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Pharmacist insurance is a specialized protection program for pharmacists. Eligible professionals are self-employed pharmacists, retail pharmacists, clinical pharmacists, pharmacy consultants, and long-term care pharmacists. Policies available are general liability, malpractice, workers’ compensation, and more.
Pharmacist malpractice insurance is essential because malpractice is a very common exposure when working as a pharmacist. Patients can sue if they experience harm due to errors and oversights. Here is an example:
You can get malpractice insurance as a protection. Also called referred as professional liability insurance, malpractice insurance provides $2 million-$3 million you can use to cover settlements, defense costs, and court judgments if you face a claim for:
Pharmacist professional liability insurance is highly specialized. And so, it will also provide these benefits:
As a pharmacist, you might also be liable for the bodily injuries or property damage of patients, vendors, independent contractors, and other third parties.
General liability insurance provides $1 million-$2 million each time a third party files a claim for bodily injury or property damage. Use this to:
You get general liability insurance as a broad-form policy. And so, this pharmacist liability insurance grants additional benefits, particularly
Employment Practices Liability Insurance for Pharmacists
Malpractice insurance only covers sexual harassment claims filed by patients. Coverage doesn’t apply if associates sue you for it. Employment practices liability insurance grants protection against sexual harassment claims filed by employees. In fact, other violations of employee rights are also covered such as:
Employment practices liability insurance grants a minimum $25,000-$100,000.
If you own a car and use it occasionally for business purposes, then consider replacing your personal auto insurance with commercial auto insurance.
The features of commercial auto insurance vary. Nonetheless, these are its common uses:
Workers’ compensation insurance applies if you or your full-time and part-time employees sustain an occupational disease or injury. Purchasing this insurance allows you to cover the following costs without using company or personal funds:
Workers’ compensation insurance has no set limits. The worker’s comp law of your state determines how much money you can get from workers comp.
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Though not included in pharmacist liability insurance packages, drugstore insurance, such as commercial property insurance, is available as a stand-alone policy.It will cover the replacement cost of the building you own, rent, or lease to provide services, store, and sell medicines.
The minimum coverage you get is $10,000-$25,000. Commercial property insurance applies when building destruction or damage is caused by:
Most of the time, commercial property insurance will come with a business interruption floater. Business interruption insurance supplements lost revenues if you need to relocate, renovate a damaged building, and wait for an economic crisis to pass.
The insurance money you receive from business interruption insurance can be used to cover employee wages, utility services, loans, mortgage, rent, lease, and other operational costs.
A pharmacy business insurance policy, often structured as a business owner’s policy, is a combination of general liability and commercial property insurance. Get this if you’re looking for a quick coverage against liabilities and business property damage or loss.
So why get a business owner’s policy? One advantage is that its cost is cheaper than buying general liability insurance and commercial property insurance separately. Moreover, a business owner’s policy might offer floaters for additional protection.
There’s no fixed rate for the pharmacist malpractice insurance cost. Insurance companies consider many factors when determining how much you can expect to pay for insurance coverage.
The average cost of pharmacist insurance is about $69.50 per month or $834 per year for a $1 million general liability coverage.
| Company | Cost per month | Cost per year | |
| CoverWallet | $53.25 | $639.00 | |
| ASHP | $68 | $816 | |
| HPSO | $72 | $864 | |
| Proliability | $73 | $876 |
CoverWallet
CoverWallet is an insurance broker with an online quotes comparison platform for druggist liability insurance and property insurance policies. And so, with this company, you can look for the best options in one go. Upon buying insurance, CoverWallet automatically creates an account for you in its MyCoverWallet app.
Average cost: $53.25 per month
ASHP Insurance
ASHP stands for the American Society of Health-System Pharmacists. 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 pharmacist liability insurance is underwritten by Mercer.
Average cost: $68 per month
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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 physical therapists, dentists, nurses, and pharmacists.
Average cost: $73 per month
HPSO stands for Healthcare Providers Service Organization. The company is a subsidiary of AON. HPSO has a wide range of coverage options for pharmacists, including professional liability insurance and license protection insurance.
Average cost: $72 per month
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