Insurance for Pharmacies & Drug Stores
Owning your own pharmacy is an excellent way for you to help people. Whether they come to you for life saving medications or they simply want to maintain their health, you get to help. Accidents can happen however and unexpected events arise. Be sure to protect your valuable business assets by covering it with the right types of commercial business insurance.
Pharmacy General Liability Insurance
General liability covers things you think of and things you don’t. A comprehensive small business insurance policy, GL generally covers most events or problems that are not specifically excluded in your policy. For example, of a customer falls and hurts themselves inside your pharmacy, a general liability policy will protect you from having to pay associated damages. It can also protect you from liability over products you sell, and can protect your physical business assets as well.
Pharmacy Business Owners Policy (Bop)
A business owners insurance policy, or BOP, rolls general liability coverage into a larger policy with many different pieces that you can tailor to your company’s needs. It adds physical and intangible asset protection based on your business size and type, and the options you select.
- Equipment Breakdown – Some pharmacies rely on computers and other specialized equipment to obtain details about their customer’s medications and illnesses. If this equipment breaks down it can be costly in the form of suspended business operations as well as repair or replacement. A BOP can protect you from having to shoulder those costs.
- Buildings and Contents – When your actual retail building or warehouse is damaged in a storm, fire or other calamity it could be too costly to replace. A BOP can cover the buildings and structures themselves, as well as the contents you have inside such as inventory and furnishings.
- Business Income and Extra Expense – When your buildings and interior contents are destroyed or damaged extensively you may be unable to continue regular business operations until repairs and replacements are made. This loss of income can be provided for by a business owners policy.
- Products and Completed Operations (Included in General Liability) – If products are found to be defective your customers may hold you responsible. A BOP can help protect you from those liabilities.
- Electronic Data – Electronic and digital data is crucial to the success of modern day pharmacies. If your medical software or customer files were to become corrupted it may be extremely expensive to replace.
- Employee Dishonesty Coverage – Having employees means that your company is at risk of an employee doing something dishonest. It is estimated that small businesses lose up to $400 billion in annual revenues due to embezzlement, fraud and other forms of dishonesty. Protect yourself from these losses through your business owners policy.
Pharmacy Professional Liability Insurance
As a licensed medical professional who has a lot to keep track of each day, mistakes and accidents can happen. Errors and omissions protection, also known as professional liability insurance, can protect you from the expenses that result due to professional mistakes.
Pharmacy Commercial Auto Insurance
If you use vehicles to deliver medication to your customers business auto insurance will protect you in the event of an accident. Please remember that personal auto insurance will not cover your accident.
Pharmacy Workers Compensation Coverage
The law requires that you carry workers comp insurance for your employees just in case they are ever injured while working for you.