A business owner’s policy can work as a vital tool for your clients in the staffing industry who face common risks every day. Office package insurance products can help them manage loss and liability risks effectively. When you review what a business owner’s policy covers with staffing agencies’ principals, highlight important features and advantages.
Core Components of Office Package Insurance
Offering clients a package that integrates loss and liability coverages into a single Business Owner’s Policy efficiently presents clients with affordable, inclusive solutions. This resource could protect a staffing company against losses attributable to property damage and also extend to common liability situations involving property damage or bodily injury to a third party.
What Property Can Staffing Agencies Insure?
A staffing agency can insure an office whether it owns or leases it. Carrying certain threshold levels of property insurance may be conditional to an agency’s use of the premises. Provisions requiring coverage are staple clauses in business’ agreements with mortgagees, financiers, and lessors. These types of financial agreements may also require businesses to carry minimum levels of general liability insurance.
The property component of a business owner’s policy can cover both offices as well as the property inside of them. For example, a policy could insure office furniture and equipment.
How Does Liability Insurance Protect Staffing Business Owners?
General liability coverage is an expansive and dynamic safeguard that prepares staffing agencies to contend with basic claim scenarios. Because it serves as a first line of defense against a broad spectrum of claims, carriers usually require businesses to include this coverage in their office package insurance. General liability coverage is the main foundation that staffing agencies need in their package before building on it with supplemental endorsements such as professional liability or employment practices liability.
Owners can utilize coverage if an individual, company, or insurer initiates an action seeking legal compensation. Actions might involve negligence or business torts, and claims may assert that a company is liable for injuries, property damage, or certain forms of intellectual property infringement.
An insurer may investigate and settle a claim on a business owner’s behalf. It can defend an agency in court in the event that a claim advances to litigation. Policies’ proceeds may pay for any court-ordered awards for damages.
Without this resource, resolving a lawsuit is going to be an extremely trying and costly ordeal for business owners. Paying legal fees and money judgments could represent a major financial burden. For many small and mid-size enterprises, these costs could dramatically undercut profits and compromise assets.
The Financial Benefits of Office Package Insurance
Procuring multiple coverages with one insurer helps to make each endorsement affordable for your clients. Office package insurance from an insurer that tailors its products to clients in the staffing industry can serve as a targeted, cost-effective coverage strategy.
Work closely with clients to enhance packages with supplemental policies addressing critical areas of their risk exposure. Versatile, scalable solutions can help secure the long-term goals of a staffing business.
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.