Do you ever sit up at night wondering:
What is Staffing E&O?
Why do I need Staffing E&O?
Is there a difference between Staffing E&O and Professional Liability Insurance?
Is it possible that the $10,000 policy I bought will exclude coverage when I have a claim because I bought the wrong type of policy?
If you are not sure of the answer to any of these questions, then you need to consider the American Staffing Assurance Company consultative methodology of addressing risk from a Board of Directors perspective. The American Staffing Assurance Company (ASAC) program is designed to educate staffing firms to reduce their ultimate cost of risk through a consultative approach in which “product follows the process.” The founders of the ASAC program in partnership with Executive Strategies, Inc. developed insurance policies with SPARTA Insurance Company to specifically address certain product needs of the staffing industry, tailoring coverage to staffing specific exposures. ASAC has also developed other products with additional insurers to address a variety of unique staffing exposures.
In the specific case of E&O coverage, the product offered by the ASAC program to address the E&O exposure is underwritten by Hiscox, rated A, XV by AM Best. ASAC is able to bring their staffing specific knowledge to the Hiscox underwriters, who have significant capabilities in the E&O arena, but look to ASAC and ESI for their staffing expertise. Together, we have developed a program that allows us to customize on an individual account basis what we believe is the right product for the needs of a staffing firm at the best price the market will bear. ASAC has similar arrangements with underwriters of EPL, Crime including Theft of Clients Property and Fiduciary Liability.
ASAC strives to be “Best of the Best” and to do that we must partner with “Best of Class” providers and insure only “Best of Class” staffing firms. We are confident that through partnering with only properly licensed and highly rated carriers we will consistently deliver excellence to our clients. Additionally, by only insuring staffing firms committed to being “Best of Class” we will be a long-term solution for the staffing industry, and as anyone knows, the only worthwhile insurer is one that is dedicated to the long haul.
To discuss this or any other risk related matters, please call ASAC President, Jim Farber, at (313) 881-8069. We look forward to hearing from you and appreciate the opportunity to be of service. We are here to serve and we aim to please.