HR Consulting in Oakland, California

As an HR consultant, your clients depend on you to provide reliable and timely services across various tasks and responsibilities. Like any business, accounting for risks and exposures is integral to operating your HR consulting firm. Fortunately, the agents at Burns Employee Benefits Insurance Services are here to help.

Why Do HR Consultants Need Insurance?

Your clients depend on your business to provide reliable and timely services across many tasks. These responsibilities, which may include managing day-to-day functions such as payroll, overseeing employee benefits packages and finding suitable candidates for job openings, are essential. A single error, or even facing allegations of having made one, could lead to costly consequences for your firm. Furthermore, if you lack the means to compensate your client for their losses, your reputation may suffer irreparable damage. Finally, your HR consulting firm also should protect its own property, liability and employees with appropriate insurance coverages.

What Types of Insurance Do HR Consultants Need?

The operations of your HR consulting firm include many risks and exposures. Although all businesses have unique circumstances, for HR consulting firms, an adequate insurance portfolio generally consists of the following:

• Professional liability insurance—If a client alleges that your firm provided services that were inadequate, incomplete, late or negligent, this coverage, also known as errors and omissions (E&O) insurance, can help pay for the following legal costs:
  • Legal defense
  • Lost income
  • Judgments
  • Settlements
• Commercial property insurance—This coverage can help pay for losses involving physical property used to operate your firm, including the following:
  • Buildings
  • Equipment
  • Computers
  • Furniture
  • Inventory
  • Signage
• General liability insurance—By including this coverage in your insurance portfolio, you may be able to access financial assistance if you are responsible for third-party losses arising from the following:
  • Bodily injury
  • Property damage
  • Personal and advertising injury (e.g., slander, libel, false advertising, copyright infringement)
• Business interruption insurance—If a covered event affects your firm’s ability to conduct its normal operations, this coverage, also known as business income insurance, may help pay for the following costs:
  • Rent/mortgage payments
  • Employee payroll
  • Lost income
  • Tax/loan payments
• Workers’ compensation insurance—If one of your employees is injured on the job or develops a work-related illness, this coverage can provide financial assistance for the following expenses:
  • Medical bills
  • Reduced earnings
  • Disability benefits
  • Death benefits
  • Legal costs
• Cyber liability insurance—This coverage protects your business financially if it is involved in a data breach or other cyber incident by helping to pay for the following:
  • Notifying affected parties
  • Restoring or repairing compromised equipment
  • Ransomware payments
  • Legal costs (e.g., representation, judgments, settlements)
• Fidelity bonds—These bonds, also known as employee dishonesty bonds, can provide financial assistance if your employees commit dishonest or fraudulent acts, such as the following:
  • Theft
  • Fraud
  • Forgery
  • Embezzlement
  • Unlawful data access
• Employment practices liability insurance—This coverage, also known as EPLI, can help your firm pay for legal costs if a current, former or prospective employee sues you for improper workplace conduct, such as the following:
  • Discrimination
  • Wrongful termination
  • Improper hiring practices
  • Sexual harassment

How Do I Get Insurance for My HR Consulting Firm?

At Burns Employee Benefits Insurance Services, our experts have extensive experience helping employers in the Oakland area assess and address their coverage needs. We will take the time to analyze your company’s unique circumstances and help you acquire and maintain an optimal insurance portfolio capable of protecting its finances and future. Contact us today to get started.