Years ago, a local pharmacy in South Florida was there to fill your prescriptions, serve sodas and sundaes, and provide drug store type products. However, the pharmacist's role has changed dramatically and these professionals do much more than fill prescriptions and provide advice on drugs. Today's pharmacists also give inoculations and a wide range of services. As a result, pharmacy insurance must contain many different coverage options to protect the pharmacist of the 21st Century. Without proper risk management, financial disaster could be just around the corner. Here is an example.
James R always wanted to be a pharmacist. As he watched his father behind the counter, he knew someday he would be doing the same thing. James started working in the pharmacy while in high school. After graduation, he attended college and studied to be a pharmacist. For several years, he worked with his father in the business, and when the old man stepped down James took over.
James did an excellent job with the pharmacy and in a few years time, he hired another pharmacist and several assistants as the business expanded. Naturally, James had to update his pharmaceutical insurance to keep up with the changes.
Business was good for many years until one day a problem developed. The other pharmacist filled a pain pill prescription with the wrong drugs, and this caused a serious allergic reaction. In fact, the customer was rushed to the hospital with life threatening illness and remained in intensive care for several days. After a long recovery period the customer was able to return to work but only on a part-time basis.
The customer sued James' pharmacy for well over one million dollars, and this would cause most pharmacies serious problems. However, James was smart enough to have an experienced insurance specialist on his team. James' insurance man went over all the potential risks and provided James with complete pharmacy protection including several million dollars in professional liability coverage and an umbrella liability insurance policy. This is why finding the right pharmacy malpractice insurance is vital in today's drug business.
When you run a business you need commercial insurance for protection. However, if you operate a pharmacy you need business insurance in addition to coverage for pharmaceutical operations. This is what pharmacy insurance is all about. It is specially designed to protect a pharmacy or drug store.
Does your business sell drugs only available by prescription? If so, you must have special protection when it comes to insurance. This will include these businesses:
Just about every pharmacy should consider these important insurance options:
Because pharmacies must assume a great deal of risks, you may need to take out several insurance options, such as:
The modern pharmacy has a wide range of risks and it's vital to protect them with the right kind of insurance. A standard policy might not give you the coverage your business needs. In order to be sure you are fully protected come to an independent insurance agency like Galt Insurance Group. Our people are highly trained insurance experts that understand the ins and outs of insurance and business risk management,
Your independent agent is part of your team because he or she does not work for an insurance company. You have the benefit of comparison shopping many different companies for the best rates and coverage options available. This not only saves you money but ensures you are completely protected against common pharmacy hazards.
It costs nothing to get a pharmacy malpractice insurance quote. Fill out the quote form and we'll get back to you. For more details, you can call our toll free number at 1-844-BUY-GALT.
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