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: