Welcome Randstad Contractors!

Randstad has shared its requirements with us so that we can provide contractors like you an easy, affordable way to secure the insurance coverage called for in your contract. TechInsurance is not affiliated with Randstad in any way, but has partnered with us to streamline your compliance process!

What Randstad requires

Randstad requires the following types and amounts of insurance coverage. Randstad reserves the right to add, delete, or change requirements from time to time. Note: The minimum requirement for independent contractors is different than the requirement for contracting firms with employees.

Individual Independent Contractors And Contracting Firms with Employees

Coverages required by Randstad Amount (Limit) Typical Annual Cost*
General Liability (Comprehensive Commercial General Liability)
$1,000,000 $425 to $500
Randstad requires all individual independent contractors in the United States to carry a minimum of $1 million per occurrence and $2 million in the aggregate
Workers' Compensation / Employers' Liability
$1,000,000 $350 to $1,000
Optional: Workers’ Compensation and Employers’ Liability Insurance (A waiver of Workers’ Compensation must be signed, if this coverage is not taken.)
Professional Liability / Errors and Omissions
$1,000,000 $700 to $1,500
Fidelity Crime Bond (Employee Dishonesty)
$250,000 $630 to $672
Commercial Auto Liability (Hired and Non-owned)
$1,000,000 $0 to $150
*Typical costs based on coverage for an individual contractor with up to $250,000 annual revenue.
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Description of Coverages

Professional Liability / Errors and Omissions

Professional Liability Insurance (also called Errors & Omissions or E&O) offers protection in the event that one of your clients alleges that your professional advice or work caused them a financial loss. Because many insurance companies offer E&O Insurance policies today, it’s usually possible to find a policy structured to manage the specific risks you face in your work. More information »

General Liability and Business Owners’ Package Policy

The coverage starting point for most small businesses, Commercial General Liability (CGL) Insurance protects your business in the event that you, your premises, or one of your employees causes personal injury or property damage to one of your clients or another third party. For businesses with low risk profiles (as defined by the insurance provider), General Liability Insurance is often available as part of a discounted insurance bundle known as a Business Owner’s Policy (BOP). More information »

Hired Auto & Non-Owned Auto

Most often, Hired & Non-Owned Auto coverage is added as an endorsement to a CGL policy. This type of coverage offers protection for accidents that occur when company employees use their own vehicles to conduct company business or when employees experience accidents in cars rented for business purposes. It’s important to note that damage to a vehicle is not covered by this policy, but injury costs usually are. More information »

Umbrella Liability (AKA Excess Liability)

Umbrella Insurance (sometimes called Excess Liability) lets you increase the coverage limit on one or more of your existing insurance policies in increments of $1 million. In most cases, it’s less expensive to purchase an Umbrella Liability policy than it is to raise the coverage limits of multiple policies separately. Umbrella Insurance cannot increase the policy limit of Errors & Omissions Insurance. More information »

Workers' Compensation Insurance

Workers’ Compensation Insurance covers the cost of medical bills and lost income that result from an injury or illness an employee sustains on the job. In addition, most Workers’ Comp policies include Employers’ Liability Insurance, which shields you in case an injured employee files a lawsuit asserting that your negligence led directly to the injury or illness. Many states mandate Workers’ Comp coverage for any business that has employees, and some require coverage even for sole proprietors. More information »

Fidelity or Commercial Dishonesty Bond (AKA Employee Dishonesty)

Often required when you have clients in banking or financial services, third party Employee Dishonesty provides coverage when an employee steals money, equipment or other assets from one of your clients. This may include theft of money by electronic funds transfer. (First party fidelity covers your property but is applied for separately.) More information »

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