Drug Store Insurance

If you’re in charge of a drug store that sells medications, health and beauty supplies, and general merchandise, having good insurance coverage is recommended. Not only can a drug store insurance policy offer your business the protection it deserves, but it can also set your store apart from the approximately 27,000 other drug stores that make up this $278 billion industry (Source: IBISWorld). Here’s what your policy should feature for best results.

Drug Stores Need The Following Insurance

Business Liability Insurance (GL): Operating a store means you expect customers to come to your business property on a frequent basis. Though being busy is great for your bottom line, it can spell the end of your business if an accident happens on your property and you don’t have general liability coverage. This aspect of your drug store insurance policy is meant to cover the costs of replacing or repairing customers’ personal property if it is ever stolen or destroyed during a visit to your store. General liability will also pay for the medical bills of your customers if they sustain any injuries while shopping at your store.

Professional Liability (E&O): If any service you provide or product you sell ends up hurting your customers, you need professional liability when you obtain drug store insurance. This will pay for the health costs of those who are injured after using an item they bought from your store. Without this coverage, you might be facing a lawsuit that will require you to pay for the injured party’s medical treatment.

Business Personal Property Insurance: You never know when you will arrive at your store one day and see that it has been vandalized or even burnt down. If this should ever occur, you will be glad that you added BPP to your drug store insurance policy. This is the coverage you can count on to pay for the repairs you might need for your store. It can cover the costs of replacing any products that are stolen or ruined, as well.

Workers Comp Protection: Keeping a drug store running at its best requires a great team of employees. You can reward them by ensuring they are covered by workers comp, meaning that any injuries they experience at work will get the medical treatment that is necessary, free of cost to your employees. This portion of your drug store insurance policy can also make up for their missed income if they are not able to work for a while after getting hurt.

Umbrella/Excess Liability: In many cases, you will come to regret having only the bare minimum insurance coverage for your business. That’s why you should supplement general liability with excess liability coverage. When you add it to your drug store insurance policy, your liability limits are higher.

Cyber Crime Liability: If you are ever concerned about the damage that cyber crime could do to your drug store, having cyber crime liability coverage is advised. When you ensure this coverage is included with your drug store insurance, you can protect your store from the many consequences of cyber crime.