As the owner of a pharmacy practice, you’d like to focus on cultivating a great place to work and a pleasant experience for your patients. Unfortunately, operating a business can also be a minefield of potential claims and lawsuits to navigate, both from external customers and internal staff.
Pharmacists Mutual steps in to help provide the dependable service and financial backing needed during our members’ most challenging times. We bridge an important gap, providing insurance coverage needed to help your business recover from loss or litigation. There are multiple elements to consider when fully protecting your pharmacy.
What is covered with pharmacy malpractice insurance?
As a business owner, you face potential liability claims and lawsuits alleging you, your employees, or your product caused injury to someone or their property. Our Pharmacy Services and Specified Products (PSP) Professional Liability Policy provides professional liability coverage options for the following:
- Pharmacy Services
- Prescription Products
- Compounding Services, including sterile and intrathecal/epidural preparations
- Outsourcing Services and Products
- Immunization Services
- Attorney Fees and Legal Costs
- and more
Additional optional coverages are also available:
- Financial Loss Liability
- Medical Director Services Professional Liability
- Supplemental Health Care Services Professional Liability
- Additional Insured - Designated Person or Organization
- and more
The PSP Professional Liability policy includes coverage for services performed by employees, including Pharmacists and Pharmacy Technicians.
See policy for full description of coverages.
Not available in all states and territories.
Beyond medical malpractice, what else is offered under our pharmacy liability coverage?
Liability protection needs for pharmacy practices extend beyond medical malpractice. It’s also important to understand the need for these additional coverages, such as cyber liability, sexual misconduct/physical abuse, and employment practices.
Whether through criminal activity of others, unintentional improper records disposal, or accidental exposure, data breach incidents are increasing in number and severity. Cyber liability protection can help protect you and your business in the event of an accidental breach or criminal cyber-attack.
Additionally, even if you strive to create an environment where your employees can thrive and grow your business, some of the greatest challenges facing business owners today are allegations of physical abuse or sexual misconduct. These are often challenging claims that take a toll on you and your company, so it’s prudent to protect your business with coverage for allegations of sexual misconduct and physical abuse.
Furthermore, a confusing and ever-changing network of federal, state, and municipal laws regulate how you can interact with employees. Pharmacists Mutual understands these challenges and offers optional employment practices coverage to protect against administrative proceedings and lawsuits like wrongful termination, discrimination, retaliation, or harassment.
What is covered with pharmacy commercial liability insurance?
Commercial liability coverage is the first line of defense against the most common liability claims, including incidents that occur on your premises or even product liability for items you sell.
A typical commercial liability policy covers:
- 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*
*Legal and Defense costs are either included in the limit of liability or in addition to the limit of liability.
Are there any additional options to consider bundling?
- Commercial Property - Your practice is more than just its reputation and interaction with patients.. You have physical assets that you must protect. That’s why there’s commercial property coverage that insures your buildings, business equipment, and signage. Under our business coverage, we offer a range of property insurance coverage options to safeguard your commercial property.
- Workers Compensation - What if an employee slips on the sidewalk outside your building? What if an employee injures their back leaning over at work? What if an employee alleges exposure to toxic chemicals or substances? When employee injuries occur while working, a workers’ compensation policy provides you with the coverage and benefits needed and prescribed by state law. It’s imperative that the policy meets your state’s statutory regulations for insurance coverage and provides the legal protection desired to put your mind at ease. When you purchase a Workers’ Compensation policy through Pharmacists Mutual, you can count on our policy to be offered at a competitive rate, with superior risk management services to help keep losses under control.
- Commercial Auto - Whether you own a fleet, provide delivery service to your customers, or your employees use their personal vehicles for business, you may need commercial auto coverage to help protect you.
- Commercial Umbrella - A commercial umbrella policy provides additional layers of liability coverage. Coverage starts at $1 million (with higher amounts available) and provides excess coverage for commercial liability, employer liability, employee benefits liability, and commercial auto liability.
For more information on products and coverage, contact your local field agent.