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Best In-Class Business Insurance for Technology Firms & IT Consultants
Business insurance for medical staffing agencies is essential when you consider how easily random accidents can happen in the medical field. While you can say that about any industry, the medical profession has more vulnerabilities due to ill patients and complex equipment.
If you run a medical staffing agency, you understand this better than anyone, yet you’re perhaps stuck on deciding what kind of insurance to obtain.
Your biggest challenge is dealing with co-employment laws as you employ medical professionals from all medical fields. Whether it’s placing doctors, nurses, medical assistants, or nursing assistants, injury to any of them could happen any time. When these people work with ailing patients, unexpected specific injuries could occur from both sides. Physical injuries to the back or even catching a disease are always possible on the worker’s side.
The same goes for when working with medical equipment. An accident occurring with these items could lead to the injury of others, or damage to medical facility property. Plus, when it comes to liability, you usually need liability insurance that focuses strictly on the medical industry itself.
When you get a general liability insurance plan, you can protect yourself from various angles. While you may have to get medical professional liability later for more specific protections, general liability covers a lot of the main workplace risks.
As with most general liability policies, you’re covered if property damage occurs or if a client gets injured on the job. These could happen together in an unfortunate medical situation. Then again, anything can happen with even the simplest of tasks.
What’s important is that general liability helps protect you if the medical facility decides to sue you for property damage or other scenario. It doesn’t matter if the lawsuit is fraudulent. You’re protected legally this way, and it’s an imperative considering how expensive litigation is.
Keep in mind, though, that general liability does live up to its name. You’ll be covered for things like theft and property destruction. For more protection on a professional liability level, you’ll need an additional policy.
Placing medical professionals in various facilities could mean some serious accidents due to learning new procedures. On a professional level, it could lead to claims of malpractice or negligence. This only places a major legal burden on you since you’re responsible for the hire.
That’s why medical professional liability policies usually complement general liability. Many more specific liability policies are available to help get more thorough protection. Finding a medical liability plan isn’t hard to do, and it covers all the points associated with malpractice or negligence claims.
The above goes into not only claims of physical injury, but also mental anguish. Because lawyers ultimately win in these cases, you’re covered in all the legal costs you’d have to pay to defend yourself.
It’s standard to get workers’ comp to help protect against your client getting injured. They could come after you legally for these injuries without these state-mandated benefits. Workers’ comp again protects your staffing agency on a financial level.
Before you decide on workers’ compensation, see what the benefits are in your state. They vary, though policies usually cover medical care and pay percentage from lost wages. It could also include the extra of employers’ liability. Most states, including New Jersey, require workers’ compensation insurance.
Having fidelity and surety bonds in your corner can protect you and the hired workers. Fidelity bonds give you protection from being sued if the hired worker does something unscrupulous (like steal from a facility at which they’ve been placed by your agency). Individual fidelity bonds are available to protect against specific situations.
Surety bonds cover broad scenario categories as well. The surety giving the bond pays for any losses incurred by the associated medical facility.
While many of these are standard types of insurance that any business should have in order to avoid risks, it’s even more important for medical staffing agencies to obtain all of this and more. Given the precarious nature of the industry, it’s better to be safe than sorry. A trustworthy insurance company (like us) can help you navigate the specifics so you’re fully covered.
Evidence shows that many employees consider health insurance to be one of the most essential benefits in the workforce. Nevertheless, they don’t always think about the benefits in those policies until they are forced to choose a plan.
With health insurance getting more focus lately, it’s worth finding out which benefits your employees find the most important. Other statistics say employees want voluntary benefits and services in their plans. Plus, workers expect these benefit types to continue into the coming decade.
It’s worth noting that health insurance benefits continue to evolve since many businesses agree to offer high-deductible policies. Since any kind of accident could occur in a company, medical coverage may become more comprehensive.
The important thing is to communicate with your employees about the benefits your insurance policy provides. When you do, your employees feel more secure in staying with your company.
Let’s take a look at what benefits your employees find the most important, and how they relate to possible issues in your company.
One of the most increasingly common benefits employees find important is accident insurance. No matter what industry you’re in, accidents can easily happen anywhere. With statistics showing accidents occur every six seconds at work, your employees count on this type of insurance for their own well-being.
