Over 20 million people across Washington, Wyoming, Ohio and North Dakota are affected by the fact that they live in a monopolistic state. While many people might not know it, it’s pretty essential information for the workforce. This means that while staffing agencies get a workers’ compensation policy through a state fund (appointed by regulations) they are lacking other vital coverages. This coverage is known as employer’s liability, according to the International Risk Management Institute (IRMI). It’s not covered underneath the state, meaning it’s up to someone else to step up and get coverage. What you need in this case is stop gap insurance coverage.
This particular endorsement makes up for that void left by confusing and broad regulations. Any good staffing agency is going to want comprehensive coverage for their business and their employees. Don’t cut any corners and think about getting a stop gap endorsement in your life. It’ll make you that much safer.
Do you really need this coverage? Is it worth it? The answer to that is always yes. If you’re wondering when you need a stop gap endorsement, we’re about to discuss it below.
Why You Need Stop Gap Coverage
Think about this scenario, courtesy of LinkedIn. Someone is injured on the job. Whether it’s minor or more severe, the employee chooses to report it and receives medical attention. While the treatment is going to be covered underneath your general workers’ compensation policy, what’s not covered is negligence on an employer’s part. If the accident could have been avoided because of something the higher ups should’ve done, then it’s something totally different. That means that stop gap insurance coverage is needed. Why? Because someone has to pay for the possible lawsuit opened due to any amount of negligence. It helps keep the employer safe, effectively keeping your staffing agency running while going through hardship.
When You Need Stop Gap Coverage
If you’re not in Ohio, Wyoming, Washington or North Dakota, then this isn’t as pressing a concern for your agency. Considering there’s somewhere around 325.7 million people living in the United States, that means about six percent of people in the country actually have to deal with this issue. While you might never think anyone could file a suit against a staffing agency, it’s not practical to put your faith in luck of the draw. Not everyone keeps their equipment on point constantly and it’s hard to say that an accident will never happen. While no one wants that to be the truth, it’s what we have to live with. This is why getting stop gap insurance coverage is the most logical answer for any business. Don’t let a work-related injury fester a monetary wound into your staffing agency. Contact World Wide Specialty Programs today and let an agent find the right insurance coverage for you.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (800) 245-9653 to speak with one of our representatives.