Tennessee Temporary Staffing Insurance Policy Information
Tennessee 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 Tennessee temporary staffing insurance provides you with protection if there's a lawsuit against your business.
Tennessee 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 Tennessee temporary staffing insurance policies that are available. Here are some of the more common coverages:
Commercial General Liability Insurance: Having this Tennessee 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 TN 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 Tennessee 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 TN 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.
TN 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 TN auto liability insurance. Having this insurance covers your vehicle if they damage another vehicle or the property of a third party.
TN 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.
Tennessee Economic Data & Commercial Insurance Information
If you're a entrepreneur, you need more than just a great products and services and a well-established business model to be a success; you also need to choose the right location for your organization. No matter how awesome your ideas are, if your business isn't located in a place where what you offer will provide value to consumers, you're going to struggle to succeed.
Whether you're thinking about setting up the headquarters of your organization or you're planning on opening a branch of your company in Tennessee, familiarizing yourself with the economic trends and the requirements for commercial insurance in the state is crucial for your success. Below, we offer insights regarding job growth and insurance coverage requirements in The Volunteer State.
Economic Trends For Small Business In Tennessee
In regard to job growth, the state of Tennessee is exceeds the rate of national job growth. As of February 2019, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2019.
In addition to positive job growth, the state of Tennessee offers other favorable conditions for entrepreneurs. No personal income tax and more training and education opportunities for the workforce are just some of the factors that make The Volunteer State a great place for business owners of both established companies and startups. While the entire state offers favorable conditions for businesses, the eastern and middle areas are considered the best to start a business; this includes big cities like Nashville and Knoxville; however, cities throughout the state are also offering great opportunities for business operations, such as Chattanooga, Memphis, Pigeon Forge, Alcoa, Lebanon, and Crossville.
Industries that are thriving in Tennessee include:
- Information technology
- Technology, as a whole
Business Insurance Regulations & Limits In TN
The Tennessee Department of Commerce & Insurance regulates insurance in Tennessee. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 5 or more employees are required by TN state law to have workers comp insurance coverage. That drops to 1 or more employees if they operate in the construction business or trades (construction service providers).
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
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
- 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.
Request a free Tennessee Temporary Staffing insurance quote in Alcoa, Arlington, Athens, Atoka, Bartlett, Bloomingdale, Brentwood, Bristol, Brownsville, Chattanooga, Church Hill, Clarksville, Cleveland, Clinton, Collegedale, Collierville, Columbia, Cookeville, Covington, Crossville, Dayton, Dickson, Dyersburg, East Ridge, Elizabethton, Erwin, Fairfield Glade, Fairview, Farragut, Fayetteville, Franklin, Gallatin, Germantown, Goodlettsville, Green Hill, Greenbrier, Greeneville, Harriman, Harrison, Hartsville, Henderson, Hendersonville, Humboldt, Jackson, Jefferson City, Johnson City, Kingsport, Kingston, Knoxville, La Follette, La Vergne, Lakeland, Lawrenceburg, Lebanon, Lenoir City, Lewisburg, Lexington, Loudon, Lynchburg, Manchester, Martin, Maryville, McKenzie, McMinnville, Memphis, Middle Valley, Milan, Millersville, Millington, Morristown, Mount Juliet, Munford, Murfreesboro, Nashville-Davidson, Newport, Nolensville, Oak Ridge, Oakland, Paris, Pigeon Forge, Portland, Pulaski, Red Bank, Ripley, Savannah, Sevierville, Seymour, Shelbyville, Signal Mountain, Smyrna, Soddy-Daisy, South Cleveland, Spring Hill, Springfield, Sweetwater, Tellico Village, Tullahoma, Union City, White House, Winchester and all other cities in TN - The Volunteer State.
Also learn about Teneessee small business insurance requirements for general liability, business property, commercial auto & workers compensation including TN business insurance costs. Call us (901) 255-6544.