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Professional indemnity insurance covers you for your civil liability when a claim arises from a breach of your professional duty. Protecting yourself against an allegation of professional negligence or wrong-doing can be expensive and time consuming, not to mention the potential damage to your reputation and business.

A professional indemnity policy is designed to protect both you and your business from the hefty costs associated with defending such claims. This type of insurance will give you much-needed peace of mind and confidence to conduct your business.

Many professions that offer services or advice to others are required to hold professional indemnity insurance by law. Many companies who take on contracted workers will request evidence of a professional indemnity policy in the form of a Certificate of Currency (CoC). Your CoC confirms that you hold a current professional indemnity policy should any claims be made against you.

Please check with your professional association or regulatory body to find out if a professional indemnity policy is a legal requirement for you.

Professional Indemnity product is designed to cover you for civil liability claims arising from breaches of your professional duty. Public Liability insurance protects you from civil liability claims arising from personal injury or property damage that are not related to your professional service but arise from your general duty of care.

For example, a customer who slips and falls on spilt water on your business premises and suffers a bodily injury as a result, may be covered under public liability insurance. It is public liability because it is your duty of care as a business owner to provide a safe environment free from hazards. A professional indemnity policy would respond when a customer suffers a loss or injury arising from the professional service or advice you provided to them.

Business package insurance is designed to cover the physical assets of your business for material loss or damage. It can also include cover for financial loss due to business interruption. Guild’s business package policies also have the option of including public and products liability and may sometimes offer professional indemnity and management liability cover into the one packaged product.

Covers often vary across differing policies. At Guild, we specialise in tailoring a policy to suit your profession and needs, so that you’re not paying for unnecessary covers. You should review the covers available in our Product Disclosure Statement and / or policy wording to ensure our product is right for you.

You can also speak to a Guild Insurance Specialist or contact us directly. They can discuss the risks associated with your profession and will consider your activities and business structure when recommending the most appropriate cover for you.

A Certificate of Currency (CoC) is a written document issued by an insurer that confirms your insurance policy is current and valid at the date of issue. At Guild, we provide easy access to your CoC at any time via our online portal PolicyHub.