Pharmacist Liability Insurance Cost
The cost of druggist liability insurance is often difficult to determine because of the huge range of differences between various pharmacists. There are a lot of factors that insurance companies will look at when they are determining how much you can expect to pay for insurance coverage.
One of the first things that insurance companies will look at is your range of qualifications as a pharmacist. Insurance companies don’t know you well enough to determine how good of a job you do as a pharmacist, so they look to things like qualifications so they can have at least some idea of that.
If you’re just getting started in your pharmaceutical career, then you can bet that your insurance premiums will be a lot higher than a veteran pharmacist who has a proven track record.
If you have a history of making mistakes and filing claims, then you can expect to pay more for your insurance coverage. On the other hand, if your record is spotless, an insurer will be more inclined to trust you.
| Company | Cost per month | Cost per year |
|---|
| ASHP | $68 | $816 |
| Proliability | $73 | $876 |
| HPSO | $72 | $864 |
| APHA | $65 | $780 |
| Average Cost | $69.50 | $834 |
To gather the numbers up above, we made sure to use the credentials of a pharmacist who has made no prior claims or caused any issues before. As you can see, the average cost of pharmacist insurance is about $69.50 per month and $834 per year.
Pharmacy Liability Insurance Cost
A pharmacy will find itself paying a lot more for insurance coverage than a pharmacist would on their own because they will see a lot more people that can hold them liable for wrongdoing. This creates more of a risk on the part of the insurance company that’s covering them and that results in higher premiums.
For example, we decided to get some quotes for liability insurance for a medium-sized pharmacy, and we found that the price could range from between $111 and $125 per month. For larger pharmacies, the average cost of insurance could easily exceed $160 per month.
Best Pharmacist Liability Insurance Companies
If you’re searching for the best possible coverage, then you’ll need to find out which is the best pharmacist insurance company. To make that a little easier for you, we’ve gone ahead and found four of the best insurance companies for your pharmacist insurance coverage.
ASHP Pharmacist Liability Insurance
ASHP stands for the American Society of Health-System Pharmacists, and it is a professional society that is made for pharmacists who work in hospitals and other health environments. They have several publications and they work closely with insurance companies to provide their members with coverage.
ASHP Policy Details
The ASHP mainly focuses on providing their members with professional liability insurance, especially when that of their employer does not extend to them. Their policies come with a member’s own attorney and they cover lost wages, court costs, and other costs that are caused by the claim.
Pros
Cons
Average cost: $68
Best for: Pharmacists working in hospitals
Our rating: 5/5
Proliability Pharmacist Insurance
Proliability is a professional liability insurance group that covers many employees and even students in the healthcare field. They are administered by Mercer and they work with a wide range of workers in the healthcare field, including physical therapists, dentists, nurses, and pharmacists.
Proliability Policy Details
Proliability features professional liability coverage for pharmacists with relatively high maximum limits of up to $3 million. They also offer to cover your legal representation and provide you with up to $25,000 of HIPAA coverage. Their policies come with many more forms of coverage than just these, including some optional ones.
Pros
Huge range of coverage options
Experience working with pharmacists
Wage loss coverage included
Cons
Average cost: $73
Best for: Comprehensive coverage
Our rating: 5/5
HPSO Pharmacist Insurance
HPSO stands for Healthcare Providers Service Organization, and they have been working in this field for over 30 years, providing malpractice insurance to healthcare professionals. The company is a subsidiary of AON, which is one of the world’s largest insurance companies, so you know they have a reputation to uphold.
HPSO Policy Details
HPSO has a wide range of coverage options for pharmacists, including professional liability coverage and license protection insurance. Other forms of coverage offered by HPSO include defendant expense benefit, deposition representation, and even assault coverage.
Pros
Cons
Average cost: $72
Best for: Pharmacists with many clients
Our rating: 4/5
APHA Pharmacist Liability Insurance
APHA stands for the American Pharmacists Association. First established in 1852, APHA has been representing the interests of American pharmacists for nearly 200 years. The organization is known for hosting its own peer-reviewed publications and for representing over 60,000 pharmacists across the United States.
APHA Policy Details
APHA doesn’t actually have an insurance policy of their own for their members, instead relying on HPSO to provide them with coverage. This means that they have all of the same coverage options that we mentioned above available to their members. However, what APHA can offer is a discount on HPSO coverage through their membership.
Pros
Cons
Average cost: $65
Best for: Small-scale pharmacists
Our rating: 4/5
