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I Own a Pharmacy. Do I Need a Specific Pharmacy Insurance?

Business Insurance Quotes for Pharmacy Owners

To answer your question – yes. Yes, you do need pharmacy insurance coverage if you own a pharmacy.

The simple answer is yes – you do need pharmacy insurance coverage if you own a pharmacy.

Think about it: you’ve invested a lot of time, money, knowledge, energy, and hard work into owning your own pharmacy, especially if you are a pharmacist in addition to being a pharmacy owner. As a pharmacist, you have a heart to serve; you even took a lifetime oath to help others by taking on the concern for patient health and welfare, but who is looking out for you, your employees, and your business, other than yourself? We can help, Bray & Oakley Insurance Agency wants you to know that we appreciate what you do for our community and the people who live here. We’re here to ensure that you are covered for the unexpected times that could devastate your business or reputation. 

Is Your Pharmacy Covered?

The location of pharmacies may vary depending on whether you are located in an individual building, hospital, care facility, run a community program, or work as a consultant.

The primary responsibilities of pharmacies and pharmacists have been adapted as time moves on. Not only do you need to ensure that you dispense the proper medication and dosage to the right patient, but you may also be providing consults, advice on over-the-counter medications, purchasing drug store products, and giving vaccinations to patients as the world continues to evolve.

Keeping these in mind, the need for an expansion of coverage due to increased liabilities is ever-present. Understanding your insurance coverage and to what extent that your pharmacy and staff are covered is crucial to the future of your business and reputation.

Types of Pharmacy Coverage

The goal of a pharmacy insurance policy is to ensure that if a lawsuit is filed against your business, you are protected in the courtroom and at work. Depending on the policy, legal fees, lost wages, and time off may be covered.

Here are the top coverages that you should consider:

  • Pharmacy General Liability Insurance – this policy covers most incidents such as slip and falls, products sold, advertising exposures that your pharmacy could be liable for, damages to your physical business assets, and more.
  • Business Property Coverage – could vary, but typically covers incidents like fire damage, vandalism, and other considerable losses.
  • Equipment Breakdown Coverage – helps pay for breakdowns to electrical or computer systems, phone damages, power surges, short circuits, or operating mistakes by employees.
  • Employment Practices Liability Coverage – this type of coverage can help protect you against work-related claims by current or past employees.
  • Business Auto Insurance – coverage for a commercial vehicle that is used for prescription deliveries or pharmacy use.
  • Data Breach Coverage – covers the confidential information that is often stored in electronic files in the event of a data breach.
  • Pharmacists Professional Liability Insurance – a policy that gives you the reassurance that you are covered for the mistakes that could occur after an improper dosage was given, misprinted instruction label was printed, or a wrong medication has been dispensed.

Average Cost of Pharmacy Business Insurance

Depending on the pharmacy size, revenue, payroll, sales, experience, and other factors, there is not a set determination of how much pharmacy insurance could cost. It is best to consult an experienced independent insurance agent to better understand your needs and what you are looking to cover.

Ready for a Quote?

You’re always looking out for others, but we want to look out for you. Bray & Oakley Insurance Agency wants you to know that we appreciate what you do for our community and the people who live here. We’re here to ensure that you are covered for the unexpected times that could devastate your business or reputation.

Don’t wait until it is too late to consider reevaluating your insurance coverage. Contact us today to speak with a knowledgeable insurance agent who has your best interests in mind.

Get your pharmacy insurance quote now.