Pharmacies

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Pharmacists have plenty of responsibilities to take care of every day. Helping customers get the right prescriptions, addressing their questions, and keeping inventory stocked are tasks you face on a daily basis. Even if you’re extremely cautious, the potential for accidents and mistakes may always be present while running this type of business. Pharmacist insurance solutions from AmTrust Financial can help to keep you covered in the event that problems surface.


Pharmacy Business Insurance Coverage Options


In addition to the typical challenges most business owners are exposed to, like liability claims, property damage, workplace injuries, and data breaches, pharmacists may have industry-specific concerns to worry about. Common risks pharmacy owners may be exposed to regularly include:

• Prescribing the wrong medication
• Prescribing the wrong strength of a medication
• Giving a customer the wrong instructions for using a medication

AmTrust offers pharmacy insurance solutions to help you remain protected, even in the face of difficulties. Coverage options can be completely tailored to fulfill your unique needs, however standard insurance policies may serve as a solid foundation for building your customized solutions.


Protecting Your Pharmacy Employees with Workers' Compensation Insurance


Even with safety training, you may not be able to prevent an employee's on-the-job accident, illness, or injury. While grabbing a supply from the top of a shelf, a worker could fall off a ladder and break a leg. Workers' compensation insurance is a no-fault policy that can help to pay for an injured employee's hospital visit, medical bills, drug prescriptions, rehabilitation expenses, job retraining and even partial lost income while they recover. Most states require employers to obtain coverage if they have one or more employees, and the primary benefit of this type of policy is that it can protect both the employer and employees. In some cases, the injured employees may be prevented from suing your pharmacy for workplace occurrences if they accept the policy benefits.


Protecting Your Pharmacy Against Third-Party Liability Claims


General liability insurance can protect your pharmacy against a variety of third-party claims. A policy could help to cover the costs of legal, court, and attorney fees if an individual accuses you of property damage, bodily injury, advertising injury, or copyright infringement. For example, if an employee accidentally prescribes the wrong medication to a customer and he or she suffers an illness or injury as a result, general liability insurance may cover the costs of medical expenses and court settlements.


Businessowners Policy (BOP) for Pharmacists


A businessowners policy (BOP) can provide your pharmacy with the necessary protection against property damage. Coverage often includes theft, vandalism, and fire damage. A BOP is a bundled policy that features three essential insurance coverages:

General liability insurance: Protection against third-party claims.
Commercial property insurance: Coverage for the building you own or lease and its contents.
Business interruptions insurance: Financial assistance for unfortunate situations that temporarily prevent you from being able to operate your business such as a fire, earthquake, cyberattack, or flood.


Protect your Pharmacy Against Cyberattacks


In your industry, you may be required to gather sensitive information from your customers including birthdays, addresses, credit card numbers, and social security numbers. You probably store their payment information and medical histories in an online platform, putting their finances and privacy at risk. If your pharmacy is the victim of a cyberattack or data breach, the repercussions could be serious. Cyber liability insurance can help you recover financially from the aftermath of a cyberattack or data breach.


How Do I Purchase Pharmacist Insurance?


At AmTrust, we understand that keeping your pharmacy safe in the midst of uncertainties is an important goal. Purchasing pharmacist insurance can give you peace of mind and confidence in knowing you're getting coverage against a variety of hazards and risks. AmTrust is here to help you discover tailored insurance solutions to keep your small business safeguarded whenever unfortunate situations arise. To learn more about our pharmacy business workers' compensation packages and other top-rated insurance products that are available through AmTrust contact us today.
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