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As recruitment business owners look to grow their business, it can be an exciting time with new clients, contracts, and even acquisition or mergers to truly expand and empire build! Every period of change within a company, such as taking on bigger contracts or acquiring new business, brings its own challenges and of course, risks.
This is where your recruitment businesses' insurance arrangements may require some updating, and consideration into the additional costs to cover these new risks. And of course looking at what is already included within your existing arrangements.
Peter Stoll, Director at Marsh Commercial Manchester, and head of the recruitment insurance division, looks at the main risks and key questions you should be addressing with your insurance adviser:
- Will my insurance policy continue to cover me if I suddenly win a huge new contract?
- Do we need any different insurances as we grow and possibly into new sectors?
- Do we have to always accept client’s terms and conditions?
- What covers do I need for overseas workers possibly under a foreign legal jurisdiction?
- Do I need credit insurance?
- What happens to the insurances if a private equity firm buys a stake in my recruitment company?
- Plus many more!
Take a look at our handy video, and get the answers on how to best review your insurances during your recruitment businesses’ growth.
Key insurance considerations for recruiters growing their business
For recruitment agencies that are looking to expand, whether through winning substantial new contracts, or maybe moving into a new sector, it can be an exciting time. But there are key issues that need to be considered around your changing risk levels, and how this affects your insurances.
