Insurance for Recruitment Consultants
- Instant Professional Indemnity insurance tailored specifically for your occupation
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Why do Recruitment Consultants need Business Insurance?
Insurance for recruitment consultants is there to provide protection against potential claims for a breach of professional duty, accidental injury or damage to a third party (when not covered by the ACC) and cover for your vital business assets.
Different types of business insurance may also be a requirement as recruitment consultant. Here are a few of examples of when you may need it:
- To join a professional membership or industry body you may need to have a certain level of Professional Indemnity insurance* in place
- If you are out visiting different businesses, you may need to have Public Liability insurance* in place before you visit certain sites
- If you are renting a premises for your business, Public Liability insurance may be required as part of your rental agreement
Recruiting the right employees for your clients is something you are an expert at and getting you the right insurance is our specialty. With just a few clicks or a single phone call, you’ll get multiple quotes from leading insurers. Select your preferred policy and you’ll be covered instantly, so you can continue running your business without any worries.
Insurance for Recruitment Consultants covers a broad range of business activities
- Recruitment services e.g. placement of candidates, executive search
- On-hired employee services
- Incorporation contractors
- Other recruitment services
- Employment consulting services, for example: occupational health & safety, human resources, change management, psychological testing, training & induction
Professional Indemnity Insurance for Recruitment Professionals
PI insurance is designed to indemnify the insured for a claim that is first made whilst the policy is in force as a result of a breach of professional duty in respect of the conduct of the professional business in the Recruitment Industry.
This class of insurance is written on a ‘claims-made basis’. This means that the policy provides cover for claims made during the period of insurance in respect of professional services provided after the retroactive date, subject to the terms and conditions of the policy in place at the time. The retroactive date will be specified in the policy schedule.
All PI insurance policies will have a ‘limit of indemnity’ and a ‘deductible’ or ‘excess’. The limit of indemnity is the maximum amount that the insurer will pay for any one claim. The deductible applies for each claim such that the amount of each claim up to the deductible must be paid by the insured.
Recruitment Consultants generally require professional indemnity to comply with professional association requirements, professional standards legislation or to meet the requirements of many clients and/or tender processes
What is typically covered?
- Damages and claimant costs awarded against the insured
- Legal and defence costs
- Claims investigation costs
- Inquiry attendance costs
- Public relations costs
What is NOT covered?
- Intentional damage
- Known claims and circumstances
- Fraud and dishonesty
- Bodily injury / property damage
Public Liability*
A major part of your role as a recruitment consultant is interacting with others, including potential candidates and businesses seeking new staff. Whether you are out and about meeting them on site, working from an office or even from home, the risk for a potential Public Liability claim occurring is a reality, no matter how much care you may take.
Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured (and not covered by the Accident Compensation Commission (ACC)) or sustain property damage as a result of your negligent business activities.
A Public Liability claim can happen in the blink of an eye, and the potential impact of a claim upon your business could have big consequences. All it takes is for a client visiting your business premises to accidentally injure themselves (when not covered by the ACC) and leaving you facing a potential claim on your hands^.
What is typically covered?
- Compensation for accidental damage to third party property
- Compensation for personal injury or death to third parties where the ACC does not provide cover
- Legal and defence costs
What is typically NOT covered?
- Injury to your employees
- Damage to your own property
- Compensation for personal injury whereby cover is provided by the ACC
- Known claims and circumstances
Business Insurance*
There are many moving parts when you run your own recruitment business and that’s why it is important to take a moment to look at how your business assets play an important role in keeping your business going.
If an insurable event like a fire or storm were to wreak havoc and damage things like your office furniture or building (if you own) the financial implications to repair and replace them could be enough to potentially send your business bankrupt.
Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance policy can also cover your portable equipment, and loss of revenue due to business interruption in specified circumstances.
There are a few different types of Business Insurance options to consider when protecting your recruitment business, these may include cover like:
Contents: Covers your business contents or stock if they are damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy
Building: Cover for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind).
Business Interruption: Business interruption insurance provides cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).
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The customer service agent was excellent. He explained to me clearly all the questions I had. Can’t be beat on price for the policy I needed and I was contacted within half an hour of my enquiry. Policy was confirmed on the phone. Excellent.
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