Categories
Staffing Company Employees

Protecting Your Staffing Company Employees

The staffing industry is one of the fastest growing niches in the B2B marketplace, and it’s no surprise. Screening applicants and seeking out talent for niche skill sets can be expensive, so many companies outsource the process to labor providers who make it the point of their businesses. When you provide the staff to other companies, though, you need workers compensation for staffing companies that’s been priced to cover you in every state and country where you need a policy. That kind of flexibility is rare, but with the right search you can find a provider that fits the bill.

Unique Liability, Unique Policies

When your staff works at someone else’s job site, you share some liabilities with the client when employees get hurt. As the employer, you are still responsible for covering worker protection policies, but you may share some of that liability depending on the nature of the accident and the determination of negligence when the accident is investigated. This makes your risk profile different from employers whose staff works in the company’s facilities, and your insurance should reflect that. When you work with providers who are used to the unique needs of staffing companies, you can get policies written to reflect these shared risks, making them more cost effective for the coverage you receive.

Categories
Cell Captives

Cell Captives: The Basics

Over the past several decades, cell captives have exploded in popularity, becoming a notable novelty in the insurance world. Though some remain wary of cell captives, their simplicity makes them appealing to those looking for alternatives to other types of captives.

What Is a Cell Captive?

A cell captive, or core cell insurance company, is an entity that consists of a system of cells which contain independent assets and liabilities. These cells are legally separated from one another and therefore must be individually accounted for in any books or records.

Cell captives are more flexible than their pure captive relatives, but their essential purpose is the same: allow external organizations to access your captives — for a small fee — even when they do not have captives of their own.

Why Choose a Cell Captive?

The greatest advantage to using cell captives is that, due to their independence from one another, they are generally less risky than pure captives. Other potential benefits include tax savings opportunities, owner payouts, and lower premiums.

The flexible nature of cell captives sets them apart from other types of captives and ensures that they will endure the test of time. As the possibilities expand, consider doing additional research into cell captives and their capabilities to see which kind best suits you and your company.