Good staffing insurance should cover a professional employer organization, or PEO, from risk and liability. PEO insurance can protect against claims arising from the employment services you provide such as HR management and payroll and benefits administration. When considering an insurance provider, here are three things to keep in mind.
1. Variety of Products Offered
An insurance provider should have a variety of products and protections to offer. This ensures that you and your agent can work together to find the right product to fit your individual needs. Some types of insurance coverages to look for when choosing PEO insurance include:
- Business Owners Policy (BOP)
- Errors and Omissions (E&O)
- Fiduciary Liability Insurance
- Owned Auto Liability
- Staffing Security and Privacy Liability Insurance
- Umbrella Liability
- Workers’ Compensation
2. Client Retention and Time in Business
It’s important to see what percentage of an insurance company’s clients choose to return year after year. A high client retention rate often speaks well of customer satisfaction. The longer an insurance company has been in business, the more they should know with respect to the industry.
3. Memberships, Partnerships and Endorsements
The memberships, partnerships and endorsements an insurance agency has often speaks to who is happy doing business with it.