From Sole Traders and Head-Hunters through to Limited Companies, Partnerships and Multi Location National Operations, we help all sectors.
There are many insurance companies and specialist schemes that claim to be specialists in the Recruitment Industry. However, each can be good for different market sectors and there is no "one size fits all" solution. Even how competitive they are changes year on year. Some offer unique covers but this is only beneficial if you need those unique covers.
You work hard to generate every pound of revenue. Value for money Insurance that performs when you need it is paramount.
With such a wide range of requirements Aspire Insurance search a range of insurers to tailor a solution to your business. As we have so many clients in this sector we know on a month by month basis, which insurers have increased (or discounted rates), which insurers will provide interest free instalments and which insurers will accommodate any of your higher risk activities (such as drivers negligence for example).
Generally our Recruitment clients face risks in a number of areas:
- Professional Indemnity - This covers alleged negligent advice causing a financial loss (see our Professional Indemnity page for more details). Typically limits of indemnity in this area range from £100,000 - £10,000,000. This limit should be decided upon by the Recruitment firm when establishing their maximum exposure. However, more recently this is increased by a contractual obligation to the firms larger clients. This happens often and it is not uncommon for us to receive a call requesting increased cover urgently to comply with these obligations. Considerations in this sector can also be the amount of excess and the Retroactive date.
- Public Liability Insurance - This covers third party property damage and injury (see our Public Liability page for more information). Limits of indemnity from £2,000,000 - £10,000,000 are the most common. Again, as above this can often be driven by a contractual obligation as well as the clients actual requirements. The risk in this area is relatively low compared to other sections so attracts relatively low premiums. Some insurers will extend to the full £10,000,000 limit, others will go to £5,000,000, so occasionally clients need to purchase an Excess Layer policy. Again, this is not uncommon and the knowledge of those insurers that can and cannot provide this service and at a competitive rate, is why specialists such as Aspire are so valuable to Recruitment clients.
- Employers Liability - One of the only statutory required insurance policies. It covers a businesses employees being injured in the workplace by negligence of their employer. The most common limit of liability is £10,000,000 however, we have noticed a few of our larger clients requiring higher limits in recent years.
- Vicarious Liability - This can occur when one person or organisation is held legally responsible for the acts or omissions of another person or party. Some insurers can provide this extension and others may not, depending on the trade.
- Office Contents Insurance - See our specific office insurance page for this, however this covers all contents of the office (or offices) and can extend to cover items on an all risks basis (anywhere in the UK, EU or Worldwide depending on clients requirements).
- Business Interruption - Often included as part of the office policy however, depending on how your business is structured this may well not be enough and increased cover may be required. This would include things like "Increased Cost of Working", "Loss of Profits" and "Additional Increased Cost of Working".
- Directors and Officers Insurance - See our specific directors and officers insurance page for details on what this cover does and claim examples. We recommend this to all our Limited company clients. One of the key extensions of this is "Employment Practices Liability Insurance". If you hire employees or contractors, you run the risk that a dispute will develop between you and them. This covers items such as wrongful termination, discrimination and sexual misconduct.
- Cyber Insurance - The majority of businesses are now dependant on technology from our CRM systems to accounting, websites and emails. See our specific cyber insurance page on this as there is a wide range of cover and therefore costs in this area.
- Risk Management Advice - One of the key things a business can do is manage their risk before it becomes a claim. Not only does this prevent many disruptive claims but also helps insurers defend them which reduces claims costs. It also helps businesses recover once an event has occurred. All our clients get FREE access to our document portal which has thousands of documents to help in all areas of their business... From staff wellness programs to crisis management. Another key benefit of this area is when we can demonstrate to insurers that clients have taken this seriously and have integrated robust practices, we can negotiate superior terms from insurance companies.
- Claims - We have a full time claims team who's sole purpose is looking after the interest of our clients in the event of a claim. Each claim will be appointed a dedicated claim advisor. This means our client will have a single point of contact throughout the whole claim process. The claim advisor will manage the claim from start to finish and liase with the client and the insurer. This area of our business has always been strong and a well handled claim has created many recommendations from happy clients to new contacts.
We only use insurers who have excellent reputations when it comes to ensuring claims are paid promptly and in full. We have our own in-house claims team who act on your behalf should the worst happen to manage your claim for you, so you can concentrate on running your business.