How mch does recruitment agency insurance cost?

[movespot_co_uk]

Hi all
Im thinking of setting up a recruitment agency type business so me and afew mates can work for a bigger company through this agency. Im just woundering how much insurance will cost (about) and any other sneaky costs.

Just to mention this bigger company are not taking any lads on the books and have many lads working through another agency which is going to stop trading soon.

Thanks
Darren

[Richie N]

Hi,

Depends really on your other insurances required; contents of your office, EI, PI etc.
Try Hiscox, they are probably the best for agencies.

[Fernhurst Solutions Ltd]

If you are a member of the FSB, they also offer good rates for various types of insurance ... the joining fee can be more than offset against any savings that you could make.

[movespot_co_uk]

No at the minute im just a self employed person working for another agency. At first theres only going to be me and another person working(keep wages low untill i can afford to pay more)

[-Will101-]

Jardine Lloyd Thompson provide a REC approved package for recruitment agencies. You might get it slightly cheaper elsewhere as individual components but at least with this they will understand the industry etc. as you need to make sure liabilities in your contracts match levels of insurance cover etc.

[elainec100@cheapaccounting]

You will also need to budget for the costs of drawing up contracts for you, your workers, your clients etc.

What is a client doesn't pay - will you still pay your workers?

[-Will101-]

You will also need to budget for the costs of drawing up contracts for you, your workers, your clients etc.

What is a client doesn't pay - will you still pay your workers?

You can get contracts from REC that will comply with Recruitment Agencies Act (not free!). If you are going to act as a recruitment agency (recruitment business in relation to contractors), remember you will probably not employ the staff directly but their service provider (e.g. another ltd company that employs them)

A recruitment agency providing contractors to a client will have a separate contract with the client and contractors service provider. If client does not pay, this is the recruitment companies problem, not the contractors and typically the contractor will still need to be paid anyway (unless their actions / work caused the reason for non payment etc.)

You might consider just setting up a company and going in as a consultancy as probably a lot more straight forward than trying to be a recruitment company specifically?

Oh, and careful about breaching your existing contract with the recruitment agency that has you in there already (if I have understood correctly...). . The client would also probably be in breach of contract if they were to engage you as well.

[vipinsham]

I have searched on different recruitment agency insurance that have good policies over recruitment agency insurance.

[vipinsham]

I have searched a site for your business
Recruitment Agency & Employment Insurance (http://www.agencyinsure.co.uk)
there are some more sites that seems agency insurance is one of the website I found that totally deals in recruitment agency insurance and their are other website might be its partner
Professional Indemnity Insurance (http://www.coulsonpritchard.com/)
Freelance Insurance (http://www.freelanceinsure.co.uk)
Professional Indemnity & Liability Insurance (http://www.professionalindemnityinsurance.co.uk/)
these also deals in indemnity insurance but you can check them too, might these help you in your case