When evaluating employment agency options for staff insurance, there are several factors that can impact the cost. Working with a knowledgeable insurance agent who is familiar with the special insurance needs for staffing agencies can be valuable for choosing the right set of insurance policies. The following factors may influence the overall cost of insuring the company.
Several factors may be taken into consideration when determining the cost for an insurance policy.
- Coverage Limits. Policies may have aggregate or separate limits. The larger the exposure for the insurance company, the higher the cost of the policy. A staffing agency may also have contractual obligations to carry certain coverage limits.
- Deductibles. Larger deductibles, whether for individual policies or aggregated between a suite of coverage policies, may lead to lower premium costs.
- Historical record. The agency’s past claims record may be a predictor for what future claims may be. Insurers may want to review the company’s employment policies and manuals as well.
- Number of employees. More employees covered by the policy may increase the policy cost.
- Industry. Coverage costs vary by industry and the types of risks covered.
Standard business insurance may not fully cover a staffing agency’s needs. An experienced staff insurance agent can work with a staffing agency to build out the right set of policies to securely cover the company’s business risks.