Individual cover for pharmacy owners

If you are a Guild Insurance Pharmacy Business Insurance policyholder, you are automatically a member of PDL. This means that you are entitled to all the benefits of a PDL membership other than cover under PDL’s Pharmacists’ Liabilities Insurance Master Policy (PDL Master Policy).

Whilst your Guild Pharmacy Business Insurance Policy provides you with liability cover for your pharmacy, to ensure that you are adequately protected as an individual from an insurance perspective, PDL recommends that all pharmacy business owners also arrange or maintain cover under the PDL Master Policy.

Benefits of individual membership with PDL if you have PI cover under a Guild Pharmacy Business Insurance Policy

Individual cover under the PDL Master Policy means that: 

  • You are covered for any work or advice provided outside the owned pharmacy.
  • In the event of a disciplinary or statutory inquiry:
    • if your co-owners / partners disagree with you regarding an individual incident and do not want it reported under the Guild Pharmacy Business Insurance Policy, you could have access to your individual cover (this may even involve a dispute between you and your co-owners or partners).
    • you have the option of keeping the details and your response to the matter private and confidential and would not need to involve any other parties insured under the Guild Pharmacy Business Insurance Policy.
  • You may be notified of a claim relating to the professional services that you provided prior to becoming a proprietor. If the retroactive cover provided by the Guild Pharmacy Business Insurance Policy does not extend to cover these services, then you can rely on the cover afforded by the PDL Master Policy (subject to the policy’s Terms & Conditions). This can be of particular benefit in a partnership.
  • The current Quality Care Pharmacy Program (QCPP) requires all pharmacists to show proof of personal individual professional indemnity insurance.
  • You have peace of mind knowing that you are covered individually, compared to having to review your Guild Pharmacy Business Insurance Policy to confirm. 
Given that Guild Pharmacy Business Insurance policyholders are already PDL members, taking out individual cover would only require payment of the PDL Master Policy insurance premium and not another membership fee. This means that you can have peace of mind for as little as $196.90 – $218.56 per year, depending on which state or territory you are registered in and varying stamp duty rates. The amount is also pro-rated if you join mid the membership year.
If you would like to talk about a Guild Pharmacy Business Insurance Policy, please contact Guild directly on 1800 810 213 or send an enquiry