Alaska Temporary Staffing Insurance Policy Information
Alaska Temporary Staffing Insurance. When a company needs workers temporarily, they seek the help of a temp agency. With these services, a company can get workers for limited periods of time to assist in a business. Persons who referred to a job are employees of the temporary staffing agency. As with any other business, there are risks involved with running a staffing agency.
For this reason, it's important to invest in commercial insurance for your business. Having Alaska temporary staffing insurance provides you with protection if there's a lawsuit against your business.
Alaska temporary staffing insurance protects your agency from lawsuits with rates as low as $87/mo. Get a fast quote and your certificate of insurance now.
Why Insurance Is Important for Temporary Staffing Firms
A lawsuit can destroy your business, which is why it is important for you to have insurance. The first thing you must do is find out what are the different insurance policies available and which ones are best suited for your business. Before speaking with an insurance agent, it's a good idea to know the different types of Alaska temporary staffing insurance policies that are available. Here are some of the more common coverages:
Commercial General Liability Insurance: Having this Alaska temporary staffing insurance protects you from third-party bodily injury and property damage claims. It's important for your policy to identify that your business is a temporary staffing agency and not an employment agency.
Employee Theft and Crime Coverage: With this insurance, your AK staffing company is covered when employees or other persons commit theft and other fraudulent acts. Theft in your business can cause lots of financial damage which makes having this type of insurance important for your business.
Employment Practices Liability Insurance: If you want to protect your temp agency from discriminatory action claims, then having this insurance is crucial. Whether an employee or past employee claims sexual harassment or wrongful termination you are covered by having this type of Alaska temporary staffing insurance for your business.
Professional Liability Insurance: Professional liability insurance otherwise known as errors and omissions coverage covers your staffing agency when lawsuits are made against your business due to negligence. If you fail to provide a qualified person for the job or you don't perform the necessary background checks, and you cause damage to another business you can be held liable. With professional liability insurance, the costs associated with such a lawsuit will be covered.
Workers Compensation: Having this policy for your business provides your employees with protection if they are ever injured while working for you or another company. A staffing agency should have workers comp coverage for their in-house employees as well as other staff they deploy to other businesses.
With AK workers compensation, employees who are injured while on the job will have their medical expenses covered regardless if it was their fault or not. This insurance also covers costs if an employee is unable to work because of injury. An added benefit of having this type of insurance is when an employee is injured and die as a result of the injury this insurance pays benefits to the surviving members of their family.
Having this insurance for your business gives your employees a sense of safety when working for your staffing firm. Another thing to note is that different states have different laws and some of them might require you to have workers compensation insurance before operating.
AK Commercial Auto: Most businesses have vehicles they use for daily operations. While on the road there is always the risk of an accident happening with your company vehicles. With this in mind, it's important to protect your business vehicles by having AK auto liability insurance. Having this insurance covers your vehicle if they damage another vehicle or the property of a third party.
AK Temporary Staffing Insurance
When operating a staffing agency, there are always risks involved. You don't have to worry as much about the risks if you get the right insurance for your temp agency. If you have the right insurance for your business, you can protect yourself from lawsuits that can ruin your business.
Alaska Economic Data, Regulations And Limits On Commercial Insurance
If you're an entrepreneur who is thinking about starting a business in Alaska, it's important to have a basic understanding of the state's overall economy before you set up shop. Regardless of how high-quality the products and services you are planning on offering may be, if the location where you open your organization doesn't offer a target market that your products and services will appeal to, chances of success are slim. Furthermore, if a workforce isn't available to support your business, you'll have a hard time staying afloat.
With that said, it's important for business-minded individuals who are thinking about starting a company in Alaska to familiarize themselves with the state's economy; it's also a good idea to have an understanding of the commercial insurance requirements.
Following is an overview of economic trends and commercial insurance policies that business owners are required to carry in The Last Frontier.
Economic Trends For Business Owners In Alaska
According to the Bureau of Labor Statistics, the unemployment rate in Alaska was 6.1% in December of 2019. While that's significantly higher than the national unemployment rate, which was 3.4% in December, 2019, it's lower than it was one year prior, when the rate of unemployment was 6.5% in December of 2018. Though the workforce is growing slower than it is in other states, economists do predict that the rate will continue to decline in the coming years.
Despite Alaska's remoteness and cold climate, it's actually a great start to start a business. According to the Tax Foundation, Alaska is the second most tax-friendly state for business owners in the United States, as there's no individual income tax or state sales tax. Additionally, Alaska has the second highest rate of new business owners, as well as the second highest percentage of available employees (as per 2016).
As in most states, the best spots to start a business in Alaska are the state's biggest cities and the surrounding areas. This includes Anchorage, Juneau, and Fairbanks. Other key areas that are seeing a boost in business development in recent years include Homer, Sitka, Prudhoe Bay, and Ketchikan.
While there are several industries that are experiencing growth in The Last Frontier, specific sectors thrive more than others. Businesses that are related to the following industries are booming in AK:
- Fishing, which is also one of the largest contributors to the state's economy.
- Mining, which provides more than 4,500 jobs in Alaska.
- Petroleum, which is responsible for 34% of jobs in the state. In fact, Prudhoe Bay is North America's largest oil field.
- Tourism is the second largest private sector employer in the state. Each year, millions of people from around the globe travel to Alaska to marvel at the numerous natural wonders that can be found here.
Commercial Insurance Requirements In Alaska
The Alaska Division of Insurance regulates insurance in AK. Alaska mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Alaska requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Alaska also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
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Also find Alaska insurance agents & brokers and learn about Alaska small business insurance requirements for general liability, business property, commercial auto & workers compensation including AK business insurance costs. Call us (907) 531-9001.