Insurance for Pharmacies

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How Pharmacists and Insurance Connect:

As a pharmacist, there are many steps you can take to protect yourself and your career. Pharmacist Insurance is based on many factors that will likely vary from company to company and security parameters and liabilities can fluctuate depending on your circumstances. Therefore, it is a good idea to do the appropriate research, so you purchase the right insurance to suit your needs and make sure you stay protected while on the job.

Read on to gain a better understanding of the types of insurance you may need.

What insurance do pharmacists need?

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 exposure to new risks.

Pharmacists today must take precautions to ensure they are properly protected. Despite years of training and practice, mistakes can 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 coverage options. Insurance providers understand the need for pharmacists to be protected in this industry and offer a wide range of insurance choices.

General Liability Insurance

General Liability Insurance is the most basic insurance and can protect against common workplace accidents that may result in damage or injury. General Liability Insurance usually applies to two categories:

  • Property Damage: Ensures you are covered if you damage or destroy someone else’s property. This includes the building or premises you are working on.
  • Bodily Injury: Provides you with protection if you injure or accidentally harm someone, including a client or customer while working. This insurance type will usually cover medical care for the injured party and will also take care of your legal fees if there is a lawsuit brought against you.

You’ll need this when... You begin working as a pharmacist. Though it is more than likely that your employer will offer you insurance coverage, possible limitations may result in you not being fully protected. Having General Liability Insurance is the best place to start when it comes to protecting yourself against problems you may encounter as many possible scenarios can have the potential to threaten your financial well-being. Regardless of how carefully you work, there are always risks while working in healthcare.

For example... If you leave a package out on a countertop, and it falls and injures a child, you could be held accountable. General Liability Insurance would make sure you’re protected in the case of a lawsuit.

Workers Compensation

Workers Compensation can cover any injuries you or your employees should get while on the job. Workers Compensation can also take care of lost wages or medical treatment if a pharmacist is injured or becomes ill and is subsequently unable 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.

You’ll need this when you... Have employees on a company payroll. Workers Compensation is always good to have as a business owner, regardless of the industry, as an employee-related lawsuit could not only harm your reputation but put your business at risk financially. In some states, Workers Compensation is mandatory, once you add a certain number of employees.

For example... If your employee becomes ill as a result of working in a public service environment, Workers Compensation will help to cover her necessary medical treatment and take care of lost wages so that you don’t have to.

Errors and Omissions Insurance

As a professional in the pharmacy business, Errors and Omissions Insurance — also referred to as Druggists Professional Liability Insurance or Pharmacist Professional Liability Insurance — offers valuable protection for pharmacists. As healthcare professionals, pharmacists can be held responsible for a patient's’ care and could even become involved in complicated lawsuits. For most pharmacists, accusations of negligence can be devastating, both professionally and financially, and failure to adequately perform a professional service can result in lengthy legal battles, even if there was no mistake made.

Most Professional Liability Insurance covers a variety of different things, including financial losses related to natural disasters, vandalism, or bodily injury. However, it is important to consider the implications of other types of errors that can occur — often with very serious repercussions — in the healthcare industry.

Errors and Omissions Insurance can help provide you with the reassurance that you are covered and supported if anything should go wrong in your business. Mistakes can happen — often related to improper dosage or incorrect instructions with prescription drugs — and they happen even to trained and experienced professionals. This is why Errors and Omissions Insurance is an important option to consider.

You’ll need this if you... Are a business that provides a service to clients for a fee. 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.

Umbrella Insurance

Umbrella Insurance is liability insurance that goes the extra mile, protecting you from major claims and potential lawsuits. With an Umbrella Insurance policy, your assets, livelihood, and future professional career will be well protected.

Umbrella Insurance is specifically designed to take effect only when the liability on your other policies has already been utilized.

Furthermore, by providing coverage for extenuating circumstances, such as libel and slander, that otherwise may have been excluded from your other policies, this type of insurance goes above and beyond to make sure you are completely taken care of. Umbrella Insurance can also include extra coverage for bodily injury, property damage, and individual personal liability issues.

