Pharmacy Residents: To Insure Or Not?

Pharmacy residents are often faced with the question of whether or not they should carry personal professional liability insurance to protect themselves from unintentional errors or related lawsuits. While it is not mandated by law, some professionals believe that any employee involved in dispensing medication should have additional liability coverage beyond what their employer provides. This is because most employer-provided policies do not offer sufficient coverage in the event of malpractice, and employees may be left vulnerable if a claim is filed against them. Pharmacy residents work in a fast-paced environment with a high volume of prescriptions, increasing the possibility of human error. Therefore, it is advantageous for pharmacy residents to carry their own insurance policies to ensure they are protected in the event of a mistake and to provide better coverage for those affected by any errors.

Pharmacy residents should carry insurance to protect themselves from lawsuits

Most professional liability policies provided by employers do not offer sufficient coverage in the event of malpractice. Typically, you are only protected for work carried out at the pharmacy, so your employer’s policy won’t cover you for volunteering or other part-time work. A malpractice claim could lead to a lawsuit, which could cost thousands of dollars in legal fees if you do not have your own insurance.

A liability policy will ensure that, if a claim is filed against you, you are protected and covered for legal expenses. Some policies will also cover attorney fees and other legal expenses, pay you for lost wages while taking time off work to defend yourself, and even offer reimbursement for licensing board issues.

When choosing a policy, it is important to understand what is and who is covered. It is also worth noting that carrying professional liability insurance is not entirely selfish. In the case of a lawsuit, such a policy would ensure that those affected have a better chance of receiving full coverage for any medical expenses and other damages incurred.

Insurance can cover legal fees and lost wages

Pharmacy residents are often faced with the question of whether they should carry personal professional liability insurance to protect themselves in the event of an unintentional error or related lawsuit. While it is not mandated by law, some professionals believe that any employee involved in dispensing medication should carry additional liability coverage. This is because the possibility of error is heightened in the fast-paced working conditions and the sheer amount of prescriptions being processed. Accidents can happen, and they can lead to malpractice claims and lawsuits, which could cost thousands of dollars in legal fees and lost wages.

Liability insurance typically consists of two types of coverage: bodily injury liability coverage and property damage liability coverage. Bodily injury liability coverage includes medical expenses, lost wages, and other expenses incurred by anyone injured as a result of the at-fault party's actions. This type of coverage can also help with legal fees if the injured party files a lawsuit. On the other hand, property damage liability coverage includes repair or replacement costs for damages to someone else's property, such as vehicle damage in the case of a car accident.

In the case of pharmacy residents, having insurance that covers legal fees and lost wages can provide valuable protection. If a patient files a lawsuit against a pharmacy resident for unintentional error or malpractice, the resident's insurance policy may cover attorney fees and other legal expenses. Additionally, the policy may compensate the resident for lost wages if they need to take time off work to defend themselves in court. This type of coverage can provide peace of mind and financial protection in the event of a lawsuit.

When considering insurance coverage, it is important to review the policy carefully. Pharmacy residents should look for policies that specifically cover legal fees and lost wages. They should also ensure that the policy provides sufficient coverage limits to protect their financial well-being. It is recommended to consult with an insurance agent who is familiar with the pharmacy profession to ensure that the resident obtains the most appropriate coverage for their needs.

Overall, carrying insurance that covers legal fees and lost wages can be a prudent decision for pharmacy residents. It provides a layer of protection against the financial consequences of unintentional errors or lawsuits. By having this coverage, pharmacy residents can focus on their work, knowing that they have a safety net in place should an accident occur.

It can also cover licensing board issues

Pharmacy residents should consider carrying insurance that covers licensing board issues. While it is not mandated, some professionals believe that any employee involved in dispensing functions should carry additional liability coverage. This is because most professional liability policies provided by employers do not offer sufficient coverage in the event of malpractice. For example, you may only be protected for work done at your pharmacy, so your employer’s policy won’t extend coverage for volunteering or other part-time work.

Liability policies that cover licensing board issues can help in the case of a malpractice claim, which could lead to a lawsuit costing thousands of dollars in legal fees. These policies can cover attorney fees and other legal expenses, pay you for lost wages while taking time off work to defend yourself, and even offer reimbursement for licensing board issues.

When purchasing a liability policy, it is important to buy insurance from an agent who is familiar with the pharmacy profession and can explain the policy. It is also important to look for “who is insured” and “what is insured” in the liability and coverage sections of the policy. Finally, it is important to find out how coverage is provided. The pharmacy’s policy should say it is “primary,” so that it covers employees before their individual policies; a professional liability policy for an individual pharmacist or pharmacy technician should say that it is “secondary” or “excess” coverage.

Pharmacy owners can get insurance to protect against theft, fires, and lawsuits

Pharmacy owners can get insurance to protect their business from theft, fires, and lawsuits. A pharmacy business insurance package can include professional liability insurance, errors and omissions insurance, and a business owner's policy (BOP).

Professional liability insurance, also known as malpractice insurance or errors and omissions insurance, can protect pharmacists from the financial burden of lawsuits arising from medication errors or other professional negligence. This type of insurance can cover legal fees, lost wages, and licensing board issues. It is important for pharmacists to have their own liability insurance in addition to any coverage provided by their employer, as employer policies may not offer sufficient protection in the event of a malpractice claim.

A business owner's policy (BOP) is a cost-effective way for pharmacy owners to purchase general liability coverage and commercial property insurance together. General liability insurance can cover legal defence costs if a customer sues over accidental injury or property damage, while commercial property insurance covers stolen, damaged, or destroyed property, including the building and inventory. This type of insurance can help pharmacy owners recover quickly from theft, fires, or lawsuits.

Other types of insurance that pharmacy owners may want to consider include cyber liability insurance, commercial umbrella insurance, and commercial auto insurance. Cyber liability insurance helps protect against financial losses from data breaches and cyberattacks, while commercial umbrella insurance boosts coverage for bodily injury, product liability, and auto accident lawsuits. Commercial auto insurance covers accidents involving business-owned vehicles.

By investing in comprehensive insurance coverage, pharmacy owners can protect their business and ensure they have the necessary financial resources to recover from unexpected events.

Pharmacists can get professional liability insurance to protect against medication errors

Pharmacists can get professional liability insurance to protect themselves financially and legally in the event of a medication error. While pharmacists do not go to work intending to cause harm to patients or make a mistake with a prescription, accidents can happen. The fast-paced working conditions and high volume of prescriptions being processed can increase the possibility of errors.

Professional liability insurance is designed to protect pharmacists when a patient claims an actual or alleged error or omission within the scope of their practice. This includes dispensing errors, but also extends to other pharmacist activities such as offering professional consultation, outreach, independent drug therapy, medication management, immunisation, or ambulatory care.

While an employer may have a policy that covers employees, it is often insufficient and designed to protect the organisation rather than the individual. Employer coverage may not extend to activities outside of defined duties or provide protection for claims filed to the board of pharmacy. Therefore, it is advisable for pharmacists to have their own individual liability insurance coverage to ensure they are adequately protected.

An individual professional liability policy provides peace of mind and coverage in the event of a claim or litigation, including attorney and legal representation, claims investigation, reimbursement of lost wages, and coverage of court costs. When choosing a policy, it is important to understand the scope of practice that is covered and any limitations or exclusions.

Frequently asked questions