In the near future, many of those accident benefits may increase to more comprehensive areas. Employees may expect coverage on things like critical illnesses or even identity theft. The latter is unfortunately prevalent in too many workplaces, sometimes from online thieves. That could especially be the case if employees work in the field with mobile devices.
We sometimes forget that lack of good dental hygiene can create a domino effect on people’s health. Illnesses like diabetes and heart disease can occur as the result of dental problems. Overall, this only increases health costs for you.
Providing a good dental plan gives incentive for your employees to have regular checkups and cleanings. Since dental plans are usually separate policies, make sure to get all your employees up to speed on the benefits they have.
You’ll find numerous stats showing that a typical male worker has a 21% chance of being disabled for three months or longer during their career. When you see statistics like this, you can see why employees consider disability insurance more important than ever.
If many of your employees do extensive physical work, having coverage for disability is a must. Even the slightest physical task could make an employee’s back give out, or cause a fall that brings possible paralysis.
Keeping an employee’s vision healthy is equally important as good dental health. Having bad vision only causes more accidents on the job, and not treating eye diseases could cause other problems.
Considering the cost of glasses nowadays, an employee obviously wants coverage to get prescription eyewear if needed. It’s especially important for employees who do exacting work in their jobs. If an accident occurred because you refused vision coverage, any damage could fall on you in responsibility.
Employees may get life insurance on their own for their families, though they also depend on employers for the same. Offering life insurance in the workplace goes back many years, so don’t overlook it.
The cost of death due to a work accident places a major burden on the employee’s family and your company if litigation occurs. Quality life insurance creates a solid security foundation.
Contact us here at InsureYourCompany.com to help you find the insurance you need to keep your business safe and your employees happy.
Specifying in a particular niche, regardless of the nature of your business, always presents a number of interesting challenges. IT recruiters in particular face challenges related to looking for competent employees to work. There are also the matters of needing the right insurance, having adequate technology to do the job, and finding the right candidate for the job.
Let’s explore these challenges that are unique to the IT recruitment field.
For IT recruiting firms, this can include general liability insurance in case of charges of advertising injury, personal injury, slander and libel, copyright infringement, property damage, and bodily injury. It can even protect in cases of property damage to property owned by third parties.
Here’s an example where this type of insurance might come in handy: a client might sue you, claiming the code of a contractor you recommended has numerous mistakes, which made it hard for him or her to find work or damaged the company’s reputation. The insurance would pay legal fees for you to defend your company. You also need workers’ compensation.
The fact of the matter is, IT recruiters need their applicant tracking systems to work better, but often have less money to work with. Normally, 35 % of staffing firms spend most of their recruiting money on technology.
Despite, this, half are unsatisfied with what they receive in return. Almost a third—30%—believe the money spent actually hinders them doing their jobs.
All recruiting firms face this dilemma. There is an increased demand for contract workers across all industries, but especially in the IT field. Advertising on social media helps. The easier it is for people to know you are looking for candidates with certain kinds of skills, the more likely they are to find you.
Often recruiting firms have a hard time finding candidates to meet a need permanently, so they settle for a temporary worker. Some surveys have shown that partially because of a lower unemployment rate, as many as 65% of companies are having a hard time finding skilled workers. This is truer for IT recruiters, because they are looking for highly qualified people with specific technical skills, such as people knowledgeable enough to write specific types of code, work with specific types of software, databases, and more.
You may want exclusive rights to present a candidate to a client. One problem is, the client may have applied to work through you and applied directly to the client. A way to handle the problem is to offer more than other staffing firms. Offer more than a client can get on his own.
You should do background checks on all applicants, including their past work performance and injury history and test their skills. Much can be done online. Drug test and interview every candidate thoroughly. You will be ahead of other recruiters if all your candidates are adequately vetted and can provide top-of-the-line work to your clients.
If you are going to deal with independent consultants, you will need to have detailed agreements concerning working at third-party sites. Prepare the right kind of clauses in your contracts that will help avoid a variety of legal risks by maintaining certain procedures.
For example, your contract may have to have confidentiality clauses to guarantee that your contractor won’t disclose a company trade secret of your client. This is very important when dealing with IT matters, since sensitive personal and financial information is often involved.
