General Liability Insurance for Your Business
In every market, for every size business, there is risk. Pharmacists Mutual steps in to help provide the dependable service and financial backing needed during some of our members’ most challenging times. We bridge a critical gap, providing commercial insurance coverage needed to help your business recover from disaster and litigation.
Commercial Liability Insurance Coverage
No health professional ever wants to be the subject of a claim, but accidents do happen. Considering the costs of defending a claim can end up as expensive as a judgment or settlement, a single incident could stress the finances and future of any practice.
As a business owner, you are not only responsible for your own actions but those of your employees when they are working within the scope of employment. Claims can be targeted at the business, the individual employee(s) or both, therefore it is important to have a policy that responds when needed.
Who is covered by general liability business insurance?
True to our mutual heritage of service to our members, it’s no wonder Pharmacists Mutual has been the preferred choice for successful businesses for more than a century. We provide coverage to the following professionals:
What is covered with general liability business insurance?
As a business owner, you face potential liability claims and lawsuits alleging you, your employees, or product caused injury to someone or their property. General liability business insurance is the first line of defense against the most common liability claims, including incidents that occur on your premises or product liability for items you sell. A policy from Pharmacists Mutual includes protection for:
- Bodily injury
- Damage to property of others
- Personal and advertising injury
- Fire legal liability
- Water legal liability
- Medical payments
- Punitive and exemplary damages (where permitted by law)
- Legal and defense costs
Why should you consider Pharmacists Mutual when choosing a general liability insurance policy?
Our mission at Pharmacists Mutual is to help our customers attain peace of mind through specialized insurance products, risk management solutions, and superior personal service. Here are ten reasons to purchase your policy from Pharmacists Mutual.
- Proactive understanding of claims - If you are experiencing losses, we get to the heart of why losses are occurring and address fundamental issues that are tied to each occurrence.
- On-staff professionals and legal counsel - We provide you guidance and risk management solutions with on-staff professionals.
- Experience - We have been dedicated to the insurance industry since 1909.
- Knowledge backed by research - We continually seek knowledge about how losses occur to assist members in managing potential threats.
- 24/7/365 policyholder and claim service - When dealing with real-life circumstances, you want to deal with real-life people. We are here when you need us most.
- Financial security and stability - Financial security and stability are important. Pharmacists Mutual has a Best’s Credit Rating of A- Excellent with Stable Outlook.* We have earned a Financial Strength Rating (FSR) of A- (Excellent) or higher since 1922.
- One-stop-shop - We have an expanding portfolio of products and insurance solutions to be your single source of insurance coverage.
- Personalized service - Building relationships is key. Pharmacists Mutual offers personalized service from our dedicated local representatives, home office team, and on-staff professionals.
- Unsurpassed dedication - Pharmacists Mutual offers a fully integrated insurance program for members. Our goal is to offer peace of mind, and we believe that goes beyond providing only insurance coverage.
- Coverage designed with your needs in mind - We stay informed of industry changes to better design coverages you may need.
*Effective January 25, 2024. AM Best Company credit ratings are independent and objective opinion, not a statement of fact. For the latest Best's Credit Rating, access www.ambest.com.
What should you consider when choosing a commercial liability insurance policy?
While these are the most common concerns for business owners, there are still other considerations when protecting your practice. For example, whether through the criminal activity of others, unintentional improper records disposal or accidental exposure, data breach incidents are increasing in number and severity. Pharmacists Mutual also offers valuable cyber liability insurance for your business. Our coverage can help protect you and your business in the event of an accidental breach or criminal cyber-attack. Cyber liability protection covers:
- Costs to recover and restore data that is lost or damaged
- Lost income due to inoperable systems
- Data breach response services include information technology (IT), legal, public relations, and customer notification expenses
- Fines/penalties for violations of privacy regulations including Health Insurance Portability and Accountability Act (HIPAA)
- Expenses resulting from cyber extortion
- Lost income and special expenses incurred as a result of cyber terrorism
- Payment Card Industry Data Security Standard Assessment and defense costs (Not available in all states and territories)
Additional concerns for business owners include complicated laws and regulations related to hiring, terminating, and managing employees. These ever-changing and evolving rules come from all levels of government, including federal, state, and municipal.
Pharmacists Mutual understands the challenges that you face and offers optional employment practices liability coverage. This policy endorsement provides our members with protection against administrative proceedings and lawsuits alleging actions such as wrongful dismissal, employment-related misrepresentation, violation of employment discrimination laws, sexual and other harassment, retaliation, and others.
There’s also commercial property coverage that protects your buildings, business property, equipment, and signs in the event of natural disasters or vandalism.
For more information on products and coverage, contact your local field agent.