Specialty Insurance Program for Nanny Agencies
Nanny agencies are in a special position among employers. Not only do they employ their own staff, but they also place and can employ workers hired by families to work in the home on a temporary or permanent basis. They play an integral role in the household employment industry for families and their employees.
With this employment model comes unique challenges when addressing risk.
Some agency business models may be scrutinized — and even refused coverage — by their insurance provider if they employ temporary and interim care workers.
Other local insurance firms may not understand the needs of a placement agency and will treat it as a typical business, which may leave the agency at risk and without proper coverage.
That’s why the GTM Insurance Agency has developed a specialty program for nanny agencies.
GTM will assess your agency’s needs and design a program around your number of employees, business structure, and other critical factors.
We partner with top national carriers and will shop your policies to find the best coverage at the most competitive price.
Policies can include:
Business Owner Policy (BOP)
A BOP for a placement agency combines general liability insurance and property insurance into a single business insurance policy. It can protect your business from another person or business’s claims of bodily injury, personal injury, medical costs, and property damage.
Commercial Auto Insurance
Commercial auto insurance helps cover the costs of an automobile accident when an employee uses a company-owned car, truck, or van for business.
Cybersecurity and Data Breach Liability Insurance
Besides the typical physical risks to your agency, like property damage and injuries, you also face risks from technology, including cyber-attacks and data breaches. This insurance coverage is available to protect against these risks.
General Liability (with Medical Liability)
General liability insurance protects an agency from claims that can come up during normal business operations involving bodily injuries and property damage resulting from the services or operations of your business. For example, a general liability insurance policy can cover claims when an employee causes damage to a client’s property.
Medical liability insurance can protect your employees if they need to treat an injury or illness while on the job. This includes the cost of defending lawsuits and payouts for claims related to wrongful practices that may result in bodily injury, medical expenses, or property damage.
Errors and Omissions Policy
An errors and omissions (E&O) policy protects an agency and its owners from claims made by clients for negligent actions, errors, and omissions made before a worker is placed in the client’s home. E&O insurance can help pay for damages, court costs, and settlements, which can be very expensive for an agency.
Professional Liability Insurance
Professional liability insurance (PLI) protects agencies from claims of negligence, mistakes, or malpractice from clients after a worker has been placed in the client’s home.
Workers’ Compensation with Pay-as-you-Go
Our experienced insurance brokers work with a breadth of the top carriers, including The Hartford, Travelers, Chubb, New York State Insurance Fund, and many others, to find appropriate coverage and competitive quotes that provide the best options for your agency. Workers’ compensation is offered with a practical pay-as-you-go (PAYGO) solution to help agencies pay their premiums each pay period and address cash flow resulting from unplanned audit surcharges.
Disability Insurance
A handful of states, including California, New York, and New Jersey, require employers to provide disability benefits coverage to their employees for off-the-job injuries or illnesses.
Paid Family Leave (PFL)
Paid sick and family leave programs are growing in popularity across the U.S. Agencies in New York, Connecticut, Massachusetts, and several other states may be required to carry paid family leave insurance for their employees.
The GTM Insurance Agency can obtain disability insurance and PFL coverage for nanny agencies.
Surety Bonds
This policy can cover theft issues in a residence if an agency places and employs workers in their clients’ homes. Surety Bonds can also provide additional coverage for placement agencies and many other valuable additions to round out coverage.
Employee Benefits Design
In addition to protecting your agency and mitigating your risks, GTM will put together a package of employee benefits, including health insurance, life insurance, flexible spending accounts, health reimbursement arrangements, an employee assistance program, and more.
GTM’s employee benefits design skills, cutting-edge technology, and expert HR support can help you streamline and automate processes, reduce costs, and relieve administrative burdens while delivering benefits that will delight your employees.
