Many companies rely on your professional employer organization or PEO to take care of important business functions. From HR solutions to other essential aspects, you provide a number of services that help keep these businesses running and running well. As a PEO, you’re exposed to different risks that will be affected by the particular contractual agreements between you and your clients. Whereas most other types of companies might purchase standard insurance products to address risks and exposures, you’re actually sharing business functions that require customized approaches.
Protecting Your Business
PEO industry insurance requirements look like that of many other firms when it comes to the types of protection needed:
- General liability – Injuries experienced by third parties on the premises
- Professional liability – Errors and omissions in work produced or deliverables
- Employment practices liability – Protection against claims due to business policy
- Umbrella liability – Boost to other types of liability products
Each of these types of products requires special attention based on your operational needs. It’s also important to consider PEO requirements as they relate to other types of insurance, including property and auto.
Finding the Right Coverage
PEOs are essential partners to many businesses that rely on them for critical aspects of getting the job done. It’s important for you to find an insurer that can help you find the tools and products needed to manage exposures that are specific to the PEO industry. You owe it to your company and your clientele.