Tag Archive E&O

Staffing Firm

The 2 Key Facts You Might Not Have Known About Getting Your Staffing Firm Properly Insured

While browsing through https://www.wwspi.com/ to search for the perfect policy for your staffing firm, you may have realized that you’re not sure what direction to head in for your coverage. Sifting through insurance information can seem disorienting, but there are a couple key facts that you should absolutely be aware of to secure the best-fit policy for your agency.

1. Make Sure You Purchase Adequate Coverage for Any Highly Valuable Company Assets

Part of having insurance in place is for legal protections, but another important reason to get a good policy is to be covered financially. Make sure whatever policy you buy adequately covers your company’s most valuable assets.

2. Choose Coverage From At Least Three Main Insurance Categories

While you may think you only need a single insurance type for your staffing agency, you likely will actually need at least three different types. These cover:

  • Errors and omissions, or E & O, insurance, also called professional liability coverage
  • General liability coverage, which is helpful for a wide range of occurrences, from third-party damages to intellectual property lawsuits
  • Worker’s compensation, which covers employees’ salaries and expenses if they’re hurt while at work

As you look for your agency’s ideal insurance policy, it can be easy to feel overwhelmed navigating all the options. If you follow these two guidelines, however, you can work through the noise and identify the coverage that’s best suited to your firm.

Brokers and Agents

Professional Insurance for Brokers and Agents

When you work in the insurance industry, you occupy a position of trust, just like in other financial services. Like those other financial professions, the decision-makers who ultimately take responsibility for the coverage paperwork by writing policies and closing deals wind up taking risks because of the liabilities they take on with regard to their clients. Insurance agent E&O is a bit different from what you’d see in the real estate or stock investment communities, but it does cover a wide range of similar mistakes and omissions, and it does provide similar protection against financial losses associated with liability for a client’s losses due to mistakes or intentional omissions.

What Exactly Does an Insurance E&O Policy Cover?

Confidentiality and information handling regulations are more stringent than ever, so modern E&O policies include provisions that cover you in the event of HIPAA violations, as well as longer-standing issues like insolvency, coverage for actions undertaken by independent contractors working on your behalf, and other common industry risks. That includes innocent insured coverage, too. For more specifics, you really need to talk to an agent who specializes in quoting E&O policies to other insurance professionals, because the exact coverage and cost is determined by your business risk profile, and as you know, that’s something it takes time to work up because it’s different for every business every year.

Professional Liability Insurance

Protecting Your Firm with Professional Liability Insurance

Business owners like yourself understand the need for typical insurance plans to protect your operations:

  • General liability, including protections against customer injury and property damage
  • Property coverage for office building and property owned and used by your company
  • Commercial auto for vehicles used for business
  • Workers’ compensation, offering protection for employees injured on the job

Leading an engineering firm, you also need professional liability insurance. Your clients expect you to deliver buildable plans and specifications. If a mistake or oversight in your design causes physical and/or financial loss to a client, you need a plan that protects you from losses due to litigation.

Why Do I Need Professional Liability Insurance?

This professional liability insurance, also known as engineering errors & omissions coverage, gives you the layer of protection that helps you pursue clients and contracts to grow your business. Despite in-house quality control and quality assurance processes, errors and omissions can occur that can result in significant damages. Whether it’s a small mathematical error in a set of design calculations or a note that incorrectly indicates inches instead of feet, a mistake puts your company at risk when operating without E&O coverage.

Do I Really Need E&O Coverage?

The reality is that some clients and business partners require consultants to have a specified amount of professional liability insurance before executing a contract or issuing a notice to proceed. You’re in this business to make money. Don’t disqualify yourself from lucrative contracts by not having E&O protection.