Understanding Staffing Agency Insurance

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Understanding Staffing Agency Insurance
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• Browse through LinkedIn and see that there seem
  to be many vacancies proffered to any qualified
  candidate at the moment. After seeing a ray of
  sunshine thanks to medical advancements against
  COVID-19, the US job market is back to mean
  business again
• More and more Americans now rethink their careers
  which signals the end of an era dubbed by
  recruiters as "The Great Resignation." The Great
  Reshuffle has begun

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• With the multiple vacancies and a vast pool of
  talents looking to get hired, all eyes are on one
  industry. As a result, firms offering staffing
  and recruitment services got a lot of work to do.

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What are staffing agencies?
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• In addition, the process often involves a lot of
  back and forth communication between the prospect
  and the companyso imagine how wasteful it would
  be if the candidate isnt a good fit.
• With a staffing agency helping you out, these
  matters are well taken care of. All you have to
  do is select from the cream of the crop and
  expect your new hire to come to work ASAP.

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What are the benefits of hiring through a
staffing agency? Aside from fast hiring, what
else can companies get if they course through the
hiring process with a staffing agency?

• They get flexibility and reduce other risks
  thanks to the
• staffing insurance programs the agency will most
  likely have in place.
• Some companies are experimenting with the
  possibility of catering to a variety of
  employment types. This move doesnt come as a
  surprise since a leaner operation will ensure
  profitability for the company, what with the
  continued onslaught of the pandemic.

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• Managing a fluid workforce is something a
  staffing agency can do best because the client
  company can arrange for the firm to handle the
  administrative and payrolling needs of the
  contingent workers.
• Since the firm handles the temporary associates,
  they also assume liability, especially if the
  employee left or was fired.
• The staffing agency insurance coverage includes
  the worker's exit's financial and operational
  risks. This coverage means the client company is
  mostly, if not absolutely risk-free.
• Why invest in staffing agency insurance?
• Given the nature of their service, staffing
  agencies are more vulnerable, much more at risk
  than the client companies they aid. And that is
  why insurance for staffing firms is a need.

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• Staffing agency insurance, if covering all the
  bases that the firm needs, will address general,
  commercial, and professional liabilities and even
  workers compensations. Getting one will be
  beneficial because it protects the agency's
  assets when worse comes to worst.
• What type of insurance is needed for a staffing
  agency?
• Staffing agency insurance varies because youll
  want to get coverage that fits your firms needs.
  But, there are common types that your provider
  will most likely recommend to you
• General/Professional Liability InsuranceFor
  unfortunate third-party claims of property
  damage, physical injury, or defamation, your
  general liability insurance will cover any
  medical or repair bills plus legal fees if they
  sue your firm.

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• Meanwhile, your professional liability insurance
  will cover the necessary legal fees for lawsuits
  over your professional services as a staffing
  agency. This includes any errors, omissions, or
  misleading statements.
• Commercial Property Insurance Commercial property
  insurance will cover the necessary repairs if
  your staffing agency gets damaged due to fire,
  theft, vandalism, and other life-threatening
  events.
• Commercial Crime Insurance Commercial crime
  insurance will come in handy if a client loses
  finances and property due to illegal activities
  like theft, forgery, and computer theft committed
  by the placed employee or outside actor.

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Workers Compensation Insurance No matter the
industry, most states require a company to get
Workers Compensation Insurance for their
employees. This insurance covers medical bills,
rehabilitation costs, and lost wages if a placed
employee gets injured or ill within the workplace
or while on duty.
This type is also a good coverage, and frankly
more needed, for staffing agency insurance. Why
should this be part of the staffing agency
insurance coverage? Well, it goes both ways.
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• On the one hand, employers who availed of it will
  face less risk of workplace lawsuits, penalties,
  or fines. On the other hand, employees who will
  benefit from the insurance will get the needed
  support in the face of work-related injuries or
  hospitalizations.
• To Wrap It Up
• No business comes without risk, which is why its
  always the best course of action to protect your
  assets. For more vulnerable companies like
  recruitment, looking to invest in insurance for
  staffing firms will prove beneficial in the long
  run.