Industrial Relations Consultants Insurance
Addressing a claim may not only be financially costly but may also result in damage to the industrial relations consultant’s market reputation. FD Beck, an Australian insurance broking company based in Melbourne, offers consultants custom insurance policies that suit their requirements. Our policies are designed to help consultancies in Australia quickly recover from financial losses caused by these unfortunate occurrences.
Insurance Policies Designed for Industrial Relations Consultants
Your job as a consultant demands professionalism and meticulous attention to detail, and therefore any type of negligence or error in conducting your professional services can result in a claim. Before this happens, secure Professional Indemnity Insurance and Public Liability Insurance for financial protection.
Professional Indemnity Insurance
This insurance policy protects consultants from claims due to actual or alleged breach of a professional duty. Professional Indemnity insurance in Victoria can cover damages and legal fees associated with defending a claim.
Some clients may also require you to secure PI insurance before starting any consultancy work as part of the contract your sign.
Public Liability Insurance
When rendering your service, you will likely have to do on-site visits to your clients, during which time you could potentially cause third party injury or property damage.
In this situation, Public Liability insurance may cover you if you cause damage to third-party property like breaking a client’s valuable item, or injuries like slips-and-falls. It may cover the costs of settlements, including the price to repair or replace the third parties damaged items.
Key Risks for Industrial Relations Consultants
Consultants in the industrial relations field help businesses find their way through the complexities of industrial relations. Their services may need on-site visits and will help steer the direction of their client’s workplace policies. Given the responsibilities involved, they are potentially exposed to the following risks:
- Incorrect review and drafting or employment policies
- Poor negotiation, review and approval of workplace agreements
- Inadequate representation in proceedings for Fair Work matters such as unfair dismissal
- Incorrect advice on performance management, disciplinary matters
- Incorrect advice regarding the management of injured workers
- Inadequate work place incident investigation
- Poor advice in relation to workplace relations compliance
- Failure to conduct compliance and management audits
- Conflict of interest
Discuss Bespoke Insurance Options with FD Beck
We understand the exposures in industrial relations that is why we take into consideration the needs of every policy member and team them up with our network of insurance companies in Australia. We can provide you with insights and recommendations into the suitable insurance policy to help you cover the costs of settling or defending possible future claims. Let us know of your needs and requirements so we can customise the insurance for you.
Use our FREE professional indemnity insurance quote to request an estimate.
FAQs
How much professional indemnity cover do I need?
The professional indemnity cover that you need is dependent on multiple factors. This includes your industry, the size of your company, and the scope of your operations, claims experience, among others. You can get a quote by providing FD Beck with your claims experience, occupation, and professional fees. To get more advice about policy limits you can also refer to our blog “How much professional indemnity does a consultant need”.
Do all industrial relations consultants need professional indemnity insurance?
While PI is not legally mandatory in Australia for all professional occupations, it is our strong recommendation that professionals offering advice in industrial relations have PI cover in place. Despite best efforts, no one or no business is immune from making errors as they render their professional services. If a professional breach does occur, a client relying on this professional advice can rightfully lodge a claim for compensation. Claims can be costly, but you can rely on an insurance policy to help settle the dispute.
I have a budget for industrial relations consultant insurance coverage. Can you create a package based on my budget?
Yes, we can create a policy based on your budget. You can discuss your requirements with our team of professional insurance brokers, and they will provide you with an insurance solution tailored to your needs. For more information about the cost of insurance, please view our short video “How much does professional indemnity cost?“
Do you provide an online quote?
Yes, simply access our online calculator to get your online quote.
