When you welcome a new hire there are many steps to take in ensuring they are a good fit and are successful at becoming a valuable member of your team. After recruiting the best talent for the position it is imperative to make sure that your company has completely covered the bases in the hiring process.
Here are two checklists to help with the important aspects of recruiting and retaining the best people for your company.
The hiring process may differ at your company. Modify the steps that best suits your needs. For example, if the position requires driving, then you will want to make certain that your new hire has a good driving record. Background checks may be essential for your company to ensure the security and safety of your clients and workforce. Keeping good records about the selection process and the rationale for hiring the selected candidate can minimize future risk in case of a legal challenge. It is a courteous gesture to notify all applicants about the outcome of the hiring decision. You may have additional openings later for which those candidates could be considered.
Now that you have selected the best candidate for the position, it is time to guide them on their path to being a successful team member.
The Small Business Administration has additional information along with some useful links on their website. Independent Contractors are treated differently than employees and the SBA’s site addresses this, too.
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One last consideration with employees, not just a new hire, is having liability insurance called Employment Practices Liability Insurance (EPLI.) The International Risk Management Institute (IRMI) explains it this way:
A type of liability insurance covering wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include: wrongful termination, discrimination, sexual harassment, and retaliation. In addition, the policies cover claims from a variety of other types of inappropriate workplace conduct, including (but not limited to) employment-related: defamation, invasion of privacy, failure to promote, deprivation of a career opportunity, and negligent evaluation. The policies cover directors and officers, management personnel, and employees as insureds. The most common exclusions are for bodily injury (BI), property damage (PD), and intentional/dishonest acts. EPLI policies are written on a claims-made basis. The forms contain “shrinking limits” provisions, meaning that insurer payment of defense costs—which are often a substantial part of a claim—reduce the policy’s limits. This approach contrasts with commercial general liability (CGL) policies, in which defense is covered in addition to policy limits. Although EPLI is available as a stand-alone coverage, it is also frequently sold as part of a management liability package policy. In addition to providing directors and officers (D&O) and fiduciary liability insurance, management liability package policies afford the option to cover employment practices liability (EPL).
If you have any questions about EPLI or any other insurance which is available to protect your company and its financial future, please reach out and talk to us at Smith-Kenyon Insurance. It is easy to schedule a meeting or phone call convenient for your schedule at: https://calendly.com/tim-258
We try and make the purchasing process as easy as possible by helping clients make sense of it all and walk away with confidence in their insurance decisions.
Questions: Call us 515-259-7782
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An agency relationship is not created by viewing or reading this blog. Examples of protection are not all-inclusive, and policyholders should refer to their policies for full coverage details. ©Smith-Kenyon Insurance Resources, LLC 2018