Becoming a pharmacist requires extensive education and dedication. The day you get your license is worth celebrating, but there are still steps that you should take to protect your career. It’s a wise idea to purchase pharmacist insurance, which can help protect you if you’re accused of negligence. But how do you find a reliable policy that doesn’t break the bank? When you have access to different policy options, there’s a better chance of finding affordable pharmacy insurance quotes.
Top 3 Claims Against Pharmacists
- Wrong drug: Whether it’s keying the wrong entry or grabbing the wrong bottle from a shelf, a simple mistake can have very serious consequences.
- Wrong strength: The difference between .125 and .25 is significant when filling a prescription. Depending on the drug and error, the customer may not get the relief needed or could overdose.
- Wrong directions: Simple keying mistakes can have serious implications, especially if dosage or side effects are incorrect. Take special care when filling prescriptions for children and the elderly.
Why Do I Need Pharmacist’s Insurance?
Although it’s more common for a doctor to be sued, there’s still a chance that you could face a lawsuit. In the past, it was standard practice and belief that a doctor was solely responsible for a patient’s care. As a licensed healthcare professional, you’re also held responsible for a patient’s care and could even be brought into a lawsuit involving multiple healthcare professionals.
Will My Employer’s Coverage Protect Me?
It will to a certain point, but your employer coverage has limitations and may not protect you in all circumstances. Even if you have a dream employer, there will be gaps in coverage that you cannot know about because you don’t have access to the pharmacy insurance policy. Keep in mind that your employer’s insurance isn’t an employee benefit. It’s there to protect the company.
Will My Employer’s Coverage Protect My Curbside Advice?
If you’re held responsible for anything that happened while you aren’t working, your employer coverage provides no protection. If the advice that you give results in a problem and you don’t have your own pharmacist liability insurance policy, you’re career and personal finances may suffer.
Will My Employer’s Coverage Protect My License?
Another reason to pursue your own insurance is due to coverage of licensing issues. If a customer makes a complaint against the licensing board in your state, your employer coverage won’t help you defend and maintain your license. Your pharmacist's insurance can help you pay for your legal defense and can get you back on your feet quickly so your license is safe and your livelihood isn't at risk.
Am I a Target if I Purchase Pharmacist Malpractice Insurance?
There’s a common misconception that having an insurance policy make you more likely to get sued. This is completely false. There is no way that a lawyer involved in a lawsuit can know that you’re insured until after a formal complaint has been filed and served to you. Having a pharmacy insurance policy doesn’t mean that you’re an easy target.
While some lawyers may keep certain healthcare professionals involved once it’s known that they have insurance, not having coverage doesn’t automatically exclude you. If it’s believed that you’re responsible for injuries due to negligence, you’ll remain in the case, covered or not. In that circumstance, being covered is very advantageous.
Do I Need Other Forms of Pharmacist Insurance?
As a healthcare professional, it’s important to cover all areas of liability. General liability insurance will cover accidents that happen at your pharmacy as well as claims of libel, slander, and false advertising.
You may need other forms of business insurance if you own your own pharmacy. It's a good idea to consider purchasing the following options for your pharmacist's insurance:
- Business owner’s policy (BOP)
- Property insurance
- Business interruption insurance
- Flood insurance
- Commercial vehicle insurance
- Workers compensation
How Do I Find Affordable Pharmacist Insurance?
It’s hard to set a baseline rate for pharmacy insurance because it’s based on a variety of factors unique to you and your company. Things like security features, liability issues, and the services that you provide will make a difference in the coverage you need, which ultimately determines your premium.
Researching options and collecting quotes is your best bet before you buy. There are lots of resources for you, from online searches to quoting tools that might give you insights into your investment in this kind of protection. In the end, an independent insurance agent who understands your needs and risks is the best advocate to have on your side.