Pharmacy Insurance in Keyport, NJ

Pharmacies provide essential services to customers, health care professionals and their communities at large. These businesses are heavily relied on to distribute essential medications and products. However, the medical industry is one of the most risky industries among U.S. employers, and even slight errors or accidents can have catastrophic consequences. In the wake of such situations, your pharmacy could face significant financial ramifications, but having the right insurance may offer a critical lifeline.

What Does Pharmacy Insurance Cover?

Your business should know that pharmacy insurance may be a general term not referring to a specific policy or product available from all carriers. Rather, your pharmacy may need to purchase several types of insurance to account for the various risks and exposures for which it must account. Once assembled, this pharmacy insurance portfolio may assist with losses and expenses arising from potential incidents.

What Insurance Do Pharmacies Need?

While pharmacies may have unique circumstances that impact their exact coverage needs, these businesses may have various obligations and exposures that must be addressed. Consider the following risk exposures and how being insured accordingly can help:

• Board of pharmacy compliance—This may require directors and officers liability insurance, as well as professional liability insurance and pharmaceutical bonds, also known as pharmacy surety bonds.
• Prescription errors—These potential issues typically require professional liability insurance, also known as errors and omissions insurance and medical malpractice insurance. Product liability insurance, frequently included in general liability insurance policies, may also be relevant.
• Administering flu shots and vaccines—Like prescription errors, these functions may require professional liability insurance to pay for legal expenses if you’re accused of making a mistake during the administration of a shot or vaccine.
• Compounding—When compounding unique drugs for patients, professional liability insurance looms as a crucial necessity. It can help manage losses and expenses from accusations of professional errors, oversights or negligence.
• Durable medical equipment products sold in your store—General liability insurance may include product liability coverage, which can account for incidents in which customers are harmed by products you sell. You may also need commercial property insurance to protect inventory stored on location.
• On- and off-premises services—When administering services both at your pharmacy and elsewhere, professional liability insurance can provide financial protection from potential errors and subsequent lawsuits. If you own business vehicles, commercial auto insurance may also be needed.
• Deliveries—Commercial auto insurance is often legally required for businesses that use vehicles. Additionally, if you plan to transport goods and materials, inland marine insurance should be retained.

In addition to the aforementioned coverage solutions, pharmacies may also need other policies. For example, cyber liability insurance is generally vital for all businesses in the health care industry, as it can offset losses arising from data breaches. Additionally, workers’ compensation insurance is typically required by law to assist with the fiscal ramifications of employees’ on-the-job injuries and illnesses.

We’re Here to Help

Contact Colonial Insurance Agency today to learn more or to get a customized pharmacy insurance quote.