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Presented by BUSINESS INSURANCE FOR CONTRACTOR CANDIDATES EXPERTS IN FREELANCER & CONTRACTOR INSURANCE Tania Bowers Slide 2 EXPERTS IN FREELANCER & CONTRACTOR INSURANCE MY BACKGROUND 1996: Qualified as a Solicitor working in private practice from 1994-1999. 1999-2013: 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; www.mondaq.com; www.staffingindustry.com and global law firm websiteswww.mondaq.com www.staffingindustry.com Tania Bowers Managing Director Foxgrove consulting T: 07780 335434 E: t.bowers@foxgroveconsulting.co.uk Slide 3 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? Slide 4 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 Slide 5 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 Slide 6 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 dont 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. Slide 7 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. Slide 8 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! Dont 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? Slide 9 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 Slide 10 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? Slide 11 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 Slide 12 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. Slide 13 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 Slide 14 EXPERTS IN FREELANCER & CONTRACTOR INSURANCE SOME OF THEIR PARTNERS Slide 15 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 Slide 16 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 Slide 17 EXPERTS IN FREELANCER & CONTRACTOR INSURANCE ANY QUESTIONS Thomas Wynne Head of Business Development Kingsbridge Professional Solutions T: 01242 806 422 E: Thomas.Wynne@KPSol.co.uk Tania Bowers Managing Director Foxgrove consulting T: 07780 335434 E: t.bowers@foxgroveconsulting.co.uk