You probably already know that insurance for your pharmacy is a must. Knowing how much pharmacy insurance matters is a great first step to making sure your business is covered. There are a lot of different things you might need pharmacy insurance for. Some of these potential problems are things you might not expect. Keep reading to hear about the different ways that insurance for your pharmacy can give you peace of mind if the unexpected happens:
Mistakes and fraud
It’s scary to think about, but when you’re planning for insurance, you’re planning for the worst. One of the things that you have to consider in a pharmacy industry is employee errors. Hopefully, there won’t ever be a mistake in your business. However, if someone fills a prescription wrong or makes a dosage mistake, your pharmacy might be liable for the error. Having insurance to cover this scenario can mean the difference between your business surviving and going bankrupt.
Another scary type of risk for someone in the pharmacy industry is customer fraud. You run a business that works with controlled substances. These medicines are only available with a prescription from a doctor. Some people are not deterred and they use illegal means to try and obtain drugs from your pharmacy. You want liability insurance for your pharmacy to protect yourself in the event that someone succeeds and harm results.
There are two ways that you can protect your pharmacy from legal liability. The first is to obtain insurance that protects you in the event that you end up with a legal judgment against you. Seeing a five, six or even seven-digit number on a legal judgment can be stressful and even fatal for your business. However, you can secure insurance that pays a judgment for you so that you can stay in business.
Another important type of insurance for your pharmacy is for your legal fees. When you get dragged into court, the cost of the judgment itself is only one small part of it. You also have attorneys to pay and other costs associated with litigation.
These costs can be even more than the judgment itself. The good news is that you can get insurance that kicks in long before there is ever a judgment against you. This insurance can pay for your legal fees and court costs as you defend your business in court.
Even when you’re not the target
A lot of times, when a pharmacy is involved in the legal system, it’s not as a defendant or even as plaintiff. Instead, your business is just a place where there is evidence, or you and your employees might be witnesses. Even though you’re just a bystander, you’re given a subpoena to attend court anyways.
This can be disruptive. You can miss important days at work. You might not know how to respond to a request for documents. With pharmacy insurance, you can get a policy that gives you an attorney to help you in a situation like that. You can also receive compensation for lost work time.
One type of insurance that you might not have considered for your pharmacy is license protection insurance. If you ever find yourself at the receiving end of a complaint against your pharmacy license, you want to know that you have the means and resources to successfully defend that lawsuit. This is one important thing that pharmacy insurance can cover.
Your pharmacy license is your livelihood. You went through a lot of work to get that license in the first place. It’s important to have help when you’re defending yourself against claims that might affect your license to do business. This is a great type of insurance to have when you want to defend against anything that can happen in your profession.
Your building and medicines
Legal liabilities aside, it’s important to also protect your building itself. The building is a place where a lot of things can go wrong. You might have a flood or a fire. Someone might try to break in and damage the building in the process. It’s important to have insurance that covers these possibilities.
Your medicines themselves are very expensive. The medicine can be damaged by an accident, theft or intentional acts. Insurance can cover the costs to replace the medicines so that you don’t have to cover these losses out of pocket.
Peace of mind
Pharmacy insurance can make sure that your business stays in business. Your customers depend on you to get the medicines they need. A customized pharmacy insurance plan can help your business and ultimately help your customers.