There are a lot of things an IT staffing firm needs to do to provide an adequate service for its clients, and these five challenges are not the only ones faced. Nevertheless, dealing with them can help lead to success. If you would like more information about the right kind of insurance for your recruiting business, download our free business insurance guide or contact us.
This is a question we hear often from small business owners here in New Jersey. Group health insurance is a great benefit to offer your employees, but many business owners are concerned about the costs and whether it’s worth offering it versus allowing employees to opt for personal plans.
The answer often depends on how big your business is—a company with more than 100 employees, between 50 to 100 employees, 50 or less, or less than 25.
It also depends on how one defines “small business.” The official definition of companies with 50-99 employees is mid-sized, and is large for companies with 100 or more.
On the other hand, there are a number of companies with hundreds or thousands of employees, so a company with around 100 employees could be considered small compared to many corporations.
Companies with more than 100 employees face the following requirements:
Companies with between 50 to 100 employees face the following requirements:
Companies with less than 50 employees are generally not covered by the employer mandate and do not have to pay a fine if their employees receive premium tax credits in the marketplace. They can often obtain insurance through the Small Business Health Options Program (SHOP).
Companies with 50 or fewer full-time equivalent (FTE) employees may participate. The program gives small employers the chance to find higher quality insurance at a better price by providing increased purchasing power. The program also lessens the administrative complexity.
In addition, it pools the risk for small groups. Companies that offer insurance to employees through the SHOP and meet eligibility requirements might be eligible for the Small Business Tax Credit of up to 50%.
Companies that have 25 or fewer employees who earn less than $50,000 each may apply for a tax credit, which pays up to half of the premium. The smaller the business, the bigger the potential subsidy could be. The biggest tax credits are paid to companies with ten or fewer employees who earn $25,000 or less per year.
Tax-exempt companies are eligible for a tax credit of as much as 35%. To be eligible, companies must may half the premium costs, or more, and buy insurance through the SHOP program.
If you have any questions about the government’s requirements for insurance for small companies, or anything else, feel free to contact us. At InsureYourCompany.com, we are familiar with the puzzling nature of obtaining business insurance for your small business, and can help point you in the right direction.
We understand—insurance is expensive for small businesses. When you’re trying to keep your company afloat, your employees paid, and your customers happy, increasing costs in any area of your business can be a great source of stress.
Luckily, a business owners policy (BOP) can provide the common types of coverage that any business needs under one policy, saving you valuable funds.
Some of the types of insurance provided by such a policy include:
This is a type of insurance any business needs to protect against damage from such things as windstorms, hail, fire, and other natural disasters. This will also help protect your personal business property, such as computers, and replace lost business income.
Learn more about commercial property insurance.
This protects the assets of your business and pays for expenses and obligations, such as medical costs if a customer or client is injured on your property. It will also protect your business if you or your employees cause an injury or property damage.
General liability insurance pays for the expenses of your legal defense and any settlement or monetary award granted if someone successfully sues you. Such damages could include compensatory damages, or money granted to a plaintiff to compensate for injury, damages, or another type of loss. Other damages could include nonmonetary losses an injured party would suffer and punitive damages a court would grant to punish you for wrongdoing.
This insurance could also protect you against claims of misleading or false advertising, such as slander, libel, or copyright infringement. In addition, it would protect you against your financial responsibility as a tenant if you are responsible for damage to a property you rent, such as a fire.
Learn more about general liability insurance.
Business interruption insurance is coverage that will replace lost income your company might suffer after a disaster. This could be income lost after a business has to close because of a disaster or any rebuilding necessary after the disaster.
Such insurance might be needed after a fire has greatly damaged your business, making it impossible to do work there for some time, or similar damage that might happen after any natural disaster, such as a windstorm.
Learn more about business interruption insurance.
BOPs can also include other, more specific types of insurance depending on the nature of your business, including:
BOPs can save small businesses a lot of money by combing several types of coverage into one policy, but they will not provide all the insurance a company might need. They will not provide:
Combing policies can save money, which is where a business owners policy can come in handy for any small business. If you have any questions about a business owners policy, or anything else related to business insurance, feel free to contact us.
