IT Staffing Agencies Business Insurance Requirements
Most Canadian companies need a reliable website so they can sell goods and services online. So, companies need IT experts to help build and maintain those websites. As the owner of an IT staffing agency, business is booming and that isn’t going to change anytime soon. Nevertheless, you have to worry about other risks. A small mistake here or an accident there can send your company belly up. This is why you’ll want to obtain IT staffing agency insurance so you can survive anything that comes your way.
ProfessionalsCoverage can help you acquire IT staffing agency insurance. Below, you’ll learn more about the insurance that you should have.
Insurance For IT Staffing Professionals
As a professional IT staffing agent, you’ll need to protect your business with certain insurance products. E&O insurance, general liability insurance, and cyber liability insurance are among the most important.
Errors and omissions insurance can help greatly. When hiring staff for other companies, you’ll likely face strict deadlines. And, you’ll need to find qualified employees. If you choose a bad worker and they create problems for your client, you’re going to get into trouble. That company may file a lawsuit against you. With errors and omissions insurance, you’ll be able to shield yourself from these problems. This insurance offers protection from missed deadlines, providing bad workers, and oversights.
Cyber Liability Insurance
Since you’re working in IT staffing, you’re going to have a lot of information about workers. You’ll have their names, addresses, email addresses, and other private information. These individuals want this information to be protected. If it is leaked to the public, they’re going to be very angry and you will be blamed. Since this could lead to a lawsuit, you’ll want to protect your company using cyber liability insurance. It can help you pay to notify clients and it’ll pay for fraud monitoring services for the victims.
For IT staffing agencies, fidelity bonds are critical. Your clients are taking a big risk when they allow you to find them suitable staff members. If your employees don’t work hard, you’ll have problems. Unfortunately, theft by employees is very common in Canada. You don’t want your workers stealing the money you’ve earned. You don’t want them accessing and using client information for nefarious reasons. So, you need to protect your company by acquiring fidelity bonds. It’ll shield you a little more from bad employees.
When a business owner realizes they need a good employee, they’re going to visit your office. They may schedule an appointment first but they’re still going to visit your office. With that being said, you need to analyze the risks involved. That individual will drive their vehicle and it could easily get damaged in your parking lot. Or, they might trip and fall when entering your business. If they want to sue, you’ll want to make sure you have general liability insurance. This insurance will help you cover the costs associated with slip-and-fall incidents, slander lawsuits, and damage to your customer’s property.
You’ve likely hired a lot of good workers over the years. You’ll want to do everything you can to protect these individuals. Plus, you want to show them how much you care so you can keep them around. Workers’ compensation insurance is a step in the right direction. If your top employee is injured on the job, you’ll want to make sure he or she is taken care of. Do that and they’ll be ready to return to work when they recover. With workers’ compensation insurance, you’ll be able to pay for that individual’s medical expenses and lost wages.
You’re going to be meeting with a lot of workers. You’ll have to interview these individuals to make sure they’ll work well for your client. This means you’re going to be driving your vehicle for commercial purposes. You may have a few company vehicles that you use for business trips. Commercial auto insurance is pertinent because it can protect you if you cause an accident. Also, it will offer protection from criminal acts such as vehicle vandalism and theft. Finally, commercial auto insurance protects the policy holder’s vehicles from weather damage.
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance:
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
The Costs Of IT Staffing Agency Insurance
Running an IT staffing agency can be expensive so you may decide to ignore technology business insurance. This is a bad mistake. With IT business insurance, you’ll be able to protect your company when something goes wrong. ProfessionalsCoverage can help you find an insurance broker who will treat you right. Just remember that the premiums will depend on your company’s location, size, assets, and services.
Do You Need IT Staffing Agency Insurance?
Insurance for IT staffing agencies is a must. Without having insurance for your IT Company, you’re taking big risks. A mistake can happen in the blink of an eye and it could ruin your business. If your business is insured, it may be able to weather the storm and survive.
Need coverage in effect? Compare the market!
Helpful resources for IT professionals and their companies
- Why do I need IT insurance for my business?
- What types of insurance do I need for my IT business?
- Will I be legally required to get insurance to operate as an IT company?
- How do I get the cheapest rate possible as an IT business?
- As an online business, what liability insurance coverages will I need?
- How do I handle a lawsuit that is frivolous or completely fake?
- Want to cancel insurance for your IT Company? Here are reasons to consider!
- Using a change control board for tracking.
- Acceptable use policy – Every business needs it and here is how to write one!
- Want to start an IT consulting business? Awesome! Here is a small guide!
- How much insurance will I need to operate my tech company?
- I am a sole proprietor, how will business insurance work for my IT business?
- How do I choose the right legal corporate structure for my technology company?
Other types of IT Businesses we insure:
If your specializing is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of information technology related businesses.
- Telecom Cabling Installers Insurance
- Network Designer Insurance
- Cyber Security Insurance
- Business Intelligence Insurance
- Data Analysis Insurance
- Database Administration Insurance
- Web Hosting Service Insurance
- Network Security Company Insurance
- Mobile App Developers Insurance
- IT Staffing Agency Insurance
- IT Project Management Insurance
- IT Consultants Insurance
- Data Scientist Insurance
- Computer Repair Business Insurance
- Digital Marketing Agency Insurance
- SEO & SEM Consultants Insurance
- Software Developers Insurance
- Technical Writers Insurance