INSURANCE FOR RECRUITMENT AGENCY
At Simcox Brokers, we can arrange Professional Indemnity (PII) insurance for Recruitment Agencies and Consultants.
HOW WE CAN HELP YOU
As an independent broker we have built strong working relationships with a wide panel of specialist insurers in the recruitment sector. When placing insurance for a recruitment agency or consultant, we can assist you throughout the application process, helping best present you to the insurers and fully supporting you in the event of a claim.
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We can build a tailored package to fit the unique insurance needs of each recruitment agency – whatever their size, history or specialism
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We understand that insurance cover for recruitment agencies is a highly specialised field, so we work with our panel of insurers to find appropriate levels of cover to suit your business.
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We can tailor an insurance programme that offers comprehensive cover for the real risks you run in the business of placing candidates with employers
A PERSONAL SERVICE
Independent & Specialist Insurance Broker
Transparent & Simple Communication
Friendly & Personable Approach
HIGHLY EXPERIENCED
Valuable insight and industry knowledge
Understands your industry specific risks
Impartial & objective
A TAILORED SOLUTION
Consultative approach
Access to a wide panel of Insurers
Comprehensive selection of products & services
WHAT CAN YOU BE COVERED FOR?
When placing insurance for a recruitment agency or consultant, Simcox Brokers can tailor specialist insurance packages which go beyond Professional Indemnity and provide additional cover for the following insurances.
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Employers’ Liability
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Public Liability
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Management Liability
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Cyber / Privacy Liability
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Legal Expenses
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Driver’s Negligence
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Fidelity Bonding
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Buildings Insurance
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Office Equipment
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Personal Accident
THINGS TO CONSIDER
If you are a member of REC, you may work under their standard model terms and conditions and will not usually accept any liability for the acts of any workers which they supply. However, in some cases, a hirer may require the recruiter to adhere to their own non-standard terms and conditions and it is imperative you consider these variables when making decisions about the cover you require.
If you are placing temporary contractors, you may also want extra peace of mind by having an insurance policy which provides a full Vicarious Liability cover.
FREQUENTLY ASKED QUESTIONS
What is Professional Indemnity insurance for Recruitment Agencies?
Professional Indemnity (PI) insurance for a recruitment agency or consultant will cover the legal fees incurred and also any damages and/or expenses which may be awarded against you or your company if it is alleged that you caused your client a financial loss.
What determines the cost of a recruitment insurance policy?
When assessing the premium for recruitment company insurance, a number of different factors will be considered. This could include your claims history, areas of practice i.e. low or high risk, experience/qualifications, fee income and the types of contracts you work with. This includes the total contract value as well as your own fees. Insurers may also want to know what risk management procedures your recruitment company has in place as well, before determining the cost of your Professional Indemnity insurance policy.
In order to secure the best premiums from insurers, it is essential to complete a full proposal that is clear and precise. Additional information with full details of your experience, the services you offer your clients and the procedures you have in place to mitigate your risk will also help your broker negotiate the most competitive insurance premium for your recruitment agency or consultancy service.
What limit of Professional Indemnity will I need?
When taking out insurance for a recruitment agency or consultancy service, there are a few areas that need to be considered to determine the amount of cover your business needs.
Firstly, it will depend on the industry you offer recruitment services in and the type of clients you work with. Secondly, your regulatory or contractual responsibilities with the work you carry out will need to be taken into consideration, taking into account the maximum amount you could potentially be held labile for, should a claim be made against you.
Additionally, it is important to ensure the limit of indemnity meets your regulatory bodies' requirements, or any limits your clients have stated within a service contract.
Is Cyber Insurance for recruitment companies and consultants needed?
Regardless of your industry or level of computer-based work, we believe it is unlikely that your business is not at risk from cybercrime.
Cyber risks such as data breaches, ransomware, phishing, social engineering and fund transfer fraud are where many recruitment businesses remain unprotected!
We encourage ALL recruitment agencies and consultants review their complete insurance risk, including their need for Cyber Insurance. Simcox Brokers can support you through this process with any stages you need help with.
I have my own recruitment agency; do I need Directors & Officers Insurance?
There are specific duties and responsibilities that directors have. If they are found to be in breach of these duties, they could become personally liable if claims are made.
This could be the result of litigation from various parties such as regulatory bodies, shareholders or creditors.
A Directors & Officers (D&O) policy will cover legal defence costs and any expenses in the event of a legal action being brought against a director or officer for an alleged wrongful act.
FINANCIAL ADVISORS, BRISTOL
After drowning in complicated forms, confusing small print and expensive quotes, Simcox Brokers were like a breath of fresh air – clear, informative and approachable. They managed to negotiate a very competitive quote, saving me over 25% from the previous year. Excellent service, thanks
CHARTERED ACCOUNTANT, SHROPSHIRE
Simcox Brokers have provided me with an excellent service this year, not just in providing quality insurance cover and advice but also in support too. I had a claim during the year which (not through our or Simcox’s fault) lasted for around five months and their support throughout has been fantastic in terms of guiding me, keeping me regularly updated without me having to prompt and reassuring me. They made the whole process much simpler and so much less stressful than it could have been. Thank you to the Simcox team!
RENEWABLE ENEGRY COMPANY, BRISTOL
Simcox Brokers was able to navigate the complexities of our market and offer us a solution that perfectly met our needs. This was undoubtedly derived from taking the time to understand our business thoroughly