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Guild Insurance Review 2024: Products & Coverages

Established in 1963, Guild has protected tens of thousands of businesses and individuals throughout Australia. Guild offers several types of insurance products including professional indemnity, business, workers compensation, and also home & contents insurance.

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In 2019, the company also added pet insurance to its line of business after acquiring Vet Choice. You can’t get pet insurance via Guild but through its subsidiary – Vets Choice.

Whether you’re a healthcare professional, business owner, or homeowner, Guild Insurance can provide you with the right coverage needed for your profession, business, and home.

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Guild professional indemnity insurance is best suited for doctors, yoga instructors, and training consultants as it provides them with comprehensive coverage from liabilities associated with their professional advice, services, or work.

The premiums associated with Quild policies are quite affordable but could vary depending on your profession, coverage limits, and location.

The average monthly cost of Guild insurance for exercise professionals in Victoria with a $5,000,000 professional indemnity cover, and $10,000,000 public liability cover is around $315, and $3,784 per year.

These rates could inflate if you decide to add extra coverages.

Take a look at our review to learn more about Guild professional, business, and homeowners insurance!

Also check: Cota Travel Insurance Review

Guild professional indemnity insurance

Guild professional insurance is available in all states in Australia including the Australian Capital Territory. Their insurance includes standard policies, plus some less common add-ons that competitors don’t have.

Guild professional indemnity insurance coverage

Guild basic professional insurance options include:

  • Civil liabilities claims: This coverage can help cover costs arising from a breach of duty, unintentional defamation, unintentional infringement of intellectual property, and loss of or damage to documents.
  • Legal costs and expenses: This policy helps pay for the costs associated with legal matters that may arise in your professional work. It typically includes expenses like hiring a lawyer, court fees, legal services, expert witnesses, and other costs that you may incur when defending against legal claims or lawsuits related to your profession.
  • Bodily injury and property damage claims: While carrying out your duty as a professional, situations could come where your actions or advice could result in property damage. The affected individual could lodge a claim against you, and the consequence could break your bank. This coverage option can help cover the costs of legal defense and potential compensation to the individual
  • Public Relations expenses: If a professional’s reputation has been dragged through the mud due to negative publicity, or a legal dispute, this coverage can cover costs for things like hiring public relations experts, crisis communication strategies, and other efforts to protect and restore the professional’s reputation.

Discount

Guild does not publicly provide discounts on its website for professional insurance, but you can find out more when you obtain a quote on their website.

Professions covered by Guild professional insurance

  • Acupuncturists & Chinese Medicine Practitioners
  • Aqua Exercise Instructor (excluding swimming instructor)
  • Chiropractors
  • Dental Prosthetists
  • Dieticians
  • Dentists
  • Nurses
  • Exercise Professionals
  • Paramedics
  • Pharmacists
  • Speech Pathologists
  • Osteopaths
  • Podiatrists
  • Veterinarians
  • IT Professionals
  • Natural Therapists
  • Sports Scientists

Guild business insurance & workers compensation

Whether your business is large or small, Guild business insurance can cover you from damages involved in the day-to-day running of the business. If you have suffered from a lawsuit or had a property damaged, this policy can help your business recover and continue its operations.

In addition, if your business has many hands, Guild workers compensation insurance can provide cover for your employees when they become ill while carrying out their duties.

Workers compensation will take care of the costs of medical bills and also help to reimburse the lost wages during recovery.

Guild business insurance coverage

  • Public Liability Insurance: Claims arising from personal injury or property damage to third parties could take you years to recover, this coverage will pay for your business against legal liabilities it may face.
  • Business Interruption Insurance: Guild will cover you for loss of income or loss of rent following an interruption to your business from a covered loss.
  • Replacement cost: This can help pay to repair or replace any damaged property to your business, making sure you’re not out of pocket if the damage is more than what you’re insured for.
  • Patient Records: If patient records are missing, destroyed, or damaged, you will be compensated for rewriting the record.
  • Burglary: You will be covered if your business suffers from attempted burglary or is burgled. Note that this does not include theft cover.
  • Employee Dishonesty: This can help you recover from lost funds due to fraudulent or dishonest practices by your employees.
  • Equipment Breakdown: If your machines or electrical equipment becomes unusable due to a breakdown, you will get paid to repair or replace it.
  • Glass: You’re covered if there is damage to glass on the business premises.
  • Damage: Cover for accidental loss or damage to your buildings, contents, stock, landscaping, and client’s goods.

