According to the American Staffing Association, more than three million temporary and contract employees work for staffing companies all across the nation on an average week. In just a year, staffing companies hire more than 14 million temporary or contract employees. Contributing to a large chunk of the country’s workforce, the staffing, recruiting and workforce industries contribute heavily to our nation’s economy by providing work and career opportunities to millions.
Baldwin Krystyn Sherman Partners (BKS), an independent insurance brokerage firm located in sunny West Coast Florida, specializes in providing insurance solutions for professional employer organizations (PEO) and staffing companies.
“The PEO industry is facing major challenges in sourcing responsible capacity to provide workers’ compensation cover across the U.S. In addition to coverage capacity, the complexity of the regulatory environment and obligations of employers is creating a complex environment for PEO’s to execute in,” said Trevor Baldwin, partner.
By understanding the risks faced by the staffing industry, BKS created programs to protect company assets, co-employees and the bottom-line for business in the industry. Just in their home state, staffing companies employ 666,166 temporary/contract employees annually. “PEO and staffing industry face challenges around the co-employment of employees. Managing the risk of co-employees involves a nuanced approach to ensure regulatory compliance and effectiveness,” said Baldwin.
The PEO industry uses specialized databases, technology and expertise to provide each client with services that best fit their needs and in that respect, BKS created a risk management and insurance program tailored to that industry. Risk management consulting, risk retention studies, reserve analysis, loss forecasting, claims management, private equity exit strategy and more, are just some of BKS’ offerings.