Working with the government can bring many limitations. Whether in regards to information shared or locations visited, government contractors have to tread very carefully. A government contractor is classified as a person or company that produces goods or services for public government agencies. In order to produce these goods or services, they must win bids for contracts. These contracts can include federal, state, or localized government. Government contractor companies vary in size, ultimately taking on contracts that are within their bandwidth.
Government contracting is a growing and highly competitive industry. In order to attract and retain top talent, contractor companies need to offer strong benefits packages. Along with those competitive benefits, the labor law Service Contract Act of 1965 requires that any workers working on a private contract purchased by the government receive fair wage. Through these attractive elements, it will be easier to allure and retain strong talent.
When companies go through mergers and acquisitions, it can be a delicate situation for employee benefits. It’s important to examine and or compare the benefits between the companies to ensure your employees are well cared for. The benefits experts at Business Benefits Group (BBG) can help in comparing benefits offerings and giving you a driving force behind the implementation of the benefits package. Make all the employees feel as if they’re one, and control the costs from the impact of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA).
BBG specializes in work with government contractors working overseas or who are under contract by the Department of Defense (DOD). Working with these highly specialized clients, BBG promises fast turnarounds with single source solutions for international insurance policies. We strive to offer the best protective option for you and your contract.
Proper Protection with E&O Insurance
While all businesses can gain from insurance policies, it is imperative that government contractors have the proper protection in place. When working with agencies, government contractors come into contact with information that can only be accessed by those with clearances. In order to protect against any human error regarding said information, BBG offers errors and omissions insurance (E&O). This policy can cover any liabilities that could arise from negligence on the company’s behalf. We understand that mistakes happen, and in order to prevent any liability from those mistakes, BBG provides coverage through E&O insurance.
Overseas Government Work
Government contracting work can be spread far and wide. In order to provide basic workers compensation coverage for workers based outside of the United States under government contracts, BBG offers Defense Base Act insurance (DBA). This policy provides those outside of the U.S. working under contract with disability, medical, and death benefits for employees involved in incidents in their work. Failure to obtain this policy can come with harsh repercussions. In all government contracts, it contains an area where contractors must obtain the necessary insurance in order to complete the project. If a contractor does not obtain the necessary insurance, fines will be administered and loss of contract can be a possibility.
Protect Your Contract with BBG
Government contractors face unique problems from ordinary companies. However, these problems do not have to convert to expensive liabilities. Protect yourself with BBG and prevent future headaches.