HR Consultants Insurance | ProfessionalsCoverage.ca

How And Why To Protect Your HR Consulting Business

It is a great feeling to see something that you’ve put so much work in to succeed. It is like raising a child and watching it go on to become something great. Or, watching it apply the values and lessons that you taught it along the way. Just knowing that you had a positive impact and made a difference can go a long way. These are the exact feelings that you’ll get as an HR consultant. This is why more and more people are opting for a career in this field. The only problem is, the rewards don’t often outweigh risks. That’s right, there are plenty of risks associated with the consulting industry. While it might not seem like a high-risk industry, you’ be surprised to learn just how high-risk it is.

In fact, one simple, little mistake could mean the closing of your business for good. Don’t let this happen to you or your family! One of the best ways to prevent such situations is by making sure you have a consulting business insurance policy in place. What are the right policies and how can they help you, your business, and your family?

A Look At General Liability Insurance

Speaking with any insurance firm, general liability insurance will likely be one of the first policies that you are offered. While it might seem like a useless policy, you’d be mistaken to leave it off your protection plan. General liability insurance is a policy that will protect you and your employees in the event that they damage the customer’s property, the customer, or get accused of slander. Now, you are probably thinking – how can any of the above happen, I am in the consulting field? Well, as a consultant, you will likely be oftentimes more than not working on the customer’s property, in their place of business. Just being on the premises alone poses a risk of property damage. What if you drop something and damage the floor?

What if you knock over an irreplaceable computer or piece of equipment? What if you drop your notebook, a customer trips over it, and breaks his or her leg, arm, or hip? Sounds a little unrealistic, right? As it might, you’d be surprised that it does happen. This is exactly why this policy was created. People look for the smallest reasons to sue these days. Whatever the situation is, general liability insurance will provide the coverage that you need in these exact situations.

It’ll cover the medical expenses, property damage repair costs, or even the court costs if the customer wants to take the case to court. That being said, slander is a different story. It is oftentimes one that is associated with advertising. Say, you make an advertisement that potentially hurts another consulting business. Did you know that business could sue you, saying that you intentionally and wrongfully insulted it to drive customers your way? They can and they will! They have in the past. Don’t let this hit you and your business unexpectedly, get general liability insurance.

A Look At Workers’ Compensation Insurance

HR consulting is a business industry. You get popular enough and you’ll likely need assistance to keep up with your workflow. This is good and all, but it only doubles or triples your risks. The same risks that you are privy to, your employees will be privy to. Not only this, but you are at the added risk of your employees getting injured as well. Not only do you have to worry about your employees damaging customer property or the customer, but you have to worry about them getting hurt themselves. Whether it be in the office or on the job, you’ll be the one responsible for medical and mental compensation.

Trying to pay such costs out of pocket would be unfathomable, even for the most successful firms. Luckily, this is something you won’t have to worry about when you have the right workers’ comp policies in place.

A Look At Professional Liability Insurance

Above all else, professional liability insurance is probably the most important coverage of all. You are in the advice-giving business, and advice-giving can be murky at best. Just because you back your decision on facts, data, and research, it doesn’t necessarily mean that thing will turn out the way your customer intended. If not, they can claim you sabotaged them. They can claim you are negligent. They can claim that you made oversights that led to their financial loss. Whatever the situation is, all of this will likely result in a lawsuit.

A single lawsuit can get tied up in the court system for years, hanging over your head, and costing you money every time you or your lawyer appears in court. Luckily, this is exactly what professional liability insurance is designed for. Such policies will protect you if you make a mistake or oversight or if a customer claims that you do. Whether you are to blame or not, this policy will cover the customer’s financial losses, as well as the court costs associated with the case.

A Look At Business Owner’s Insurance

HR consultants do spend most of their time on the customer’s premises, but that doesn’t mean that they can’t benefit from having their own brick and mortar outlet. In fact, a lot of them use these buildings as a means of advertisement as well as an off-site location for consultations, quotes, and potential new customers. Any time someone steps foot on this premises, whether it be a customer or some homeless man from down the street, you are at risk. If that individual gets hurt or claims to get hurt while on your property, they can turn that claim into a lawsuit.

As mentioned above, just the claim of a lawsuit can result in thousands of Canadian dollars in wasted resources. This will not be the case with business owner’s insurance policies.

Business owner’s insurance policies will protect you in the event that someone is injured on your property. If their belongings or property is injured while on your premises, this insurance will cover you. You can clearly see just how valuable coverage like this is and where it’ll come in handy for your business.

Acquiring These Policies

Being located in Canada, you’ll have a number of insurance providers at your fingertips. However, you’ll want to make sure that you are always working with quality providers like ProfessionalsCoverage. These professionals are more than familiar with your specific industry and the specific risks proposed to you. They’ll be able to help you develop and device a protection plan that will protect your business for all the foreseeable risks.

Need coverage for a project? Compare your rate and lock it!

Other Types of Consulting Businesses we insure:

If your specializing is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of consulting businesses.