Pharmacists Liability Insurance

It takes dedication and several years in college to qualify as a pharmacist. Concerned authorities will only issue licenses to individuals who meet all the set standards.

It always feels great to graduate and get that license to operate your own facility.

However, a license is not enough to keep you safe. Pharmacists, just like all other medical practitioners, face the risk of being sued for medical negligence.

As such, it is good to have a pharmacist insurance cover to protect yourself from any eventualities.

Sometimes it may seem difficult to find a reliable insurance company to work with. The best thing you can do is try to get a list of several service providers and compare their services.

Besides, you can also talk to an insurance agent to get clear directions.

The more options you have, the better chances that you will get the right insurance protection. An experienced agent will also look at your business or occupation and recommend the best form of pharmacists cover for you.

Three major lawsuits against pharmacists

• Wrong drug: Prescribing wrong drugs to patients can result in severe consequences. It can be a simple mistake such as keying in incorrect information about a drug – a pharmacist can face legal action that may affect his or her career and business adversely.
• Wrong directions: Sometimes, you might be busy attending to several patients and, in the process, give the wrong instructions to a patient. If the instructions result in negative side effects to the patient, then you are likely to face a medical malpractice lawsuit.
• Wrong strength: A small difference such as .125 and .25 can have many repercussions when it comes to prescribing drugs. The drug error might lead the patient to not getting the relief needed. It is important to be always attentive when giving drug prescriptions.

Why is pharmacist insurance important?

Although pharmacists are unlikely to be sued for professional malpractice compared to doctors, there are still chances of being sued at some point. There was a time when doctors were solely responsible for the care of patients.

Nonetheless, things seem to have changed in the recent past. Every licensed healthcare provider has a duty to ensure the safety of their patients. Any patient can sue you if they feel that there was any form of negligence while handling them.

Are you covered by your employer’s insurance?

In most cases, an employer’s liability insurance is supposed to cover all the company employees. However, such insurance covers have limitations that might not protect you in certain situations.

It doesn’t matter how big or popular the company you are working for is. There are always gaps that can expose you in case of a lawsuit. The unfortunate part is that you won’t access your employer’s insurance policy to know exactly what it entails.

Besides that, you should remember that the main purpose of an employer’s liability insurance is there to protect the company and not employees. The best thing you can do is to buy a separate cover – to guarantee your safety.

Does your employer’s insurance protect your curbside advice?

If you are working in a pharmaceutical company and something happens while you are not present, then its insurance policy won’t protect you.

Offering advice that may lead to problems for a patient can cause serious trouble to your career – especially if you don’t have a personal pharmacist insurance policy.

Does your employer’s insurance policy protect your license?

This is another reason why you should apply for your own pharmacist insurance coverage. In case a customer or patient launches a complaint against you with the licensing board in your state, your employer’s liability insurance won’t protect you.

But if you have pharmacist liability insurance, it will help you cover any legal costs during the lawsuit. The cover will also settle any reward that the court might order you to pay the aggrieved party.

Does purchasing a pharmacist liability insurance mean you are being targeted?

There’s a popular belief that purchasing an insurance policy means that you are doing something illegal. People think that you are buying the insurance cover to protect yourself from medical malpractice. This is absolutely untrue.

It is tough for an attorney to know that you have professional malpractice insurance until a formal lawsuit has been launched.

Having a pharmacist insurance cover doesn’t make you an easy target. Although some lawyers may engage certain healthcare professionals after realizing that they are insured, failing to have a cover doesn’t exclude you.

If it is proved that you are responsible for injuries because of negligence, you will remain in the case irrespective of whether you are insured or not. In this kind of situation, having an insurance cover is more beneficial.

Are there any other types of pharmacist liability insurance you need?

All healthcare professionals should ensure that they cover all parts of liability. A general liability insurance policy normally covers injuries that happen within a facility together with slander, false advertising, and libel.

If you are running your own business, you might need several other insurance covers – to be fully protected.

Below are some of the insurance policies that you would want to consider for your pharmacy:

• Property insurance
• Business Owner’s policy
• Food insurance
• Commercial vehicle insurance
• Worker compensation
• Business interruption insurance

How to find affordable and reliable pharmacist insurance

It’s tough to set a specific rate on pharmacist liability insurance. This is because several factors are used in arriving at the cost of each cover.

Insurance companies will often look at liability issues, security features, and the types of services before deciding how much premiums to charge.

The best strategy for getting affordable rates is to conduct research on various insurance companies and compare their rates. There’s a lot of information online concerning various insurance companies and the type of insurance covers they provide.