Bluefin launches comprehensive protection for expanding recruitment sector
National insurance broker Bluefin has launched its most comprehensive insurance programme to date for recruitment companies. Designed by specialist division Bluefin Professions, it is based on its experience of working with hundreds of recruitment firm clients, which encompass the breadth of different businesses within the recruitment sector.
In addition to standard covers such as employers, public & products liability, professional indemnity, property & contents and directors & officers, the package is designed to protect recruitment firms from growing threats such as a cyber attack and data breach. According to The Information Commissioner’s Office, recruitment firms are ranked in 11th place among the top 20 sectors most likely to suffer a data breach.
As recruitment firms increasingly rely on technology including job boards, CV parsing tools and social media, the threat of a theft or loss of the personally identifiable data entrusted to them is increasing. The reputational damage following a cyber attack is responsible for 80% of companies being declared insolvent within two years. Bluefin can also offer access to independent experts that can provide tailored advice and support to further assist businesses in identifying, understanding and managing the risks they face.
As economic conditions improve and with confidence returning to the jobs market, many recruiters are looking forward to the increasing number of quality candidates on the market expanding their client base and entering into a new period of growth in their businesses. However, with that comes the increased risk of bad debt that is where a client does not pay on time, if at all. For small to medium sized businesses this can have a profound effect on cash flow. Bluefin’s specialist trade credit team have experience in this sector and are used to creating solutions to cover just such situations.
Toni Dines, Head of Practice – Recruitment, Bluefin Professions commented: “The recruitment sector is at the forefront of technology and with the jobs market becoming buoyant again, great opportunities and potential exists. However, business managers are increasingly looking to safeguard their businesses from the risks associated with these developments. This involves a range of defensive measures and having comprehensive insurance can further help recruitment firms to sustainably capitalise on the opportunities that exist.”