You’ll need this if you… Want to be covered from all possible risks in your industry. Though other insurance types can cover many diverse situations, Umbrella Insurance makes sure that you have a backup plan that can kick in if necessary, specifically in the case that the needs of your circumstances aren't being met by your other policies. __ For example…__ If you or another pharmacist were to say something negative about a particular pharmaceutical company to a customer — for instance, exaggerating the side effects of a certain brand of drugs — and a pharmaceutical representative was to overhear, you and your company could be held accountable for slander. Umbrella Insurance can help make sure you’re covered if you are sued following this type of situation.

Commercial Property Insurance

One of the smartest policy decisions you can make for your company or business is to acquire a Commercial Property Insurance plan. This insurance will protect many of the physical assets of your company such as the building, outdoor fixtures including signs and billboards, and can be crucial in protecting your business from costly damage repairs. Whether it’s a minor repair like a window or a major overhaul following a flood, Commercial Property Insurance will help you so that you can take care of your business’s physical property and assets no matter what comes your way.

Commercial Property Insurance can cover your business’s assets in the event of damage, which can also include loss. An ideal policy would include physical property, such as buildings, computers, and other inventory as well as less-obvious items like patient records and other electronic information. Your business should select a Commercial Property Insurance policy that covers all angles in the event of damage, that way you’ll be able to get back to work quickly.

You’ll need this if you... Work on a commercial property. Whether you are the owner of your building or are leasing a commercial space, things can happen that can result in loss and damage, ranging from minor cases such as vandalism to more serious circumstances caused by a major natural disaster.

For example... If a fire shuts down your business for an extended period, Commercial Property Insurance will cover the cost of tending to damages and help you replace your inventory so you can get back to work as soon as possible.

Creating the Right Insurance Policy

The above categories are only a few of the many potential coverage types that are available for pharmacists. There are many different insurance types in existence and taking the time to familiarize yourself with these options can help make your workplace environment safer for everyone.

Each policy can take cover different aspects of your company’s potential risk, helping to make sure you are well taken care of. At the end of the day, your most important job as a pharmacist is to provide health care to customers in need; identifying the most appropriate insurance policies for your specific needs will help you make sure you can do your job without worrying.

How much does Pharmacist Insurance cost?

Insurance rates vary depending on different factors such as location, business size, and business type. You can get a more accurate insurance quote by identifying the specific needs of your business with your insurance provider.

What type of insurance does this industry need?

Policy What is it? Why get it Popularity in your industry Want free quotes?
Errors & Omissions (E&O)
This policy, common in the professional services industry, helps to protect your business if a client believes they've suffered a loss due to an error or omission on your part. Your business may have contracts with clients or partners that require E&O coverage, provide a "warranty or guarantee," or have clauses that require you to "indemnify or hold harmless" your clients. If so, E&O coverage is often recommended. This coverage is also commonly recommended for any businesses providing advice related to legal or financial matters.

What is it: This policy, common in the professional services industry, helps to protect your business if a client believes they've suffered a loss due to an error or omission on your part.

Why get it: Your business may have contracts with clients or partners that require E&O coverage, provide a "warranty or guarantee," or have clauses that require you to "indemnify or hold harmless" your clients. If so, E&O coverage is often recommended. This coverage is also commonly recommended for any businesses providing advice related to legal or financial matters.

Workers Compensation
Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work. Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

What is it: Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work.

Why get it: Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

General Liability
This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy. General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

What is it: This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy.

Why get it: General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

Commercial Property
This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage. If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.

What is it: This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage.

Why get it: If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.

Hired & Non-Owned Auto
This insurance protects the business in the case of any incidents involving a vehicle that has been hired by the company to be used for business-related purposes. It also provides coverage in the case your business uses other vehicles which are not property of the business, such as having delivery drivers use their own vehicles. If your company hires vehicles or allows employees to use their own vehicles for business purposes, you will want to consider this insurance.

What is it: This insurance protects the business in the case of any incidents involving a vehicle that has been hired by the company to be used for business-related purposes. It also provides coverage in the case your business uses other vehicles which are not property of the business, such as having delivery drivers use their own vehicles.

Why get it: If your company hires vehicles or allows employees to use their own vehicles for business purposes, you will want to consider this insurance.

Umbrella Insurance
Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits. This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.

What is it: Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits.

Why get it: This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.

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