Presentation on theme: "Presented by BUSINESS INSURANCE FOR CONTRACTOR CANDIDATES EXPERTS IN FREELANCER & CONTRACTOR INSURANCE Tania Bowers."— Presentation transcript:
Presented by BUSINESS INSURANCE FOR CONTRACTOR CANDIDATES EXPERTS IN FREELANCER & CONTRACTOR INSURANCE Tania Bowers
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE MY BACKGROUND 1996: Qualified as a Solicitor working in private practice from : SThree plc. Global Legal Director 2013 to present: Independent Legal Consultant Specialist in Legal, Risk and Compliance Advice to the recruitment industry and service providers, which include Kingsbridge. Quality free legal resources for global updates include www. Lexology.com; and global law firm websiteswww.mondaq.com Tania Bowers Managing Director Foxgrove consulting T: E:
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE AGENDA Kingsbridge – their “contractor insurance” product The Clients’ perspective The Agencies’ perspective The Contractors’ perspective Contractor Insurance – summing it up for Agencies Mindful Risk Taking Kingsbridge Professional Solutions Their solution Any Questions?
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE KINGSBRIDGE - THEIR “CONTRACTOR INSURANCE” PRODUCT Liability Insurance Package – professional indemnity, public liability and employers cover One “insured” Accurate business description Insured has total control over policies Kingsbridge are specialists in contractor insurance and understand the sector
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE THE CLIENTS’ PERSPECTIVE >“Standard contracts” under a agencies’ insurance policies >Complex contractual arrangements –MSPs and VMS >Clients’ own terms are generally “non-standard” >The clients want a pyramid of subcontractors sharing risk with the aim of reducing legal fees and legal exposure for them. >How does this manifest in client terms – agency is responsible for acts and omissions of the contractor and is required to insure the risk. Indemnities and warranties often extensive and one sided >Client increasingly asks for proof of contractors’ cover
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE THE AGENCIES’ PERSPECTIVE Agencies want to be insured for their risks and to pass risk “down the chain” where they can. As a responsible insured don’t be afraid to negotiate on client indemnity and liability clauses and check with your broker. >Vicarious liability extension – lack of clarity about what is acceptable in client terms, does not usually extend to professional indemnity cover Do you issue instructions and manage, why accept contractors’ acts and omissions? CONTRACTORS’ COVER – ISSUES FOR RECRUITERS: Own policy or group policy – how many “insureds” on average Aggregate limit and claims limit? Insurance partners can provide security and data whilst recruiters remain at “arms length”.
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE THE CONTRACTORS’ PERSPECTIVE Insurance is usually a contractual requirement in an agency contract. Being asked to provide proof of cover throughout an assignment is becoming more commonplace. An IR35 indicator – assumption of contractual risk. Mistakes can happen – protect against the unforeseen. Not as expensive as contractors may think. Control – sole insured's’ control claims, the description of their business, the scope of cover, renewals and price.
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE CONTRACTOR INSURANCE: SUMMING IT UP FOR AGENCIES Signing non-standard terms? Capping liability is essential to ensure that contractors can find & afford cover REDUCE RISK PROFILE OF YOUR BUSINESS! Don’t compromise own insurance by not passing it down the chain If insurance is in the contract with end client or with candidate – it needs to be enforced (failure to do so could constitute breach of contract by the agency) How are you checking that contractors have taken adequate and relevant cover?
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE WHY YOU NEED YOUR CANDIDATES TO BE INSURED End client requirement Mitigate your risk as a business Protect your candidates Specific term within contracts CONTRACT WITH CANDIDATE CONTRACT WITH END CLIENT End Client and agencies unable to cover contractors
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE MINDFUL RISK TAKING: RECORD, REPORT, REVIEW Do you have the right insurances? Can your contractors get insurance? Do you have fit for purpose client/contractor terms? Do you have a fit for purpose client terms review process? Are you negotiating effectively, do you have an escalation process to the board? Could you tighten up your compliance processes? Should you review and audit your management companies and the insurances they hold?
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE KINGSBRIDGE: THE BUSINESS Provide business insurance to Ltd company contractors, freelancers and independent professionals 15,000+ policy holders Renewal retention rate of over 80% APSCo affiliate & TEAM service provider Policy underwritten by A+ insurer, Markel International Work closely with contractor accountants, recruitment companies and professional bodies
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE THE KINGSBRIDGE SOLUTION ANNUAL COST £424 (includes IPT) OR 10 instalments of £46.64 TOTAL (£466.44) (includes IPT) Professional Indemnity £1 million Public Liability £5 million Employers’ Liability £10 million Personal Accident £500 per week £100,000 death benefit Directors’ and Officers’ Liability £100,000 *Higher levels of cover available upon request.
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE KINGSBRIDGE: KEY MARKET SECTORS Energy, Oil and Gas Engineering and Technical IT & Technology Banking & Finance Interim Management & Consultants Social Care, Health and Education
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE SOME OF THEIR PARTNERS
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE THE KINGSBRIDGE SOLUTION: BENEFITS TO CANDIDATES Individual cover Price promise guarantee Purchase cover in minutes Online solution available 24/7/365 Insurance documents sent out immediately Cover for previous work An IR35 indicator Insurance is a business claimable expense
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE THE KINGSBRIDGE SOLUTION: BENEFITS TO PARTNERS Protect your business Compliance Staff training and education Documents sent immediately to our partners supporting high level of compliance Management information Commercial incentives available to the partner Potential to reduce group insurance premiums
EXPERTS IN FREELANCER & CONTRACTOR INSURANCE ANY QUESTIONS… Thomas Wynne Head of Business Development Kingsbridge Professional Solutions T: E: Tania Bowers Managing Director Foxgrove consulting T: E: