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Asc 2.7


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February 2011 Assurance Staffing Connection

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Asc 2.7

  1. 1. Staffing Practice Update: Trusted, dependable, specialists. Serving Staffing clients sinceStaffing/PEO Webinar 1961.Staffing agencies and PEOs routinely enter into contractswith their customers whereby they assume the liability of Where we’ll be:their customer. Join us for an informative webinar to better Assurance Staffing Practiceunderstand the risks associated with this and how to protect representatives will be attendingyour company. Learn more and register now. or sponsoring the following upcoming event(s):FOCUS: Understanding Contractual RisksWHEN: February 22,2011 (Online) 2011 TempNet Annual ConventionTIME: 12-1p.m. CST & TradeshowCOST: $49, Clients attend for free February 23-25, 2011 Huntington Beach, CARegister for this webinar today!Web: Staffing Industry Analysts’E-mail: Executive ForumPhone: 847.463.7171 February 28–March 3, 2011 Miami, FLMarket Update:Tax Credits ANSERTEAM Conference 2011Recently, congress extended many great tax programs with March 23-25, 2011the passing of the 2010 Tax Relief Act. Two of the most New Orleans, LAlucrative programs that were extended are the WorkOpportunity Tax Credit (WOTC) and the Empowerment Zone Driver Employment Council of(EZ) incentives. The WOTC program received yet another America (DECA)extension at the end of 2010 through the Tax Relief Act. Spring Educational SeminarWith this extension, businesses will continue to be awarded March 23-25, 2011with federal income tax credits through the end of the 2011 Scottsdale, AZfor hiring and retaining employees within certain targetgroups. These employees must work at least 120 hours intheir first year of employment to receive any credits. Assurance key facts:However, once an employee works more than 400 hours the • Over 400 staffing clientspotential tax credit amount increases. • Located in 50 states • 22 workers compensation Maximum Maximum Credit markets Hours Worked • 30 insurance professionals Qualified Wages Amount focused exclusively on staffing 0 to 119 $0 $0 • Dedicated claims advocacy team • Certified ASA continuing 120 to 399 $6,000 25% = $1,500 education provider
  2. 2. Proud members of: 400+ $6,000 40% = $2,400 • American Staffing Association • National Association ofThe Empowerment Zone tax incentive is a federal tax credit Professional Employerthat was created to help stimulate growth in distressed Organizationsurban neighborhoods and rural areas. Special emphasis is • National Independent Staffingplaced on economic growth and social development that Associationstrive for long-term change and demonstrates working • Staffing Services Association ofpartnerships among various governmental entities. To Illinoisreceive federal credits a staffing company must be located • TempNetwithin the zone and the employee must live and work within • Over 20 state associationsthe zone. Once these requirements have been verified, theemployee would need to have worked the minimum of 90 Contact an Assurancedays for the staffing company to be eligible to receive the representative:tax incentive. Mike Atieh, ARM, SCLA, CPCU Maximum Maximum 847.463.7207 Credit Name Qualified Credit Wages Amount Robert Barrese Empowerment Zone (EZ) $15,000 20% = $3,000 847.463.7183For questions regarding tax credits or to discuss your Jim Breck, SCLAoptions in greater detail, please contact your Assurance jbreck@assuranceagency.comrepresentative. 847.463.7165Source: Stacey May, Tax Credit Program Manager, Honkamp Robert Dunn, CPCU, ARM, AUKrueger & Co., P.C. 847.463.7258Client Resources (access additional resources online):Risk Management Product Discounts Jeffery Friedrich, ARM,CPCUAccess discounted pricing on quality and innovative risk jfriedrich@assuranceagency.commanagement products such as background checks, drug 847.463.7236testing, integrity testing, safety videos, and protectiveequipment at Guy Jacobucci gjacobucci@assuranceagency.comSponsor Highlights: 847.463.7233 Kurt Murray CRC Insurance Services is a leading Wholesale 847.463.7154 Insurance Brokerage Diane (Bozic) Poljak, ARMFirm, specializing in Property, Casualty, and Professional dpoljak@assuranceagency.comrisks. CRC wrote over $1.7B in premium during 2010. Of 847.463.7298that amount, roughly $315M came from the placement ofProfessional Liability policies - including those for staffing Jeff Tuisl, CPCUcompanies. 847.463.7245 Philadelphia Insurance
  3. 3. Companies (PHLY) specializes in the temporary staffing Quote of the month:industry. PHLY understands how to provide a flexible and “Most of the successful people Ivecomprehensive insurance program for risks all across the known are the ones who do moreUnited States. Below are 8 reasons to choose Philadelphia listening than talking.”Insurance Companies for Temporary Staffing Agencies: -Bernard Baruch 1. Admitted paper and solid AM Best rating of A+/XIV 2. Non-auditable 3. Claims Made or Occurrence coverage trigger options for errors and omissions coverage 4. Employment Practice Liability coverage extends to “placed employees” of the temporary staffing firm 5. Blanket Waiver of subrogation under the General Liability 6. Third Party Fidelity coverage (on client site) available by endorsement 7. Business Income and Extra Expense – Actual Loss Sustained coverage available 8. Interest-free installments available for accounts that generate at least $2,000 in premiumTypes of Staffing Firms We Serve: Temporary Staffing Recruiting and Placement Services Temporary to Hire Employee Leasing/PEO Independent Contractors Work First Casualty is a workers’ compensation carrier providing insurance solutions solely to the staffing industry.As the only insurance company focused exclusively on thestaffing industry, they understand the unique challengesyou face every day. They also understand that after peoplecosts, workers’ compensation is your company’s largestexpense. A focus on performance and service by a teamcomprised of staffing and insurance veterans is supportedby solid financial backing. By working with them, they hopeyou will come to see the insurance premiums you pay asmore of an investment than an expense. Your investment inWork First yields real dividends in the form of industry-specific and industry-best claims management, lossprevention, and underwriting services.For additional information on any of our sponsors, pleasevisit their website by clicking on their logos.