Factors That Affect Your Staffing Insurance Premium

As an employment agency, you have unique needs for insurance when compared with other types of businesses. When you send a person on a job, they remain one of your employees, which means you are liable and responsible for any problems resulting in their job, including injuries and damages. There are many different factors involved in the type and cost of your staffing insurance.

What Type of Policy Do You Need?

When you search for staffing insurance, you have a selection of policies from which to choose, including:
  • General liability - covers you for any bodily harm occurring on your property and any damage to the property
  • Professional liability - protects you from any lawsuits due to the work of your employees
  • Workers Compensation - temporary workers who are injured on the job will not be protected by the workers compensation insurance at the job; instead, you are obligated to protect them

The Amount of Coverage

You have a choice of the amount of coverage, but the greater the amount you choose, the higher the cost of your premium or the higher the deductible will be. You will need to have adequate coverage for the type of positions you fill, the typical client you serve, the number of employees you typically place, and more. There are multiple factors that combine to decide how high your premium will be. You will want to find a balance that ensures you have reasonable coverage while also being affordable.

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