Heightened focus on employee and cyber risk management With his firm BrokersOnline joining APSCo this year, Mark Laudrum provides an update on the recruitment insurance market, as well as a look at some of the key risks insurers will be focusing on in the near future.
Mark Laudrum Head of Commercial & Retail Broking - BrokersOnline APSCo Affiliate Partner
The other key insurance policies for every recruiter would be cyber and management liability (includes directors and officers). There is a larger insurer pool for these policies as they are less recruitment industry-specific although many insurers are nervous about large on-hired workforces. Market premium movement expectations 2021-2022
Insurance for recruitment agencies has and likely never will be an off the shelf tick and flick purchase nor delivered online with only a handful of mouse clicks. Your industry is certainly viewed as requiring a specialised product, and rightly so with the various forms of employment as well as client engagement models applied across the industry.
With just a small number of insurers actively targeting your industry for professional indemnity, competition is thin on the ground with each insurer having their own preferred risk appetite based on occupations or industry sectors. This doesn’t however mean that there aren’t deals to be done with many insurers still keen to win new business and grow their recruitment portfolio.
Cyber, possible increase 1525+% and with increased security practices required This is where you can expect to see the greatest changes year on year, not just with the premiums being charged but more particularly with the cybersecurity you will be required to have in place to even obtain a policy.
Insurers will be expecting you to have endpoint protection in place for all remote devices (malware protection) as well as multi-factor authentication for key IT platforms. RECRUITMENT & CO | 37
