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Being a recruitment consultant who matches jobseekers to employment vacancies can be a very rewarding occupation, with hundreds of satisfied employers and workers thanking you for your services. However, if things happen to go wrong with the recruitment process or the person you found to fill a job vacancy causes loss or damage to your client or their property, things can quickly go downhill. For this reason, recruitment businesses need to have adequate insurance.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your business and the insurance you need and you’ll have multiple quotes from a range of respected insurers to consider instantly. Use our quick and easy comparison service to make sure you get the best insurance for your recruitment business today.
There are several types of business insurance you should consider if you run a recruitment consultancy. These include:
Professional indemnity insurance
Professional indemnity insurance covers you against claims that the advice, recommendations or services you provided to your client were either incorrect or negligent. It’s an important type of insurance to have for anyone who offers services in the recruitment industry, as you can potentially be held liable for the behaviour of those you place in jobs for a considerable time into the future. Cover is available starting from $250,000 and goes up to $10 million or more.
What it covers:
Public liability insurance
Public liability insurance is also essential if you have an office which is open to members of the public. It can cover you if a member of the public is injured or sustains property damage as a result of your negligent business activities. This insurance can offer between $5 million and $20 million worth of cover.
What it covers:
General business insurance
General business insurance may also be worthwhile if you have an office and portable equipment (such as laptops) which need coverage. Because glass breakage is a common exclusion from business policies, you may wish to purchase this as an optional extra if your landlord requires you to have insurance to cover the cost of glass breakage in your office.
What it covers:
Cyber liability insurance
As a recruitment consultant, you may hold plenty of confidential information about potential job prospects and your clients’ businesses. Unfortunately, many cybercriminals may be able to get hold of these private details. For this reason, cyber liability insurance is also a very important form of insurance for all recruitment consultants, as well as other consultants or contractors working in related fields as well.
What it covers
What isn’t covered under my business insurance?
The most common exclusions in the above types of business insurance include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
However, the location of your business also influences the cost of your insurance. For example, a recruitment consultancy located in Tasmania may be quoted different insurance costs to one located in Queensland, due to the unique environmental risks posed to those in northern parts of the country. You can find out how much insurance will cost for your particular business by comparing quotes right here with Savvy.
Any situation where you are offering personal advice and services comes with risks. Unfortunately, the risks faced by recruitment consultants can continue long after a candidate has been found and placed into an employment position. If that candidate proves to be unsuitable or commits a criminal offence in the future, you could be held liable if it’s proved your recruitment processes were negligent. This could happen if you didn’t adequately conduct background checks on the candidate, for example. For this reason, you need business insurance to cover you against a range of potential eventualities.
Most small to medium-sized businesses have some contingency funds available, but they’re rarely sufficient to cover the cost of a major liability claim, which could possibly amount to millions of dollars. If such a claim is made against you or your business, and you have adequate insurance, you’ll have a much better chance of recovering quickly and getting back on your feet.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
