Professional Indemnity Insurance for Recruitment Consultants is designed to cover financial loss arising from a party's reliance upon advice given or services provided by a professional recruiter.
In the event that a party suffers a loss due to an alleged negligent act or an error or omission, Professional Indemnity Insurance for recruitment agencies will respond to and pay the legal costs for any damages awarded against the service provider.
Why do Recruitment Consultants require Professional Indemnity Insurance?
Recruitment Consultants provide placement services for businesses, either in the form of permanent employees and/or temporary staff.
Key Exposures for Recruitment Consultants
Failure to perform necessary background checks.
Placing a candidate in a position to which they are not suited or have inadequate experience
Passing a candidate's CV to an existing employer or to a third party without consent.
Vicarious Liability arising out actions of on-hired employees
Professional Indemnity cover will provide the Recruitment Consultant with protection should such a claim be brought against them in these instances.
Why purchase your Professional Indemnity Insurance through Express Insurance?
We have partnered with CGU, one of Australia's biggest and most well known insurers, to provide this insurance to Recruitment Consultants.
With Express Insurance, you can source a PI quote in seconds, and have the option of adding Public Liability Insurance. You can then proceed to buy the insurance and produce your Certificate of Insurance in minutes, or alternatively save the quote back to your email account for buying later.
And we save your details on Renewal of your insurance, making the process of renewing your PI Insurance even easier and quicker.
Throughout your experience with us our team of highly experienced PI specialists are a phone call away!
PI premiums are determined by your Turnover and PL Premiums by the number of staff under your employ. All insurers charge a minimum premium in both respects.
We believe we have negotiated highly competitive premiums for both classes of insurance, and will continue to monitor premium levels available in the market to ensure this remains the case.
Premiums vary between states as a result of differing stamp duty rates, however our minimum Total Premiums for Professional Indemnity ($500k cover) start from $487 (incl. GST).
From a compliance perspective and for your own protection you should have a minimum level of Professional Indemnity(PI) insurance. In the event that the services you provide for a client lead to a claim against that client they will generally look at claiming against the provider. PI insurance will protect you in the event that this occurs.
We have designed the Insurance application process so it only takes an average of 5 minutes to complete your application. In most cases your application will be instantly approved online, and you can print your Confirmation of Insurance to prove that you have the requisite cover in place... It's that easy!! All other documentation, such as your tax invoice, policy schedule and wording will be emailed directly to you for your records.
If the policy can't be issued immediately because we require further information, we will contact you generally on the same day.
Approximately one month prior to the renewal of your policy you will receive a renewal reminder email with a link that will allow you to review your previous years cover and renew the policy even quicker!
* We have minimized the number of referral situations so that most applications will be automatically accepted. However, if for example you have prior claims we will contact you to facilitate completion of your application personally with the Insurer.
Your Insurance policy is arranged by Express Insurance acting as agent of CGU Professional Risks, Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance.
CGU is part of the IAG Group, Australasia's leading general insurance group and an ASX Top 50 company. IAG's businesses underwrite approximately $7.8 billion of premium every year and employ 15,000 people worldwide.
CGU is one of Australia's largest intermediary-based general insurers, providing insurance to Australians for almost 160 years. They Insure in excess of three million policies in total, including over 500,000 Australian homes and one million private motor vehicles.
To underpin the long-term stability of their business, CGU holds capital over and above that required by Australia's Prudential Regulator (APRA).
For each Recruitment policy completed online we make a donation to The Reach Foundation.
Reach encourages all young people, no matter their circumstances, to believe they can achieve. At its core, Reach is young people inspiring young people.
Reach's empowered team of young Reach Crew (aged 15-25 years of age) run programs that instill self belief in young people.
Reach programs include a variety of workshops, weekends away and large scale events that promote the mental health and wellbeing of young people, by supporting them to build skills including resilience and emotional awareness. They have learnt over many years that developing these skills in adolescence can reduce serious problems faced later in life including depression, substance abuse, conflict, homelessness and suicide.
We will work with you to ensure that claims are handled in a professional manner and that you get a fair outcome from the Insurer. The first step is to lodge your claim form.