Benefits & limits

  • Up to $20 million cover for liability: You can claim up to $20 million for liabilities from property damages or bodily injury.
  • Monthly payments with no extra cost: Unlike some other insurers, Guild lets you make monthly installments without incurring any monthly cost or fee.
  • Payment of legal fees: You are covered up to $100,000 for legal costs and expenses for your business from criminal, coronial, and disciplinary matters
  • Free legal advice: You can receive free legal advice for up to 2 hours on employment-related issues.

Guild workers compensation coverage

Guild workers compensation coverage for businesses and employees include;

  • Medical expenses and rehabilitation: This will cover the cost of medical treatment for work-related injuries or illnesses.
  • Wages compensation: Being ill due to work means your employees will be unable to work. This could lead to loss of wages since they are currently rehabilitating. With Guild workers compensation, employees can receive compensation for some lost wages during this period.

Workers compensation by state

  • Australian Capital Territory (ACT)
  • New South Wales (NSW)
  • Tasmania (TAS)
  • Western Australia (WA)
  • Early Learning (NSW)

Guild home and contents insurance

Guild’s home and contents insurance comes in three plans: Home Essentials, Home Elite, and Commercial Car.

These plans come with different levels of benefits and limits. The Essentials plan typically includes basic cover for your home and contents with low claims benefits and premiums.

For those seeking full cover with higher claims benefits, the Elite plan is a good choice. Commercial car insurance is also available to protect your vehicles from damages or loss. Here are the different plan benefits and limits for Guild home and contents insurance.

Also check: ROLLiN’ Car Insurance Review

Home Essentials Plan

Home insurance coverage for this plan, and limits

  • Coverage up to the sum insured shown on your policy schedule from loss or damage to your home due to a covered loss.
  • You can get legal liability coverage up to $20 million for accidental harm to others that you are legally responsible for, including accidental death or bodily injury.
  • Includes 7 days of emergency accommodation costs if your dwelling place becomes unlivable due to damage or loss.
  • Covers up to $1,500 for locks and key replacement if they are stolen from your home.
  • You can claim up to $10,000 for funeral expenses.
  • $2,500 for building materials and awaiting installations in your home.
  • Cover up to $2,500 for destroyed trees, plants, or shrubs in your home.
  • Claims benefit of $10,000 for modification of your home due to damage.
  • Rainwater tank up to $1,500 towards a new tank if your home is replaced.
  • Will reimburse up to $5,000 for fees charged to discharge your mortgage and prepare new title deeds.
  • You can up to $2,000 for a solar heating system if Guild replaces your home.

Contents insurance coverage for this plan, and limits

  • Coverage up to the sum insured shown on your policy schedule from loss or damage to your home due to a covered loss.
  • Legal liability coverage up to $20 million for accidental harm to others that you are legally responsible for, including accidental death or bodily injury.
  • Emergency accommodation costs up to 7 days if your home becomes unlivable due to loss.
  • Up to $2,500 for visitors’ or guest’s contents in your home.
  • You can claim up to $1,500 for food and medication spoilage.
  • Up to $2,500 to cover the cost of security firm attendance.
  • $5,000 for tools and equipment.
  • Includes $1,000 for veterinary care if your pet is injured from a car hit.
  • Coverage up to $5,000 for the cost of removing damaged properties in your home or debris.
  • Reimbursement of up to $1,500 for losses incurred due to the unauthorized use of your debit cards.

