Insurance for HR Consultants

Why do HR consultants need insurance?

You help businesses navigate Australia’s changing employment laws and protect themselves with informed advice. But who is watching your back? You may want to consider HR business insurance to mitigate risks associated with expensive claims and lawsuits.

Providing independent HR consulting might be riskier than you think. Giving outdated info on employee regulations, unresolved conflicts, or not meeting a client’s expectations could create costly issues for your business.

And those are just risks related to your work! A fire, cyberattack, and other unexpected events could create financial losses for your business that insurance could help you manage.

BizCover makes it easy for human resource business consultants to find insurance for their businesses. Compare free quotes and save in about 10 minutes—it’s that easy!

What types of insurance do HR consultants need?

There are many types of insurance that HR consultants may consider, such as:

Professional Indemnity insurance

Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.

The professional cover provided by this insurance is essential for HR consultants. In fact, Professional Indemnity may be the most common policy that consultants choose to protect themselves and their businesses.

Public Liability insurance

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 brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities.

If you’re meeting clients in person, you may want to consider a Public Liability policy. It may also be necessary to lease commercial office space for your business.

Business Insurance

Business Insurance (also called a Business Insurance Pack) is a convenient way to bundle several types of cover that may suit your business needs, including Public Liability insurance.

You can customise your Business Insurance Pack to include only cover that makes sense for your independent HR consulting business, like Tax Audit, Building, Contents, and Business Interruption cover (just to name a few).

Cyber Liability insurance

Cyber Liability insurance covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.

Cyberattacks against Australian small businesses are common, and HR consultants could be prime targets. Your client list is valuable to cybercriminals, especially if it contains heaps of personally identifiable information (like email addresses and payment details).

Cyber Liability insurance can help you manage costs following a cyberattack or data breach, so you’re not left with a hefty bill.

How much does insurance cost for HR consultants?

Every HR consultant is unique, and so are their businesses. Insurers consider information about your business to calculate how much your HR business insurance will cost.

Factors that may affect your insurance premiums include:

• The industries you work with – Businesses in some industries may be considered riskier to work with than others.
• The size of your business – A high annual turnover or accepting large contracts may impact how much you pay for certain policies.
• The services you provide – Insurers deem some services a higher risk and charge you more for a policy.
• The amount of cover you choose – Higher limits of cover generally mean higher premiums.
• Your claims history – A consultant with few past claims may pay less than a consultant who has made several insurance claims.

How to get HR business insurance?

Ready to protect your small business? BizCover has got HR consultants covered!

Get multiple quotes online and compare cover from selected leading Australian insurers. Choose the policies that work best for you and get covered instantly—no complicated paperwork needed. Your policy documents are sent right to your inbox, so there’s no waiting.

Compare insurance quotes for human resource business consultants today and save with BizCover!