Safeguarding your practice and protecting your business from potential claims can save money, time and your career. Pharmacist Indemnity Insurance can protect against potential legal and financial risks while facing potential day-to-day risks.
Why do pharmacists need Indemnity Insurance?
The responsibilities of standard and GPC registered pharmacist, directly impact patients’ health and well-being. Indemnity Insurances can protect you in the unfortunate event of errors or misunderstandings. Sometimes Legal claims can be made despite your best efforts. Those claims can immeasurably damage your businesses to the point of closing entirely. Indemnity Insurance is not just advisable, it’s essential for safeguarding your business and livelihood.
Get a quote and purchase
your policy in minutes
What does pharmacist Indemnity Insurance typically cover?
Regulatory bodies like GPC registered pharmacists can support the business and advise on best practices. However, when a mistake or something unforeseen happens, Indemnity Insurance can cover claims for acts of negligence, omission, error, or providing wrongful advice. The cover includes when these claims have resulted in bodily or mental injury, sickness, disease or even death while operating professionally in day-to-day duties. The more commonly asked covers about pharmacist professional Indemnity Insurance:
- Professional negligence claims: This coverage protects you in the event of claims alleging negligence or errors in your regular duties, such as dispensing the wrong medication or providing incorrect advice.
- Legal expenses: Pharmacist Indemnity Insurance can cover the legal costs of defending yourself against claims or allegations of professional misconduct or negligence.
- Regulatory body investigations: In the event of an investigation by regulatory bodies such as the General Pharmaceutical Council (GPC), Unite the Union (Unite) or The National Pharmacy Association (NPA), Indemnity Insurance can provide coverage for legal representation and associated expenses.
How much coverage do GPC registered pharmacists need?
Pharmacists registered with the GPC need Indemnity coverage. We can also arrange Unite pharmacist Indemnity Insurance and NPA pharmacist Indemnity Insurance. The amount of coverage required differs for each business, depending on the nature of your practice, the volume of patients you serve, and the potential severity of claims. At Enhance, we tailor the coverage to your business with you to ensure your getting the coverage you need. This collaborative way of working allows us to know your business and its needs.
What factors affect the cost of Pharmacist Indemnity Insurance?
While we tailor the coverage to your business needs, we also look for coverage that you may not require, saving you money on unnecessary coverage. The nature of your practice can also influence the insurance cost. Examples include:
- Hospital pharmacist Indemnity Insurance.
- Community pharmacists Indemnity Insurance.
- Pharmacist prescriber Indemnity Insurance.
- Primary care pharmacist Indemnity Insurance.
- Locum pharmacist Indemnity Insurance.
Each type of practice has their own services and daily risks. Your claims history can also be a factor in determining premiums. A clean claims record may result in lower premiums and more insurer options. Lastly, the level of coverage you choose will impact the cost of your insurance premium. Higher coverage limits typically result in higher premiums.
Get a quote and purchase your policy in minutes
FAQ
Is pharmacist Indemnity Insurance mandatory?
Indemnity Insurance is not mandatory, but obtaining Indemnity Insurance is highly recommended for all pharmacists. For those seeking to become a GPC registered pharmacist or a member of another regulatory body, it may be required. This is a standard held so that in the event of a client making a claim, any financial or legal costs can be covered when falling within the policy.
Are there different types of policies available for pharmacists?
Yes, various types of Indemnity Insurance policies exist, and some can be tailored to the specific practice and requirements of the business. These may include Professional Indemnity, locum pharmacist, and independent prescriber insurance. These can vary from insurer to insurer, so it is best to seek advice as to what cover best suits your business.
Does Pharmacist Indemnity Insurance cover legal fees?
Yes, Indemnity Insurance can include coverage for legal expenses depending on the arranged cover limit. The legal fees covered by Pharmacist Indemnity Insurance are for defending against claims or investigations related to your professional duties. If claims fall outside of the policy’s scope, it will not be covered in the claim. This is why seeking advice is highly recommended to ensure you have covered all possible risks to your pharmacy and services.
Can pharmacists lower their insurance premiums?
Typically, insurance premiums increase as businesses grow or decrease if a business scales down. Pharmacies with higher revenue and more employees can have larger premiums. The premium can also scale to the types of services offered depending on the covers included in the policy.
Reducing the risks through training and adhering to regulations, overall will result in fewer claims and cheaper premiums for your business. When reaching your renewal date, insurers will look at your claims history, so keeping it clean can be essential. Some claims might not be important to an insurer, whereas another may not offer cover because of the type and severity of the claims.
Additionally, insurers may offer discounts for specific proactive measures, such as completing continuing education courses or implementing quality assurance protocols. Regulatory bodies such as NPA, GPC, and Unite can also help in different ways, such as through regular pharmacy inspections, legal advice, and standards for your pharmacy to adhere to. These can all play into factors that keep the number of claims lower, which in turn lowers insurance costs.
What should pharmacists consider when choosing an indemnity insurance provider?
Firstly, seek advice from your regulatory body, such as the GPC, NPA, and Unite, if your pharmacy is a member of one. Second, consider all the potential risks your business and services may face, including any employees. When reviewing the policies, the risks you face need to be within the coverage limits.
Make sure the insurer has a solid reputation for handling claims and is financially stable enough to pay in the event of a claim. Being unable to fulfil their obligations or having unclear wording around their policies should be red flags. We recommend going to a medical insurance specialist broker like us at Enhance. We can offer policies from our panel of insurers not open to the common market.
In Need of More Advice on Your Insurance Cover?
When working in a specialist profession such as pharmacy, you need to ensure you have the right protection at all times.
Here at Enhance insurance, we’ll aim to match you with the exact insurance you need as a GPC registered pharmacist.
Call Us Today
to arrange a policy completely tailored to your needs and requirements
