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Pharmacist & Pharmacy Business Insurance: Cost, Overview & Quotes From $5

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If you work in industries like massage therapy or acupuncture, you’re opening yourself up to a lot of liability because you are working on people’s bodies. Bodily injury claims are relatively common in any healthcare industry, and unfortunately, working in the pharmacy industry is very similar.

One of the main reasons why pharmacists need to make sure that they have the right insurance is to keep themselves protected from unfortunate situations in which clients may attempt to come after them for damages. In this guide, we’re going to talk about what you need to know about pharmacist insurance.

Pharmacist Liability Insurance

Pharmacist and pharmacy general liability insurance are one of the most crucial forms of coverage that you’ll want to get your hands on because it covers you from the most financially damaging situations. This is because you’re likely to pay if someone holds you liable for their damages.

General liability insurance for pharmacists and pharmacies provides coverage for the following situations:

  • Failure to keep the pharmacy building in tip-top shape cause allergies to customers and other types of bodily injury.
  • Bottle meds aren't neatly arranged and while the customer is shopping, they fell from the racks, shattered on the floor, and wounded the customer aside from releasing foul odor inside the pharmacy.
  • A pharmacist was arranging the stocks up high using a ladder, a customer knocks the ladder down, and caused the pharmacist working to fall.
  • The pharmacist's door's glass panel is a bit loose. As result, they fell while a client was opening the door and caused injuries.
  • Pharmacy signage was too bright and flashy and caused a customer coming by to faint and experience seizures.

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Pharmacist Professional Liability Insurance

Professional liability insurance is also known as professional indemnity insurance, and it applies when you perform your job improperly. If someone ends up sustaining damages because of a mistake you made while on the job, then they can come after you for work that you completed improperly.

This kind of coverage will pay out in case you get charged for the damages that you cause, but it will also cover you in case you have to pay any legal fees. This kind of coverage is commonly held by pharmacists because there’s a higher chance of them getting sued if they make any mistakes while they’re doing their jobs.


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Pharmacy Business Insurance

Business insurance is also commonly referred to as a BOP (Business Owner Policy), and what makes these policies remarkable is that they combine several different forms of coverage at a lower rate than they would go for individually. This allows a pharmacy or pharmacist to get more comprehensive coverage than they would otherwise.

As you may expect from the name, a BOP is only really useful to business owners and not to individual pharmacists because the kind of coverage that comes with them typically applies to the business as a whole. The most common form of coverage included in a BOP is some form of liability policy.

This can be either a public or general liability policy, but you’ll get it for a relatively good price compared to getting it individually. Another frequent component to these kinds of policies is a commercial property insurance policy, which will cover your property from any damages sustained that weren’t due to your negligence.

Keep in mind that business policies can vary from carrier to carrier, and there’s no guarantee that any two of them will be the same. For example, some business owner policies will come packaged with employers’ liability pharmacy insurance bundled in as well, though they’ll cost a bit more.

Compare Pharmacist Insurance Quotes Online

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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.

CompanyCost per monthCost 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
  • Provides you with an attorney

  • Available as part of ASHP membership

  • Reasonable price

Cons
  • Not very flexible

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
  • Expensive

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
  • High aggregate limit

  • Range of coverage options

  • HIPAA coverage

Cons 
  • Expensive

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
  • More affordable than coverage directly through HPSO

  • Good aggregates

  • Versatile coverage

Cons 
  • The same coverage as HPSO

Average cost: $65

Best for: Small-scale pharmacists

Our rating: 4/5


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