Staffing agency insurance is a relatively new addition to the world of professional vendor management services. As such, it may be difficult for businesses that are new to the process to understand it fully. Understanding what puts you at risk for higher staffing agency insurance premiums is often one of the major challenges new applicants experience. Here are some of the major considerations insurance providers take into account when writing new policies.
Most staffing agency insurance policies contain some type of worker’s compensation or other type of insurance to protect against injuries that happen in the workplace. If your company staffs a particularly dangerous industry, there may be little you can do to lower your premiums. However, you can take measures to ensure that your actual office space and workplace is safe for employees and visitors alike.
You can be certain that the insurance company will look into your company’s history of vendor management services. If you have a history of injuries in the workplace or other issues in your company’s past, chances are good that it will be reflected in your insurance premiums.
Size of Staff
The number of employees or contractors you need to ensure will also affect the size of your insurance premiums, and you premiums will probably fluctuate as you hire more workers or downsize staff members.