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Whether you are a well-established recruitment agency or just starting out, running a business comes with a level of risk that cannot be ignored. Navigating the world of insurance can be overwhelming, with policy wordings and jargon that can be difficult to decipher.
To assist, we've compiled a list of essential insurance types for recruiters to help you identify necessary coverage to protect your business. With our expert guidance, you can rest assured that you have the right insurance policies in place, giving you the peace of mind to focus on what you do best - recruiting top talent for your clients.
This covers the legal liability to compensate third parties who sustain a financial loss due to a breach, or alleged breach of professional duty on the part of your agency or your employees including your temps or contractors.
This covers the legal liability to pay compensation to third parties in the event the agency causes or is alleged to have caused, injury, death, or loss of or damage to property arising out of its business operations.
We suggest these two covers are placed as one policy because it is more cost-effective and avoids disagreements between insurers if it is unclear which policy applies.
Most clients will expect to see evidence that this cover is in place and require that certain limits are purchased.
Cyber Insurance provides cover against financial loss and expenses that businesses may suffer because of a cyber incident, including cyber-attacks from malware or other invasive software, cyber extortion, and social engineering.
Increasingly, clients will require you to provide evidence that you hold this cover.
This covers management for personal damages (including certain fines or penalties) and legal expenses incurred due to a breach, or alleged breach of duty, misleading statement, or wrongful act (as defined in the policy) whilst acting in the course of their employment.
While a client is unlikely to require this purchase, we strongly recommend this cover is in place to help protect your company’s management.
By law, you are required to hold workers’ compensation cover in each state you place labour hire candidates, including your own staff.
We can provide quotes for workers’ compensation policies in ACT, WA, NT, and TAS. Otherwise, these are state Government-run schemes, and they can be purchased online.
As part of our service, we support recruiters with both claims management and/or negotiate with insurers.
At Ardrossan, we work closely with recruiters to help them understand risk management principles including contract reviews. We seek to reduce insurance costs by maintaining long-term relationships and developing cost-effective solutions.
Please reach out at any time to discuss how we can assist you.
Victoria J Watts
Corporate Account Manager – Ardrossan Insurance Brokers
victoria@ardrossaninsurance.com.au
O409 090 380
