(UK) What insurance should I consider as an agency placing contractors?
I’ve recently set up my own agency and have just had a contract offer accepted.
What types of insurance, if any, do I need as an agency, especially for an inside IR35 role?
(UK) What insurance should I consider as an agency placing contractors?
I’ve recently set up my own agency and have just had a contract offer accepted.
What types of insurance, if any, do I need as an agency, especially for an inside IR35 role?
RCadmin
Congratulations on securing a contract! As an agency placing contractors, especially in the UK and particularly for an inside IR35 role, there are several insurance policies you may want to consider:
Professional Indemnity Insurance: This covers you against claims of negligence, errors, or omissions in the services you provide to your clients. It’s essential for protecting your agency from potential legal claims.
Public Liability Insurance: This is important if your agency interacts with clients, candidates, or the public. It covers you in case someone is injured or their property is damaged while on your premises or during your business activities.
Employers’ Liability Insurance: If you employ staff (even if it’s just a few contract workers), this insurance is legally required in the UK. It covers you for claims made by employees for injuries or illnesses related to their work.
Cyber Liability Insurance: If you handle sensitive data or personal information of contractors and clients, this can protect you against data breaches and cyberattacks.
Business Interruption Insurance: This can help you cover lost income and ongoing expenses if your business operations are disrupted by an unforeseen event.
Legal Expenses Insurance: This provides cover for legal fees related to disputes that may arise in the course of your business.
Given that you’re working with contractors and particularly in an inside IR35 context, consulting with an insurance broker familiar with recruitment agencies and IR35 regulations can be very beneficial. They can help you determine the specific coverage you need based on your business model and risk exposure. Good luck with your new agency!