Saint Peters, MO (PRWEB) August 6, 2010
In the six months from September 2009 through February 2010, the United States Bureau of Labor Statistics reported a net job loss of 35,000 permanent jobs. But during the same period, 264,000 temporary jobs were created. Many of these temporary jobs were filled with the assistance of professional staffing agencies – and for each temporary employee those agencies sent into the workforce, they also assumed a variety of liabilities. To protect staffing and placement agencies from the actions of the people they place into jobs, specialty insurance provider Stuckey & Company offers professional liability (errors and omissions) insurance specially designed for this fast-growing industry.
Stuckey & Company’s President and CEO, Dwight Stuckey, says the growth in staffing firms is fueled by a higher-than-normal pool of talented workers willing to take a temporary position in hopes of getting a full-time permanent job offer. “As part of the fallout in the recent economic downturn, there are an abundance of qualified workers without jobs,” Stuckey says. “And while many companies have begun to hire again, they are hesitant about offering permanent positions, choosing instead to use staffing and employment agencies.”
Stuckey warns that while the vast majority of people seeking temporary employment have the qualifications and backgrounds they claim, an overworked placement agency staff may not have the resources to check every point on a candidate’s resume. “At the end of the day, employment agencies are ‘middle men’ in the hiring process,” Stuckey says, “and they have to rely on the honesty and integrity of the people they are placing into jobs.” Stuckey says employment agencies have a large E&O exposure that should be adequately addressed with proper insurance coverage. “The legal defense costs of a single claim against a small firm could easily devastate the business.”
Errors and Omissions (E&O) coverage from Stuckey & Company includes:
- Access to A-rated carriers in the lower 48 states and District of Columbia
- “Duty-to-defend” coverage forms available to most risks
- Scalable limits to meet insured’s needs
- Personal Injury coverage included
- Worldwide Territory coverage
- Extended Reporting and Prior Acts coverage available
In addition, Stuckey & Company can offer other commercial insurance products to meet common risks faced by placement agencies. For example, many staffing firms have on-site testing for various jobs skill sets, which can expose the firms to General Liability and Worker’s Compensation claims. Stuckey & company can help protect against these exposures, and in many cases, can group the General Liability with the Errors and Omissions coverage.
Staffing Agency E&O Insurance from Stuckey & Company protects employment and staffing firms of all sizes, and limits between $100,000 and $5,000,000 are available to qualified risks in most areas. Minimum premiums start as low as $500 in many states. Insurance agents representing clients in this growing industry should contact Chris Boylan, Professional Liability Underwriter, at 800-828-3452 ext. 35, or download a Miscellaneous Professional Liability application from Stuckey & Compnay's web site.
About Stuckey and Company
Stuckey & Company is a specialty insurance provider based in Lake St. Louis, Missouri. For 20 years, Stuckey has offered commercial, professional and personal lines of insurance. Stuckey & Company’s network of more than 8,000 licensed agents has the knowledge and experience in dealing with specific coverage not typically covered under standard policies. As one of the fastest-growing specialty insurance providers in the U.S., Stuckey & Company offers E&O coverage to over 150 classes in sectors that include technology and IT consulting, accounting and financial services, government services, media, laboratories and education. Coverage limits are available for many risks up to $5 million. The company also offers a variety of standard policies. For information on any of Stuckey & Company’s commercial insurance programs, call 1-800-828-3452 and ask for Dwight Stuckey.
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