—If your business must shut down or cease operations due to a covered peril, this coverage can help replace lost income and pay for extra expenses incurred during the shutdown.
Commercial auto insurance—If your company has vehicles, you will likely need to secure a commercial auto insurance policy to properly insure any fleet members or employees who are drivers for your organization.
Professional liability insurance—This type of policy provides coverage if anyone makes a claim of negligence, misrepresentation or inaccurate advice against your business.
Workers’ compensation insurance—This coverage can help employees who become injured or ill due to a work-related incident receive replacement income, medical benefits and other financial assistance if they cannot work. Most states require that employers carry workers’ compensation insurance.
Other policies that may be applicable for your agency include employment practices liability insurance (EPLI), employee dishonesty insurance, commercial crime insurance and umbrella insurance. Talk to your Walnut Risk Management agent to discuss which policies may be right for you.