Medical staffing agencies often face complex insurance considerations, including the risk of costly lawsuits.
From workers' compensation claims to professional liability issues, unexpected challenges can impact business stability.
At Mason-McBride Insurance, we understand the importance of healthcare staffing insurance and the need to evaluate the risks associated with each placement.
Common Coverages for Staffing Agencies
Mason-McBride works closely with healthcare, nursing, physician placement, allied health, and medical recruitment staffing firms to develop insurance strategies that help mitigate job-related risks.
While insurance requirements vary based on operations, common coverages for medical staffing agencies include:
Workers Compensation Insurance:
Healthcare staffing agencies have unique workers’ compensation needs. This coverage aims to provide benefits to employees recovering from work-related injuries or illnesses and may also provide support to their families in the event of a workplace fatality. Factors such as job risk, claims history, and payroll size affect workers’ compensation costs.
General Liability Insurance:
General liability coverage can help protect your employment agency against claims related to bodily injury, property damage, advertising injury, or certain allegations of errors or omissions. Without this coverage, your business may be responsible for legal costs, including attorney fees and settlements.
Cyber Liability Insurance:
Cyber liability insurance helps address data breaches involving personally identifiable information. Many policies can also include extortion coverage, business income protection, and systems failure due to a cyber event.
Professional Liability Insurance:
Also known as Errors and Omissions (E&O), this coverage helps protect your staffing agency from claims of negligence related to professional services. A claim may arise if a client alleges financial loss due to an error or omission in the services provided.
Business Property Insurance:
Business property insurance is designed to cover physical assets such as equipment, signage, inventory, and furniture in the event of fire, storm damage, or theft. However, coverage for large-scale disasters like floods and earthquakes typically requires a separate policy.
Employment Practices Liability (EPLI)
Medical staffing agencies face potential legal challenges related to employment practices, including allegations of wrongful termination, discrimination, harassment, and wage disputes. EPLI can help protect against claims brought by employees or applicants, covering legal defense costs and potential settlements.
Why Work With Mason-McBride?
At Mason-McBride, we understand the operational challenges the staffing industry faces. Our team works closely with each client to help evaluate coverage options that align with their business needs.