pharmacy liability insurance

pharmacy liability insurance

The Westwood Insurance Group will work with you to find the liability insurance coverage for your pharmacy. Click the button for a quick quote:

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why do pharmacies need liability insurance?

Pharmacy liability insurance is a critical safeguard for pharmacists and their practices. In a profession where the stakes are high due to the handling and dispensing of medications, this insurance provides protection against potential claims arising from errors, negligence, or other professional oversights. The nature of pharmacy work, involving complex drug interactions and patient health concerns, underscores the importance of robust liability coverage. This insurance not only addresses legal and financial risks but also supports the reputation and operational stability of the pharmacy.

Recent data from the Medical Research Archives indicates that between 1990 and 2022, there were 2,480 malpractice payments and 44,204 adverse action reports against pharmacists in the United States. 

A pharmacist dispenses medicine to a customer. Liability insurance for pharmacists is essentialWhile this trend is declining due to pharmacies implementing effective measures to reduce medication errors, the risk of litigation remains a significant concern. As pharmacists’ responsibilities grow and the volume of prescriptions in the U.S. increases, the probability of errors and subsequent legal actions against pharmacists also rises. Thus, comprehensive liability insurance becomes essential for pharmacies to protect against these potential risks and ensure the continuation of quality patient care in this dynamic healthcare sector.

what types of insurance do pharmacies need?

General Liability Insurance

General Liability Insurance

This is necessary for Pharmacists with their own facilities. It  covers medical expenses and attorney fees resulting from bodily injuries and property damage your facility or organization could be legally responsible for.

Business owner's policy (BOP insurance)

Business owner's policy (BOP insurance)

A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for Pharmacists with small to medium-sized businesses, providing a blend of liability protection and property insurance.

Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance overs any negligence or mistakes made by the individual Pharmacists during their practice. It differs from General Liability insurance, which covers the practice itself. 

Commercial Auto Insurance

Commercial Auto Insurance

This is relevant for Pharmacists who use a vehicle for your practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.

Workers Compensation Insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law, to protect Pharmacies and their employees in case of work-related injuries or illnesses.

Cyber Liability Insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online system to fix vulnerabilities as part of this policy.

Contact Dale Nelson now

Dale Nelson, Westwood team member

Dale specializes in insurance for home healthcare providers. You can call him on the number below or fill out the form and he will get your message directly:

we've got you covered

General Liability Insurance

Protecting healthcare organizations against increasingly crippling litigation.

Professional Liability Insurance

Protecting medical professionals against increasingly crippling litigation.

Medical Malpractice Insurance

Protecting medical professionals against increasingly crippling litigation.

Cyber Liability Insurance

Protecting healthcare organizations & professionals against cyber attacks.

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insurance for hospitals

Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.

insurance for long term care facilities

Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.

traditional insurance products

Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.

    Insurance products at Westwood Insurance Group

    You can find more information on the Insurance Products main page.

    If you have any questions on the different policies, check out our Insurance FAQ’s

    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:

     

    If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.