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Pen Underwriting Expands International Cover for Recruitment Agencies
In a significant move to bolster its support for UK recruitment agencies, Pen Underwriting has enhanced its insurance offerings to cater to clients targeting international markets. This expansion comes at a critical time, with many agencies seeking growth opportunities in the US and Canada—territories that were previously excluded from their coverage.
Understanding the New Coverage Options
The updated multi-section insurance policies now provide professional indemnity coverage for placements in North America. This enhancement responds to the increasing demand for UK talent, especially in sectors like IT and executive management, where competition is high.
According to Nick Kernaghan-Andrews, head of Recruitment Agency Insurance at Pen Underwriting, the recruitment landscape is evolving, and agencies must adapt their risk management strategies accordingly. “The rise in legal liabilities due to complex contractual arrangements necessitates comprehensive insurance that protects against varied risks,” he explained.
The Impact of Rising Legal Liabilities
The new vicarious liability cover is particularly noteworthy. This addition is designed to protect agencies against claims related to the actions of non-permanent staff, such as contractors. As contracts become more complex and burdensome, the likelihood of recruitment agencies being held accountable for candidate conduct increases, making this coverage essential.
By offering policies that cover not just traditional roles but also project-based positions, Pen aims to alleviate the financial burden agencies might face in the event of legal disputes.
Demands of the International Market
As UK economic growth falters, many recruitment agencies are now looking beyond their domestic borders for expansion. This trend reiterates the importance of robust insurance policies tailored to meet the pressures of the international job market.
With recruitment agencies increasingly involved in international placements, ensuring adequate coverage is no longer optional; it’s a necessity. Comprehensive insurance solutions afford these agencies the peace of mind to concentrate on matching skilled individuals with suitable roles across the globe.
Call to Action: Assess Your Coverage
For recruitment agencies navigating this changing landscape, it’s crucial to re-evaluate existing insurance protections. Now is the time to consider whether your current policies align with your growth strategies and expanding legal responsibilities. Contact your insurance provider today to discuss options that can protect your agency as you explore new markets.
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