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In recent years, pharmacists have taken on more diverse roles than ever before, such as providing patient consultations and giving on-site vaccinations. Although this diversification is good news, an expanding industry also means increased risk exposure. Pharmacists today must take precautions to ensure they are properly protected. Despite years of training and practice, mistakes still happen. Pharmacists are in the business of dealing with public safety and wellbeing, so it is especially important to make sure you and your livelihood are safe by purchasing the appropriate liability insurance. Insurance providers understand the need for pharmacists to be protected and offer a wide range of choices to fit each particular need.
Commercial Property insurance protects your building and assets from natural disaster, fire, theft or other occurrences in the event of damage or loss. An ideal policy would include physical property (buildings, computers, other inventory, patient records and other electronic information). You should select a policy that covers all angles in the event of damage.
Workers' Compensation covers injuries on the job. Workers' Compensation also covers lost wages or medical treatment due to injury or illness followed by inability to work. This type of insurance can also reimburse workers for lost wages until they can go back to work. If you are an employer or pharmacy owner, this is a type of insurance can also protect you from employee lawsuits.
Umbrella Insurance goes the extra mile, protecting you from major claims and potential lawsuits. It takes effect when your other liability policies run out so your entire business will be well protected. Umbrella Insurance includes extra coverage for libel and slander claims, bodily injury, property damage, and individual personal liability issues for complete overall coverage.
Product Liability is a special policy that protects your business from claims of personal injury or property because of the products sold or supplied by your business. Product Liability insurance will pay for any legal or court costs, compensation, business damages and provide a safety net while you work your way to fixing the problem.
General Liability insurance is the most basic policy and can protect against common workplace incidents resulting in damage or injury in two categories. Property Damage covers damage or destruction to someone else’s property you are working on. Bodily Injury protects you from harm to another, including a client or customer, covering medical care for the injured and potential legal fees.
Errors and Omissions (E&O), offers valuable protection for pharmacists. Pharmacists can be held responsible for patient care and even become involved in complicated lawsuits. Accusations of negligence can be devastating, professionally and financially. E&O Insurance provides support if mistakes should happen, like improper dosage or incorrect instructions with prescription drugs.
Insurance to protect your pharmacy will keep you in business when an unexpected incidence causes a loss. General liability will cover basic injuries and property damage. Professional liability will cover the specific risks related to pharmacy services. Additional insurance for property, cyber loss, and employees are important as well, especially if the business is growing.
General Liability insurance is the base of modern American insurance products for businesses. It is built to protect you from the unforeseen but relatively common risks associated with operating a business in which customers come in and out of on a day to day basis.
Every business that provides a service to clients for a fee could benefit from E&O coverage and pharmacists are in the business of providing quality healthcare services to clients on a daily basis. For example If a negligence claim is made against you, the legal fees involved can add up quickly. Often it is believed that these responsibilities lie with the doctor. However, this is not always the case and even if a claim is later found to be unwarranted, the proceedings may have already eaten up a large portion of financial resources.
Insurance rates vary depending on different factors such as location, business size, and business type. Typically, pharmacists pay at least $800 per year for $1M in E&O coverage. You can get more accurate insurance quotes by identifying the specific needs of your business and completing an application.
CoverWallet utilizes state of the art technology to help small businesses understand and buy customized coverage, get significant savings and conveniently manage their insurance, in a matter of minutes, all through our online platform.
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