ITPA members: Your chance to win a $1000 travel voucher!

There’s only a little over one week left for you to enter the Guild Insurance competition to win a $1000 travel voucher! All you have to do is click on this link, which will take you to a page that gives you six simple ways to enter (eg, answer a question or watch a short video). Don’t delay! The deadline for entering is 5:00 pm on 10 May.

And don’t forget that as an ITPA member, you can also get 25% off your individual insurance policy through Guild Insurance. Just head to guildinsurance.com.au or call 1800 810 213 for full details. (To qualify, you must have a paid ITPA membership, which includes our Professional member, Certified Practicing Member and Honorary Life member categories.)

The right insurance for you?

Working out which insurance cover you need to ensure you meet your professional and contractual obligations can be tricky. At ITPA, we’re aware that there is confusion between purchasing your own individual insurance policy or relying upon a master or group policy.

To help make it clearer, Guild Insurance has outlined below the key differences between the two types of policies to assist you in making the right choice.

Master or group policy

A group or master insurance policy covers a group of people under the one policy and has shared limits of liability and benefits. However, this does not mean each insured is provided with equal cover. For example, if a group policy has an indemnity limit of $1 million with 1000 insureds (members), each insured under that policy is not provided with $1000 of coverage. Group policies don’t specifically provide any level of cover to individual insureds. Instead, a limit of cover is provided to the group members collectively.

There could be two important implications of a master or group policy if you are required to have a specified limit of public liability and/or professional indemnity in place by an employer or contracting party:

• A master or group policy might not meet your employer or contractor’s requirement and you would, therefore, be in breach of your employment or contract terms.
• In the event a claim is made against you, there is no guarantee that the policy would have a sufficient limit of cover available to safeguard you. As all the insured’s claims under the master or group policy are paid from the shared limit, there is a risk that the limit is exhausted or insufficient.

Individual insurance policy

An individual insurance policy provides cover exclusively for you, the individual or your business. This means the limits of indemnity and sub-limits and policy benefits apply to you and only you.

Having an individual policy could be a great way to be certain you have enough cover in place to protect you and your business and meet your contractual obligations.

Getting it right

So as you can see, it is important that you understand which insurance product suits your own individual circumstances. To talk to a Guild Insurance specialist about your particular situation, call 1800 810 213 or visit guildinsurance.com.au. Don’t forget to ask about your 25% discount on an individual insurance policy.

And make sure you enter the $1000 travel voucher competition by the deadline, 5:00 pm on 10 May. Good luck!

Image credit: ©stock.adobe.com/au/ungureanusergiu