Staff Insurance and Start-Ups

Most entrepreneurs that start a staffing company have worked for other agencies as a manager, recruiter, or sales professional and usually have an understanding of what it takes to successfully start this type of venture. They also are keenly aware of the need for proper staff insurance to protect both the business and employees.
When forming a start-up staffing operation, there are certain steps you should take:

Defining your market

 

Whatever your background, defining a specialty staffing area can be the key to your success. Decide what sector you want to provide staffing for; accounting, finance, administrative/clerical, light industrial, healthcare, IT, or professional areas are a few industries that often require temporary staffing.
Defining your strengths and weaknesses

 

You will want to take on roles matching your strengths, and leave the other areas to professionals best suited to handle the other functions in your business. For example, if your specialty is business development, you want to be the one calling to get job orders and secure contracts. On the other hand, if you have a background in healthcare, you will probably want to work primarily in that marketplace, versus taking on IT or Accounting clients. Sticking with your strengths is highly advantageous in a highly competitive market.

Taking the plunge

 

The first step in opening any business is to incorporate in states that you are going to conduct business in. Consult with your attorney on setting up your business as a corporation, but putting a layer of protection between your personal and business assets is paramount when starting your business. You may also want to consult your accountant when setting up your business to inquire about what would be the best way to do this for accounting purposes.

 

Of course, also consult an insurance expert to secure proper staff insurance. You will need insurance for General Liability, Property, Employment Practices Liability and Workers Compensation, but you may also need to discuss the need or Professional Liability Insurance coverage as well.