In order to produce, we must employ resources, i.e., land, labor, capital, and entrepreneurship. This section focuses on the second part of the equation, costs. Total revenue is equal to price times quantity and we examined their relationship in the elasticity section. Profits equal total revenue minus total costs.
Assume that for the last worker hired professional#
For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (877) 256-0468 to speak with one of our representatives.We are now going to focus on the what is behind the supply curve. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. About World Wide Specialty Programsįor the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. Staffing non-owned auto insurance will take care of those risks. Staffing firms placing their employees in positions that involve driving must have a contract specific to driving exposure.
In the event of an accident, business owners could be found negligent in many instances-such as the employee carrying expired insurance, only carrying the minimum legal limits required, their vehicle is not properly maintained, their driving record is below standard, or the business does not have any policies in place to address these issues. Prior to placing an employee in such a position, staffing firms must evaluate all contractual provisions they’ve agreed to, including insurance requirements, as provisions need to be specific for non-owned vehicles. Hired and non-owned auto coverage can usually be added as an endorsement to your general liability insurance policy. Keep in mind that it does not pay for collision damages to the hired or non-owned vehicle. This coverage works when your client’s business is sued for negligence due to an automobile accident. Hired and non-owned insurance provide liability coverage for property damage and bodily injuries caused by an employer and employees while driving for work. What is Covered by Hired and Non-Owned Auto Insurance? Typically, the employer is responsible when their employee is found negligent while performing employment duties. Non-owned auto liability kicks in after the employee’s personal auto has maxed their limits. The coverage applies if an employee was involved in an accident and was at fault. Non-owned autos are employees’ personally owned vehicles used for company business such as an administrator using their personal vehicle to run business errands, such as going to the post office once a week. If a client was to rent a vehicle for business purposes and get into an accident, this policy could help cover the costs if someone filed a claim against their business. Vehicles that are leased, hired, rented, or borrowed from any employees, partners, or household members are not technically hired autos. Hired autos are vehicles a business leases, hires, rents, or borrows that are used for business purposes. Understanding Hired Auto and Non-Owned Insurance
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