Recruitment Insurance
What is recruitment insurance and why your agency needs the cover?
With the right recruitment insurance in place, you can protect your business from the threat of expensive liability and property claims. Recruitment agency insurance is important as they face several risks when placing candidates into new roles, it could be that confidential details are shown in error or a cyber-attack compromises sensitive data.
Which providers specialise in professional indemnity insurance for recruitment agencies?
There are a number of insurers which will provide specialist coverage to recruitment agencies. Professional indemnity insurance remains the most important consideration when arranging your coverage. Civil liability insuring clauses ensure the greatest protection against claims for compensation from your candidates and/or the companies you work with.
What is recruitment insurance?
Recruitment insurance is usually a package of liability and property insurance, the main types of cover are detailed below. Additional protections, such as personal accident and legal expenses can also be included.
It's worth considering whether your professional indemnity insurance also provides cover for vicarious liability. This is especially important for the placement of temporary staff because not all policies will provide this extension.
Recruitment agencies can handle a significant amount of personally identifiable information and ensuring you are adequately protected with cyber insurance in the event of a data breach or cyber attack can save you a lot of time and cost.
Do recruitment agencies need specialist insurance?
Discuss your recruitment insurance needs with one of our experts, to ensure the solution you arrange is adequate to protect your agency from future claims. Recruiters are exposed to unique risks that should be taken into consideration:
1.) Vicarious liability
Ensure you have protection whereby you can be held accountable and financially libel for the actions of the candidate you placed with your client.
2.) Cyber insurance
Third party liability will typically be provided under your professional indemnity, but 1st party cyber coverage is becoming increasing important.
3.) Drivers negligence
If you are supplying drivers into businesses this is an important extension that should be included on your professional indemnity insurance.
Compare recruitment insurance cost from the leading providers with Get Indemnity™ a Willis Towers Watson Network Broker
Find recruitment agency insurance that is designed to meet your business needsWhat types of recruitment insurance cover is typically purchased?
Property Damage
Provides cover for the cost of repairing and restating your property after an insured incident and can also include buildings insurance, contents insurance, portable equipment insurance, and business interruption insurance.
How much does recruitment insurance cost?
We would always recommend that you buy recruitment insurance based on the cover rather than price. However, that being said we can provide access to some very competitive premiums to manage your costs.
The cost of recruitment insurance depends on the cover you chose to take out, how much of each cover you buy i.e., the limit of indemnity, the number of staff you have, the size of your business, area of speciality, and your claims history.
For example, if your recruitment agency specialises in supplying top executives into the venture capital sector on high salaries your professional indemnity insurance is likely to cost more than if you place manual workers into smaller firms.