Insurance for Pharmacies
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What Insurance Do Pharmacies Need?
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defense fees & settlement costs.
Umbrella Policy adds an extra layer of protection to professionals if a serious event or cumulative claims exhaust your current policy limits. It also covers you for events that would otherwise be excluded from your other policies.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Frequently Asked Questions
Why do Pharmacists need insurance?
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.
Why get General Liability Insurance for your Pharmacy?
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.
Do pharmacists need E&O coverage?
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.
How much does Pharmacist Insurance cost?
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.