Operating a staffing agency can be a complicated journey on most days. While you might go above and beyond in order to best serve your clients, you still need to remain mindful of the many different risks facing you at any given moment. For many, the best way to start solving some of these problems is with appropriate insurance. Taking out a comprehensive plan is your best line of defense against the unknown threats of the future.
The Basics of Fiduciary Liability Coverage
One important area to pay attention to when putting together your plan is fiduciary liability coverage for staffing agencies. There are two main types of this insurance. One is employee benefit liability insurance, which is aimed at handling any claims that are connected to how a contractor was assigned his or her jobs. Fidelity bonds are the other type of fiduciary insurance to consider. These bonds are usually used when there has been a major case of dishonesty. Understanding the intricacies of these options is absolutely necessary to get the most from your insurance. Other points to consider include:
- Employee Retirement Income Security Act of 1974
- Issues with violation of terms
- Handling of employee benefits
Review Your Options
There are a number of ways to approach the insurance needs of your staffing firm. As long as you give yourself plenty of time to review your options, you will be ready to make the most of your future.