As an IT professional, imagine an employee of yours makes a mistake that causes a client to lose important data, or that software or a system you designed quits working. Your client may be unable to run his or business, and you could face a lawsuit.
These are only two examples of why you need tech insurance. Your business may need some of the same kinds of coverage any business does, but in your profession, there are some special needs you face that not every business owner does.
Let’s explore some of the types of insurance you may need for your IT business.
Professional liability insurance covers a company or business owner if a service he or she provides or failed to deliver does not live up to expectations. This would apply to an IT professional who might be responsible if he or she is responsible for the loss of important data for a client, or if software quits working, rendering a business inoperable (as mentioned above).
It is sometimes called malpractice insurance, when doctors purchase it. Besides IT professionals, specialized professionals such as doctors, attorneys, chiropractors, dentists, accountants, architects, engineers, and others, including wedding planners, and commercial printers purchase it. It pays for attorney fees and other court costs and can keep a small business owner from being responsible for a huge debt he or she can’t afford.
Cyber liability insurance protects businesses against expenses and liability caused by the loss or theft of data—something all IT businesses could face. It also protects against the expenses arising because of a breach of data, privacy, or security, especially for businesses hosting another company’s information.
Even though clients should have their own cyber liability insurance to protect themselves if something like this were to happen, IT professionals need the coverage too. Specifically, the coverage protects against and provides for:
This will protect businesses from loses associated with unauthorized access to data. This is a big deal if your clients are from the financial industry or any other type of business that involves sensitive information.
In today’s world where nearly every business is “plugged in” in one way or another, there’s an increased risk of such unauthorized access causing either you or your clients significant losses.
All businesses that own or rent a physical location, including IT businesses, need commercial property insurance. It will protect your commercial property from losses related to fire, smoke, storms, vandalism, and civil disobedience.
This type of insurance also protects the property of your business that is inside your workspace, including computers, printers, desks, and phones.
General liability insurance is purchased by all types of businesses. This protects against expenses you may incur arising from claims of bodily or other physical injury, or property damage. It is often offered as a package along with property insurance. It protects not only for incidents that occur on your business site, but at other locations where you normally conduct business.
With this coverage, you can continue business operations confidently while facing a fraudulent (or real) claim of wrongdoing or negligence—a claim that could cripple your IT business if you don’t have the coverage.
Most states require businesses that have W2 employees to have workers’ compensation. In addition, some states require the coverage for 1099 contractors. This will cover your employees’ expenses arising from on-the-job injuries or work-related illnesses.
Such expense could include medical and disability expenses. Some states allow officers, partners, owners, and other principals to decline to participate in their own company’s coverage.
Such policies include employees’ liability coverage. This insurance protects a company when an employee claims an employer’s failure to provide a safe workplace or negligence caused his or her injury.
If you run an IT business but still aren’t sure exactly which of these types of insurance you need, contact the business insurance experts here at InsureYourCompany.com. We offer free, 30-minute assessments that can get you started on the right path to protecting your business.
Let’s hope it never happens, but suppose a fire destroys the building that houses your business and all of its assets. Or imagine instead that you’re an artist with a studio, and a water pipe bursts and ruins your drawings, documents, or other valuable papers. Suppose a storm ruins your outdoor sign.
For a business owner, these are all nightmare scenarios, right?
These are only some of the things that could happen when you own or rent property for your business. Luckily, commercial property insurance can protect your company from a big financial loss if anything bad were to happen.
There are a number of things this type of insurance covers, including:
The nature of the incident also dictates coverage. According to the United States Small Business Administration, commercial property insurance covers everything related to losses caused by:
According to the government agency, for insurance purposes, the term “property” is broad and includes business interruption, computers, lost income, money, and papers.
There are two types of commercial property insurance polices:
Peril-specific policies could include crime, flood, business interruption, and fire. On the other hand, all-risk policies could cover risks a small company might face. A business owner would usually purchase a peril-specific policy if his company were in an area where there is a high risk from a certain kind of peril.
Here are some specific types of coverage typically provided by commercial property insurance:
A reputable insurance agent can help you determine the type of coverage you need for your commercial property. For more information, feel free to contact us or—even better—get a quot from one of our business insurance experts to make sure you’ve got all of your bases covered.
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InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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