Home Elite Plan

Home insurance coverage for this plan, and limits

  • Coverage up to the sum insured shown on your policy schedule from loss or damage to your home due to a covered loss.
  • Legal liability coverage up to $20 million for accidental harm to others that you are legally responsible for, including accidental death or bodily injury.
  • Emergency accommodation costs up to 7 days if your home becomes unlivable due to loss.
  • Coverage up to $2,500 if your keys are lost or stolen.
  • Funeral expense coverage up to $25,000.
  • Cover up to $5,500 for destroyed trees, plants, or shrubs in your home.
  • Claims benefit of $25,000 for modification of your home due to damage.
  • Mortgage discharge costs up to $5,000

Contents insurance coverage for this plan, and limits

  • Legal liability coverage up to $20 million for accidental harm to others that you are legally responsible for, including accidental death or bodily injury.
  • Coverage up to the sum insured shown on your policy schedule from loss or damage to your home due to a covered loss.
  • 7 days emergency accommodation cover if your home is damaged and becomes unlivable.
  • $5,000 for guests’ and visitors contents’.
  • $5,000 for removal of damaged property in your home.
  • Veterinary expenses cover up to $5,000 for your pet if hit by a car.
  • Repairs to your home to avoid future damage or loss.
  • Up to $2,500 for loss due to unauthorized use of your credit cards.

What is not covered

  • Theft, attempted theft, burglary, or housebreaking by anyone living with you, or your family.
  • Loss or damage from an animal staying in your home.
  • Accidental loss or damage caused by tenants, except found in the additional benefits

Commercial car insurance

What you are covered for:

  • Baby Capsules and Child Seats: You will receive some reimbursement if a baby capsule or seat is damaged in an accident. You can claim up to $500 liability benefit per seat and a max benefit of $2,500 for all your claims during one period of cover.
  • Emergency repairs: You will get cover for emergency repairs preventing you from driving your car. You can claim up to $5,000 max per claim.
  • Emergency Travel expenses: If your vehicle breaks down while you’re away from home and unable to reach your destination, depending on your distance, you can claim $500 for transport costs if you are 150km or less from home and up to $750 if you are more than 150km from home.
  • Emergency Services: Coverage up to $5,000 max per claim for the cost of emergency services provided by the police or fire brigade in an accident.
  • Hire Car Excess: This additional coverage pays up to $2,500 max for hire car excess.
  • Load Recovery: You can claim load recovery liability benefit not exceeding $500
  • Lost or Stolen Keys: You will be covered for lost or stolen car keys with a max claim benefit of $1,000

Optional benefits include:

  • Cover for hire car following accident
  • Towing and storage costs

What is not covered

  • Damages caused by driving under alcoholic or drug influence.
  • Asbestos
  • Failure to take reasonable precautions.
  • Fraudulent, dishonest, criminal, willful, or intentional acts
  • Damages caused due to your engagement in high-risk activities.
  • Hiring or sale of your vehicle.
  • Damages from an overloaded capacity of your vehicle.

Also check: 8 Home Insurance Claim Adjuster Secret Tactics You Need to Know

Discounts

Like many other insurance companies, bundling policies is one way to receive policy discounts. If you bundle home and contents insurance on Quild, they will automatically reduce the premium you pay.

Also, special seasonal promotional discounts are also available to some policyholders.

How to sign up for a policy with Guild insurance

Signing up can be done online on the website. Click here to get started with Guild.

Pros and cons

Pros

  • Flexible payments options
  • Free legal advice
  • Monthly installments with no extra costs
  • Quick online quote

Cons

  • No app
  • Bad for professionals who want the cheapest rates

Frequently Asked Questions (FAQs)

Who underwrites guild insurance?

Guild insurance policies are underwritten by Guild Insurance Limited.

How to cancel guild insurance

You can cancel your policy with Guild online by visiting the ‘contact page’ on their website, or call 1800 810 213 to speak with a customer representative.

How can I get Quild pet insurance?

Guild pet insurance is available through Vets Choice. Visit the website online to find out more.