What are the main features of a Recruitment Consultant Insurance Policy?
Depending on your needs, your recruitment consultant insurance may be covered by one single package or be made up from smaller specialist policies, combined together to give you the protection you require. Whatever the solution, we're here to help advise you on the most suited products available to you.
Main Features
As a basis, a recruitment consultant insurance policy will comprise three core areas:
- Professional Indemnity Insurance – to cover the legal defence and settlement (where required) for claims made against you by candidates or clients (for example if you have put forward a candidate who subsequently causes damage or harm to the client’s business).
- Employer’s Liability Insurance – this is a regulatory requirement if you employ staff.
- Public Liability Insurance – protects you from claims made against you in the course of your work by members of the public (for example, if a supplier, customer or candidate injures themselves on your premises and takes legal action). This cover includes legal defence costs and any settlement awarded to the claimant should they be successful.
The policy can then be tailored to include additional cover options depending on your level of risk, including but not limited to, the following:
- Vicarious cover for placing temporary staff where this is not covered by the client’s own insurance.
- Cyber insurance to protect confidential candidate and customer data should a data breach or hacking cyber-crime occur. This cover helps with the cost of data recovery to get you back up and running as quickly as possible. In addition, if damages are brought against you, this product will assist with legal defence fees and compensation payouts.
- Business premises insurance to cover the cost of repairing or rebuilding your workplace in the event of a fire, flood, etc.
- Business contents insurance to cover theft, vandalism, flood damage, etc to furniture and equipment. This can be extended to portable equipment such as laptops that may be taken to meetings or taken home by employees working remotely.
- Business interruption insurance so that in the event of physical loss or damage where your business cannot trade (e.g. flood or fire), your income and expenses are covered.
- UK only or option to extend to Europe or international cover where required.
