Staffing firms have unique liabilities and coverage needs that need to be addressed. It is smart to get an insurance plan that is tailored to your business’s particular risks, requirements, and budgetary limitations. Learn about key policies of vendor management services you should consider.
General liability provides coverage from certain lawsuits filed by vendors, customers, clients, and other third parties. Covered claims include when you are sued for:
Causing physical injury
Employment agencies store a lot of private data on their networks. You likely have the personal information of thousands of employees. Cyber liability coverage gives you protection when this data is breached.
Sudden incidents can incur damages to your property. Property insurance covers you in the event of:
Certain weather events
Property insurance reimburses you for the monetary value of lost or damaged property. This depends on how you value your supplies, equipment, and other forms of property.
This is just a snapshot of vendor management services that are crucial to keep your staffing firm up and running in the wake of unexpected turmoil. Look into your particular needs and unique exposures that you face. Make sure you get coverage that is designed to keep you protected.
Choosing to outsource many of your management projects to a firm offering vendor management servicesis a big decision, and thus shouldn’t be made without a lot of thought and consideration put into it. You don’t want to blindly enter into this agreement; it’s perfectly reasonable for you to have a few expectations of the service provider. Among those should be:
Transparency: While they don’t need to completely open their books to you, a vendor management services provider should be willing to share any and all information related to your service line. This should include any changes to their service model and industry forecast information.
Involvement: Given the nature of your relationship, you should expect to at least be consulted on matters involving new strategies regarding client recruitment, staffing request management, and labor reporting.
Perspective: This partnership should be viewed as a long-term agreement. Therefore, you shouldn’t feel the pressure to continuously modify your operations to fit their requests. Any aspects of their service model that don’t align with yours shouldn’t be forced upon you.
Value: Too many service providers simply focus on offering the lowest price. Yet this is a service where you truly get what you pay for. You should expect that the services your provider offers covers everything to want, delivered at competitive price.
Don’t be afraid to asks questions of the providers that you’re considered. By making an informed decision regarding your vendor management services, you place yourself in a much better position to enjoy all the benefits such a service has to offer.