If you run your own business then it is precious to you. Getting the right cover is vital to protect your business for when the unforeseen happens. A recruitment agency can have many risks; from making a mistake to a client suffering an injury in your office. Without proper recruitment agency insurance cover, it could spell the end of your business.
What cover does a recruitment agency need?
The exact cover you need will depend on the size and structure of your business. It’s important to discuss all your requirements with an insurance broker, such as Just Quote Me, to make sure you are adequately covered.
You will need professional indemnity insurance as part of your package. This protects you in the event that you make a mistake, such as offering poor advice. This is vital for recruitment agencies.
If you have visitors come to your office, or you make site visits then you will need public indemnity insurance. This provides protection in the event that you injure someone or cause damage in the course of doing your job. For example, if you trip over an expensive piece of equipment on a site visit and it breaks.
If you have employees you will need employer’s liability insurance. This protects you in case one of your employees makes a claim against you for injury or illness. It is a legal requirement to have this.
Along with these essentials, you may need to consider cover for premises, for cyber and data risks and directors and officers insurance. It is the combination of all this cover that will be bundled to give you your recruitment agency insurance.
Are you looking for recruitment agency insurance?
If you need recruitment agency insurance you need to speak to a company that can put together a bundle that gives you the cover you need. Just Quote Me are experienced insurance brokers. They will discuss your business with you, so they understand the cover you need. They can then put together a bundle that gives your recruitment agency the coverage it needs at the best price possible. Contact them today to see what they can do for you.
The recruitment sector is one where your knowledge and expertise is everything. Your clients work with you because they expect your industry knowledge and experience to help them either find the right employees for their business or help them in their career. Recruitment is a truly personal service and it is absolutely essential you have adequate protection should something go wrong. Whether an agency or a single consultant, recruitment insurance is vital.
What Kind of Cover is Needed in a Recruitment Insurance Policy?
Some of the insurance premium options available to recruitment professionals are optional but it is worth considering them all in depth. Your recruitment insurance policy could incorporate:
Professional indemnity insurance
Professional indemnity insurance is probably the most important type of cover in recruitment. It protects your business should you give faulty advice which leads to financial loss for a client. All businesses offering advice and guidance should consider this.
Public liability insurance
Public liability insurance protects you should a third party be injured, or their property damaged on your premises or due to your work. It is one of the most common types of business insurance. Almost all companies consider so they have a financial safeguard against claims from clients and other third parties.
Employers’ Liability Insurance
If you have employees, workers, casual staff or even temporary employees now and again then this insurance is mandatory. You legally must have an adequate level of cover in place to provide financial assistance should an employee claim they were injured or became ill due to their work for you.
Some recruitment professionals may want to consider office insurance, so their equipment is protected against damage or theft. You may also want to look into cyber and data liability insurance. The risks of a cyber attack to your client data can be devastating.
Recruitment Insurance with Just Quote Me
Our experience with businesses from many different sectors guarantees we can help organise your recruitment insurance. Whether an individual or a large firm, Just Quote Me can help ensure you get the right level of insurance cover today.
As a very specific type of business, recruitment agencies require specific and tailored insurance. Recruitment agency insurance is designed to cover the specific risks involved in this kind of business. As a specialist kind of insurance you can expect the insurance companies offering quotes to have in-depth knowledge of the particular risks facing the industry.
Recruitment agency insurance often needs to cover more than the risk of negligence claims that come as a result of accident of injury. We’ll look at this in more depth below.
Protecting your Advice and Guidance with Recruitment Agency Insurance
Professional indemnity insurance is one of the most important elements of a recruitment agency insurance policy. This type of cover will provide financial support should your business need to defend allegations of professional negligence. This could include things such as advice and guidance given when supporting clients into employment. It covers the cost of the damages should you be unsuccessful, as well as your legal costs.
Essential Cover for Recruitment Businesses
Recruitment agencies should also consider other types of insurance for their business. Cover such as public liability insurance is covered in almost all policies. You may also want to consider more specific covers such as directors’ insurance or office insurance, dependent on the size of the business.
Unless your recruitment agency operates independently with you as the only employee then you will need employers’ liability insurance to comply with UK law. Employers’ liability insurance is mandatory for all businesses which employee one person or more. It provides cover should an employee or former employee make a claim against your business for accident, injury or illness caused by their work for you.
Recruitment Agency Insurance with Just Quote Me
Professional and experienced, the Just Quote Me team works with businesses of all sizes, from all backgrounds. We help recruitment businesses find the right tailored insurance quotes for their needs and provide a range of options where possible, allowing business owners to make a considered decision. You can find out more and discuss your specific business needs with our team via our contact page.
Recruitment agencies are highly relied upon and trusted businesses. Your advice is something both employers and employees become dependent on. If something should be questioned, negligence claimed or a case brought, you need to be sure you have a good level of specialist recruitment agency insurance. Whether you’re a small individual recruiter or own a large recruitment agency, tailored recruitment agency insurance is essential.
What does Recruitment Agency Insurance cover?
Your recruitment agency insurance can be tailored to your individual business needs. In most instances you will want to consider:
Professional Indemnity Insurance
Professional indemnity insurance is probably the most important type of recruitment agency insurance. It is a vital consideration for any business which offers a professional service to other businesses and individuals. Especially where advice is involved. Should you be accused of giving faulty or ineffective advice then professional indemnity insurance provides the cover you need should a case be proven. Most businesses opt for professional indemnity insurance of £50,000 up.
Public Liability Insurance
Almost all businesses invest in public liability insurance. It protects you should someone be injured on your business premises or due to the course of your work. Many companies will only work with agencies who have this kind of cover in place.
Employers’ Liability Insurance
If you employ a single person then you must have employers’ liability insurance in place. Employers’ liability is a legal requirement. It provides financial cover should an employee be injured or become seriously ill as a result of working for you.
These are the standard types of recruitment agency insurance you may want to consider. Only employers’ liability insurance is a legal requirement, with the risk of financial penalty if you do not have it in place, but all are vital for a successful business. Contact Just Quote Me today to discuss your recruitment agency insurance requirements.