Case Study
The Introduction
Kevin and I met 20 odd years ago. We were opponents on the football field and should never have got on because we were ultra competitive. Yet we did. We even played in cup finals against each other and we certainly never got on during games. We got on in the bar though.
Kevin and I met again when the committee needed volunteers to run the football league we belonged to. We both volunteered and developed our shared interest. We are both proud to know that we play a part in making sure that 400 gents (attempt to) keep fit.
Networking is socially acceptable
I thought those days of collaborations had gone when, out of the blue, Kevin called me about insurance. He knew what I did because we had kept in touch via LinkedIn.
I knew that he worked in recruitment yet I didn’t realise that he had set up his own business. He already had insurance by the time we spoke yet he wasn’t 100% certain it was what he needed.
It said “recruitment” on the front page yet no-one had explained it to him. He had always assumed it was ok and he had never needed to test it yet, as the company grew, it was a nagging doubt. So we met and worked together until he was 100% certain that I was recommending exactly what he needed, allied with a few covers that he wanted so he could work with larger clients.
Contract certainty
Kevin was happy to invite me to his office so we could explain all the horrible parts of the cover. Being prepared is about understanding the bad bits and planning a way to deal with them. Gone was the false sense of security, replaced by a good nights’ sleep. Kevin now recommends me regularly on LinkedIn.
Oh no, Brexit!
It wasn’t until after Brexit that I heard from Kevin’s brother, Ross, regarding the US entity that they had developed. The kind of staff that they find are highly sought after in the United States and they had got as far as setting up a company in North America. The Americans like it when you set up a US company. It just makes things easier for them when paying invoices. Their government ask less questions.
Yet the US brokers he had contacted had requested extraordinary premiums to cover this exposures handed to them via the contract with the US company. At times like this, insurance can be deemed a cost. So we worked hard to find insurance cover that would prove to be an investment.
Ross was very pleased with the outcome as the investment was considerably less than he expected and the cover was wider than he had hoped. His testimonial can be found by clicking here.
The way we work gets results for UK companies trading anywhere in the world. Although we’re able to help US entities too. Something to keep in mind if America comes calling.
Top Tip
When opportunity knocks ask your current contacts how they deal with these issues.
“I have known Jason in both a personal and business context for over 20 years and his knowledge of both the Insurance industry and football are second to none! I have called upon Jason’s insurance expertise many times since I set up Aim Hire and he has impressed me every time. Jason has also put more than 20 years voluntary effort into ensuring APFSCIL (Associated Provincial Football Supporters Clubs in London) is still successful and going strong.”
We recently helped the MD of a recruitment company who had two main concerns. The MD wanted to know how to cover himself if one of his placements damaged a client’s IT infrastructure or caused an issue with data that breached the regulations.
Our client also wanted to know what to do if a recruit had ‘lied’ about his abilities on his CV, the client’s company could suffer damage and take action against the recruitment company.
Our client was initially unsure if this could be covered by insurance. We found that certain types of incident were not covered and he will now consider his recruiting processes in depth. And adjusted his terms and conditions.
Recruitment businesses often feel exposed because a company could refuse to pay their bill if they feel like a recruit was not what they wanted or were looking for. Worse still, they can ask for compensation if the recruit was a rogue in the workplace. As insurance brokers, we make it our duty to research each organisations circumstances carefully, to ensure that our clients are protected.
