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The background screening industry and its vendors face numerous unique risks in their operations. These businesses need flexible, responsive insurance solutions – particularly in the realm of professional liability and cyber security coverage. Rooney Insurance Agency offers an exclusive and unique professional liability and cyber security coverage product for qualifying background screening entities. We also have excellent insurance products designed for the many vendors that serve this specialized industry, including Technology Errors & Omissions coverage that includes Cyber Security and more.
Many employers require background checks during the new employee recruitment process. These checks may include financial and criminal histories in addition to communication with a candidate’s former employers. To facilitate the screening process, employers typically utilize neutral third-party background screening service providers.
While background screening entities and the vendors who offer such services adhere to numerous state and federal guidelines, their risks in operation can be very high. Background screening companies have been the target of liability claims, particularly in the area of employee discrimination and exclusion claims. Legal claims against a company can be devastating from a financial perspective, even if the legal challenge or lawsuit is unwarranted. Defending against a claim can cost thousands or even millions of dollars. Penalties and settlements between these companies and plaintiffs in lawsuits have reached millions of dollars; in 2018, a major U.S. retailer paid nearly $4 million to settle a class action lawsuit.
We are Associate Members of the PBSA (National Association of Professional Background Screeners)
Professional liability insurance is designed to protect a company and its assets from loss. Sometimes referred to as Errors & Omissions (E&O) insurance, this specialized form of insurance typically covers costs associated with civil legal claims and the damages and settlements that may be reached in such cases. Most businesses need professional liability insurance to protect against the unexpected. Background screening companies, their executives, and their staff members are at risk of claims in this industry.
Rooney Insurance Agency offers a unique professional liability insurance product for qualifying background screening entities and the vendors within this important industry. Call our team of insurance professionals today to learn more about our policies and our services.