Staffing firms face a huge range of situation that expose them to liability. That’s why an agency’s risk picture can look incredibly complex. As you decide what staff insurance solutions are right for your company, don’t forget to include professional liability coverage in your total package. It’s important to choose products that shield you against financial loss resulting from placement of and services performed by your business’s contract staff.
What Is Professional Liability Insurance?
Sometimes types of professional liability staff insurance are referred to as errors and omissions, or E&O coverage. While this type of indemnity protection usually handles claims arising from mistakes made by employees, staffing agencies can also benefit from their own kind of E&O protection. Generally speaking, E&O applies to fiduciary losses incurred under several kinds of conditions:
- The firm’s failure to meet contractual obligations
- Work performed by contract staff does not follow quality standards
- Temporary workers or the agency as whole commit negligent actions
Fine-Tuning Your E&O Policies
To ensure you get coverage that’s appropriate for your agency’s needs, you need the guidance of an experienced insurance brokerage firm. Choosing a provider that specializes in staff insurance options is a smart move, as you’ll get products and expertise especially tooled for your unique risk management needs.