Owning a staffing agency can be rewarding. Helping clients and contractors alike can bring about a sense of accomplishment and help you take pride in your work. Of course, there are also a number of potential risks of which to keep aware of. In most cases, the type of insurance coverage you opt for will make a world of difference with the success of your company. For many agencies, the option of adding fidelity liability insurance can be a lifesaver.
Protection Against Negligent Management of Benefits
The professionals at World Wide Specialty Programs have reported that fiduciary liability is a type of coverage that is useful in a scenario where an employee has had his or her benefits managed in an incorrect manner. Since benefits packages can be a tricky area in staffing organizations, to begin with, this type of policy helps to cover any gaps created by standard policies. Benefits of this type of coverage include:
- Reduce the number of claims you see
- Stay protected in the event of negligent practices
- Increased form of D&O coverage
Coverage To Protect Employees and Clients
Doing what is best for your employees, contractors, and clients can take time and effort. Explore your options with fiduciary liability and see if taking out this type of policy will help to keep you protected when faced with the unknown.