Staffing companies have many things to consider as the new year marches on and they can build on their exponential growth. The staffing industry is essential to the job market and the economy. These companies are collectively worth more than $212 billion, but many smaller staffing companies in the field may need help to achieve growth. If you insure clients who fall into this category, you can help them by offering office coverage for their business.
Steps That Smaller Staffing Companies Can Implement
You can also provide the following tips for how to grow a staffing company.
Offer Office Coverage for Staffing Agencies
Office insurance coverage offers essential insurance for staffing agencies seeking to grow. Much like a business owner’s policy, this type of insurance bundles together several forms of coverage and helps firms save money. The ability to customize coverage makes it perfect for smaller staffing businesses that offer direct hire services. The policy’s business and property insurance can shield your clients from the two most significant liabilities they face, empowering them to grow.
Employ a Variety of Recruiting Methods
Growing a staffing company can be challenging, but recruiting is one of the most critical pieces of the puzzle. Agencies employing various recruiting methods are far more likely to see growth than those using only a single strategy. In addition to standard channels such as social media and job boards, staffing agencies should pursue candidates through referrals and online resume postings. Seeking out candidates who might not be immediately visible can improve the quality of an agency’s talent pool. Highly-qualified candidates may also minimize liabilities and prevent office coverage claims.
Set Realistic Expectations for Recruiting
Implementing new approaches to recruiting is a great way to expand operations, but agencies must establish realistic expectations before doing so. The job market constantly fluctuates, and setting expectations that are too high — or too low — will limit an agency’s potential for growth. Instead, staffing agencies should analyze data to form tentative predictions about the job market. Staffing agents should create strategies based on these predictions and an office coverage risk management plan.
Identify and Address Potential Liabilities
Liabilities are among the most common obstacles preventing smaller staffing agencies from growing. Risks such as property liability, employment liability, and professional liability can thwart your clients’ plans to expand their business. It is especially true if such risks cause financial duress or legal complications. It’s crucial for insurers to partner with their staffing agency clients, offer office coverage insurance, and develop a plan to eliminate the risks that affect them the most.
Office Coverage Can Foster Growth
There are many ways that staffing agencies can pursue new growth and more significant profits. Insurance agents can be essential in mitigating these companies’ risks and equipping them with protection. Help your clients reach new heights of growth with an office coverage insurance policy. If your clients are still determining whether staffing agency insurance is a wise investment, remind them that the cost of liability is far more than the cost of coverage.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (877) 256-0468 to speak with one of our representatives.