Safeguard the investment you're making in your education.
The pharmacy profession is constantly changing, and emerging threats require new and innovative approaches to managing risk. At Pharmacists Mutual, we are committed to providing coverage designed with your needs in mind.
Our Pharmacy Student Professional Liability policy is tailored specifically to safeguard your investment in your education. With 24/7/365 coverage, you can focus on school and not on potential mistakes.
Discounted rates are available to cover your professional liability exposure while in school and for the first year of practice after you graduate.*
*Premium may vary by location and discounts allowed.
Limits of Liability and What We Cover
Coverage is available on a Claims-made or Occurrence basis with limits of $1 million for each claim or occurrence and $3 million aggregate (higher limits may be available).
Professional Liability coverage includes:
- Sterile Compounding
- Immunizations and Other Drug Administration
- Drug Regimen Reviews
- Medication Therapy Management
- Drug or Drug-Related Research
- Medication Consultation
- Drug and Device Storage
- Participation in Drug and Device Selection
- Point-of-Care Testing
Pharmacist License Defense - $250,000 limit
Board of Pharmacy Imposed Costs* - $2,500 limit
HIPAA Claim Defense - $50,000 limit
Assault - $25,000 limit
*Costs do not include fines or penalties.
See policy for a full description of coverages.
What you should consider when choosing a pharmacist professional liability policy?
When determining whether or what type of individual liability coverage you need, it’s useful to consider any number of scenarios. Consider these:
- Fifty percent of all professional liability claims in pharmacy are wrong drug claims. We utilize our 30+ year claim study to assist members in managing potential threats.
- $27 per year* is a small price to pay to safeguard the investment you’ve made in your education. If you have a claim, you wouldn’t want any other company working for you.
- What if you were named individually in a lawsuit and it required specific defense counsel?
- What if your current employer does not have the proper coverage in place to protect you?
- What if you provide COVID-19 testing or immunizations?
- What if you have a second job, volunteer, or give advice to a friend or neighbor?
- Are you covered for suits filed after you have terminated your employment?
- Are you provided with reimbursement for lost wages, licensing board hearing reimbursement, and defense costs?
- Are the employer policy limits high enough to protect you and all of your co-workers?
These types of questions can highlight the deficiencies in relying solely on your employer’s pharmacy coverage. An individual professional liability policy, such as those offered by Pharmacists Mutual, provides you peace of mind. In any claim or litigation, you have coverage, including attorney and legal representation, claims investigation, reimbursement of lost wages, and coverage of court costs.
With over 110 years of experience in the pharmacy industry, Pharmacists Mutual understands the risks and challenges you face. Because the pharmacy industry is ever-changing and expanding, there is a proportional risk in professional liability exposure. The Pharmacists Mutual professional liability policy is specifically tailored to protect you and the investment you are making in your education.
*Premium may vary by location and discounts allowed.
For more information on products and coverage, contact your local field agent.