Your recommended advice or activities can turn sour anytime. But with broad insurance cover for your human resources business, you can enjoy these benefits of a professional indemnity insurance policy.
The following types of consultants’ insurance policies are required for your human resources consulting jobs.
Professional Indemnity insurance protects you against claims made against you for loss suffered by a third party company arising out of you providing professional services.
Not only does it cover the claim for compensation, but it also covers the legal defence cost of dealing with it, from investigation to court hearings.
But how can a professional indemnity claim happen to you? Let’s say you advised a client to undertake necessary changes in their organisation, but your recommendation resulted in significant losses.
This is just one example of a potential issue that professional indemnity insurance can cover.
Public Liability Insurance safeguards you and your business from claims from a third party where your business has caused personal injury or property damage.
This insurance covers not only the claim for compensation if you are negligent but also the legal defence cost to deal with the matter.
For example, you a consulting business owner in Victoria whose employee caused damage to property while working? You can be held liable for this situation, and your public liability insurance policy can respond to the allegations accordingly.
Some of these potential issues may come your way, so prepare for them beforehand.
Breach of the Fair Work Act
When dealing with recruitment and other employee-related issues, a human resource consultant can be exposed to a legal demand for allegedly breaching the Fair Work Act.
Breach of confidentiality
You can face an arduous legal battle if sensitive company information is made public during the recruitment process.
Breach of professional duty
When you or your company has a duty of care to a client, but fail to satisfy that standard, for example, wrong or making an error. For example conflict of interest in providing a recommendation or misrepresentation during the recruitment process.
Libel or slander
Libel or slander are types of defamatory statements (either written or spoken) that damage a client's reputation.
Loss of documents
Document lost or damaged whilst in your care.
Real threats make you vulnerable to expensive claims. Dealing with disgruntled clients and compensating for their losses can be stressful.
That is why FD Beck’s wide network of insurers offer the right financial products and services. We understand the risks that your responsibilities pose and we ensure that we provide the right solutions for them, including options for personal insurance to help protect your individual assets alongside your business coverage.
Generally, a policy from a Professional Indemnity insurance in Victoria will provide between $250,000 and $5,0000,0000 of coverage. What is right for you will depend on the size of your business, the nature of your work, and any insurance contractual requirements you may have. Please talk to our Professional Indemnity insurance brokers for accurate advice and access to more information.
All types of human resource consultants need this insurance. If you charge a fee for your service, then you need a PI policy.
Yes, our professional insurance broker can personally discuss specific coverage based on your budget. Please call our phone number any time.
Yes, For your convenience, FD Beck has a free online insurance quoting tool tailored for HR Consultants. What’s handy, is that FD Beck’s online PI insurance calculator offers limits options of $500,000, $1,000,000, $2,000,000 and $5,000,000. Better still, our online calculator includes other products such as Public Liability and Cyber Insurance. That’s just to name a few.
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