Pharmacists play an important role in the overall healthcare plan for people. In fact, the role continues to expand and involve more consultation than ever. That’s why pharmacist liability insurance is so important.
It is so much more than a customer service position. Not only do pharmacists interpret a physician’s prescription and dispense medication for patients, but they also provide the necessary support to patients as a counselor, educator, and advocate for a patient.
They provide patients with information about medicine, including how much medicine to take, how often to take it, and what reactions and side effects could occur.
Many times, if a patient has a question about medicine, they don’t call their physician. Their first call or stop is to their pharmacy instead.
While a pharmacist provides a helpful role for patients, these expanded responsibilities add a greater level of risk for a lawsuit if they were to provide the wrong information, even it is an honest mistake. And with the amount of hours pharmacists work, mistakes can certainly occur.
For these reasons, it’s a smart idea to have a professional liability insurance policy if you work in the pharmacy field.
In our guide below, we discuss why you really need liability insurance and what insurance may be a good for you as a pharmacist.
Do pharmacists need liability insurance?
It is generally recommended that pharmacists have professional liability insurance. As a pharmacist, you are routinely providing recommendations and consultations to clients, as well as administering vaccinations.
As time goes on, the role of the pharmacist is becoming broader, which means the risk is increasing for a clients to file professional liability claims. This is why it many pharmacists choose to purchase individual coverage.
You want to make sure that you choose a policy that is a good fit for your needs. Some coverage may work for certain pharmacists, but that coverage may not work for you. This is why it’s important to do your research on each insurance company to find the best policy and coverage for you.
Things to consider when choosing a professional liability insurance policy include 1) the practice areas you are in 2) services you provide and 3) risks involved with your practice. Read on to learn more about HPSO, an insurance provider specifically for healthcare workers.
Why pharmacist insurance is important?
If you were to make a mistake by giving out the wrong medication or the wrong dose, it could come at a real cost to you and your career. A client could file a lawsuit for medical malpractice against you.
This can be a very expensive process, which is why liability insurance is so important. A professional liability policy should help with any legal fees you incur, settlements awarded, reimbursements, and also keep you protected from financial responsibility.
It takes a lot of time and education to become a pharmacist, and if you don’t have the proper coverage, then all it could take is one lawsuit to really alter your financial state and your entire career path.
Unfortunately, we are all human and can make mistakes. Having the proper policy and coverage can give you the peace of mind that you need to properly do your job. That way, you can focus on what really matters – taking care of patients.
Is HPSO a good insurance?
Healthcare Providers Service Organization offers a solid insurance option. In fact, the American Pharmacists Association (APhA) sponsored program through HPSO is specifically designed to provide pharmacists with individual policies for professional liability insurance.
One of the things we really like about HPSO is that they have been in business, providing insurance for healthcare professionals for more than three decades. They are the largest provider of malpractice insurance policies in the country and insure more than 75,000 pharmacists. When you think about it, that shows a lot of confidence from pharmacists across the country in support of HPSO.
We also like that their professional liability insurance policies are portable. That means if you decide to leave one job and go somewhere else, regardless of location, your policy will move with you and continue to provide the coverage that you will need.
HPSO’s professional liability policy offers $1 million in coverage for each claim and $3 million in coverage annual aggregate. It also includes important things like license protection. License protection is a key feature because if a client or someone else were to file a complaint about you to the state licensing board, you will not only need to defend your practice, but also your license, all while incurring some costly legal fees. This policy will reimburse you to the limit for defense of disciplinary charges as well as other covered expenses.
This should be adequate coverage for most people in the pharmacy field, and provide the protection needed just in case a claim were to be filed.
Why do I need professional liability insurance?
As a pharmacist, you need professional liability insurance coverage in case a liability claim is made against you. If a customer has a negative experience and makes a claim against you, whether a mistake was made or not, then you will need to defend yourself against the claim.
Many pharmacists will have professional liability insurance coverage through your employer, however it may not cover you like you need it to do. Also, the insurance company is focused on protecting your employer, not you.
So while it is certainly beneficial to have liability coverage through your employer, purchasing your own policy is recommended for personal protection. Carrying your own policy will ensure that your interests are protected first and foremost, rather than the interest of your employer.
Unlike someone who works through an employer, if you are a pharmacist who is self-employed or your perform contract work through an agency, then you will undoubtedly want to purchase professional liability insurance since you have full legal liability.
You need to be sure that you are properly protected from any potential malpractice claim that could be filed against you.