Industry Targets > STAFFING
MPG: PROVIDING WORKERS’ COMPENSATION INSURANCE SOLUTIONS FOR STAFFING FIRMS.
SECURING & MANAGING WORKERS’ COMPENSATION FOR STAFFING AGENCIES
Temporary staffing in the U.S. is approximately a $150 billion industry, growing nearly two times faster than the economy since 2010, according to the American Staffing Association. Every day, staffing firms send employees to work in our nation’s offices, factories, warehouses, hospitals, construction sites, and other workplaces. They are in a unique position as an employer, providing labor to the many clients that contract their services, and are responsible for providing Workers’ Compensation insurance for these employees. But doing so can be challenging as staffing agencies have a clear third-party risk and do not know the number of employees they will have at a given time or their job classifications, and place workers at multiple locations. As a result, agents and brokers have a very difficult time finding a market for Workers’ Compensation insurance for their staffing clients.
That’s where Monarch Partners Group LLC (MPG) steps in.
MPG has access to a number of Workers’ Compensation insurance solutions for staffing agencies. We work with standard market carriers that will write coverage for staffing firms that specialize in certain niches. Guaranteed Cost Workers’ Compensation, depending on the risk, may be available along with pay-as-you-go options.
For larger staffing firms, we can provide Workers’ Compensation coverage with an Administrative Service Organization (ASO). The ASO doesn’t establish a co-employment relationship with the staffing firm, but it can secure Workers’ Compensation insurance for the staffing agency as one of its services.
A Professional Employer Organization (PEO) is another solution available for staffing companies who don’t necessarily have the bandwidth to perform payroll and other HR functions. Along with HR administrative and strategy solutions, a PEO can provide Workers’ Compensation coverage on a staffing firm’s workforce and manage its claims. The PEO takes on a statutory role as a co-employer, which makes Workers’ Compensation administration and management one of the single most critical components in the suite of products and services a PEO provides to its clients.
A Professional Employer Organization (PEO) is another solution available for staffing companies who don’t necessarily have the bandwidth to perform payroll and other HR functions. Along with HR administrative and strategy solutions, a PEO can provide Workers’ Compensation coverage on a staffing firm’s workforce and manage its claims. The PEO takes on a statutory role as a co-employer, which makes Workers’ Compensation administration and management one of the single most critical components in the suite of products and services a PEO provides to its clients.
Why Choose MPG for Staffing Workers Comp Insurance Programs?
In addition to our experience and success, there are many other reasons to look to MPG for alternative Workers’ Compensation solutions:
- Owner/CEO-level relationships with all Workers’ Compensation sources
- Access to under-the-radar niche programs
- Overall cost less than current cost in most cases
- Pay-as-you-go and monthly reporting programs
- Lower upfront costs in most cases
- Short quote turnaround time
- Workers’ Compensation coverage is all in one place
- New codes and states are added quick and easy
- Unemployment & Workers’ Compensation claims are handled (PEO/EOR)
- Employer liability for employer/employee issues and payroll taxes are transferred away (PEO/EOR)
- Employee-related HR/legal is our obligation are handled (PEO/EOR)
Compensation to referral partners is competitive and residual. Put MPG’s vast expertise, credibility and high-level relationships to work for you to find the best overall Workers’ Compensation solution for your client and provide you with a competitive edge.