Staffing Insurance: What You Need to Know Now!
Article 4 In a Series
Six Reasons You Should Use a Specialist For Your Insurance
• To avoid overpaying for your insurance.
• To avoid gaps, being underinsured, or having inferior coverage.
• To obtain cutting-edge enhancements as they become available.
• To obtain relevant workers' compensation support.
• To have real workers' compensation options from which to choose.
• For consultative advice you can use.
National Brokers and local brokers all have value, are an important part of the insurance community and do their very best to provide clients with the right mix of insurance products and services. But the fact is that you are in much better hands with a Specialist than you are with a Generalist. The medical and legal professions do a great job of working exclusively in areas they are familiar with and have training for. Would you go to a divorce attorney for a will or trust? If your brother-in-law was a podiatrist, would you go to him for hernia surgery? Of course you wouldn't. The thinking should be the same when you choose an insurance professional. Insurance is complex and what is at risk is your most valuable asset; your business. A Generalist will do his best for you; but if you are the only staffing firm he writes, you may be taking a chance that your insurance coverage isn't what it needs to be to protect your business. Listed below are just six of the reasons we think it is critical to work with a Broker who is a Specialist in the staffing industry.
• To avoid overpaying for your insurance.
At CTK/INSURICA, we write new staffing firms every month. It is surprising how many clients have paid outrageously high premiums for policies that do not meet their needs, and would likely not pay a claim. Some large, well known insurance companies will write a policy that covers everything except the temporary employees.
• To avoid gaps, being underinsured, or having inferior coverage.
There are plenty of well known insurance companies that will write a low cost policy for you. Unfortunately, those policies would probably never cover a claim that occurs at your client's site. Or the policies are missing critical coverage, leaving you with gaps in your insurance program. Or, policies are written on a “Claims Made” form when “Occurrence” coverage is available. Can you afford to put your company at financial risk with a poorly constructed insurance program?
• To obtain cutting edge enhancements as they become available.
Do you have coverage for Wage and Hour issues? How about defense coverage for Immigration Practices? Or coverage for the personal information of employees and candidates stored on your computer or the Internet? Whose policy does not exclude drivers? At CTK/INSURICA, we stay on top of new policies and coverage enhancements that become available in the marketplace.
• To obtain relevant workers' compensation support.
Need a class code in a hurry for a new job order? Need a safety manual written for a staffing firm? Need a Unit Statistical claim review? Would you like an early projection of your Experience Modifier or an analysis of your claims including a comparison to other staffing firms? We provide all of these services and more for our clients.
• To have real workers' compensation options to choose from.
Are you frustrated by being steered to the same carrier each year? Do you wish you had two or three options to choose from? Is it even reasonable to expect two or three options at renewal? Are you interested in a Captive program, or in Alternative Solutions like Pay-go programs? We have significant amounts of business with all of the major carriers writing staffing firms. We know the programs well, and can make recommendations based on the experiences of many clients over many years in these programs.
• For consultative advice you can use.
Do you have a job order that you're concerned about filling? With our years of experience servicing hundreds of staffing clients, we can advise you on the risk management dangers of that job order. Do you see clients with extremely high insurance limit requirements? Just to get in the door they may require $5 million Errors and Omissions limits or $2 million Employee Dishonesty Bond limits. The cost to insure your company for one prospective client's unreasonable insurance requirements can be quite high. Our substantial footprint within the staffing industry exposes us to many of your client contracts on a regular basis. Our experience with those client companies and their risk tolerance keeps us privy to if and when a client may be flexible with their insurance requirements. As well, we are able to provide you with general industry information that can help you negotiate with your client company. Your ability to “push back” on some of these requirements can potentially save thousands of dollars in premium.
In a nutshell, it is critical to your financial well-being to work with an insurance broker who specializes in the staffing industry. At CTK North American/INSURICA, we insure hundreds of staffing firms across the country. We help our clients create risk management programs that protect their most valuable assets, their business.
Questions? Please feel free to email me at RichS@ctkins.com , and I'll make sure to get you an answer.
1240 North Lakeview Avenue, #240, Anaheim, California 92807 P 714.779.2000 F 714.779.4129