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As a pharmacist, your business may be exposed to a wide variety of risks – each of which need to be assessed, understood and planned for. Often a critical part of responding to many of these events is having suitable insurance, allowing you to access assistance if something unexpected happens.
But with so many policies available, which should you consider?
One risk that pharmacists may need to plan for is civil claims and disciplinary actions brought against them as a result of their professional activities. A customer who is injured or who suffers a financial loss as a result of professional advice or services you’ve provided could potentially be grounds for litigation, resulting in your business getting hit with a hefty bill for damages. Even with the greatest care, there’s no way of completely eliminating the risk of an error.
Professional Indemnity insurance* can protect you against losses claimed by a third party due to alleged or actual negligence or errors in your professional services or advice. Your Professional Indemnity insurance can cover the eligible associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees) up to the amount you are insured for on your policy.
Once a person enters your place of business, you have a legal responsibility to take reasonable steps to keep them safe. If a customer, supplier, or a member of the public is injured or suffers financial loss in a reasonably foreseeable accident – such as by tripping over a box placed on a walkway – you could be liable for damages.
Public Liability insurance* is designed to provide protection for you and your pharmacy business in the event a customer, supplier, or a member of the public are injured or sustain property damage as a result of your negligent business activities.
As a pharmacist, you rely on your place of business to be able to serve customers (and store your stock) in order to meet their needs . A fire, storm or malicious activity by a third party could destroy equipment, ruin stock or damage your building, affecting your business’ ability to earn in the immediate future.
It can be worthwhile protecting your business against these type of incidents with a building and contents insurance policy.
Even with insurance against fire, natural disaster or malicious activity, your business could still be exposed to risk in the form of a business interruption. This could be due to broken glass, stolen money, employee dishonesty, machinery breakdown, or theft of stock. In short, a business interruption has the potential to significantly affect your income.
Business interruption insurance can provide cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses (ie wages or rent).
iSelect makes it easy to find an insurance policy that protects you and your pharmacy business. Compare^ a range of policies and products from across the industry through our partner BizCover. Want to know more? Give us a call on 13 19 20 and our friendly team will be happy to help.
* As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
Last updated: 12/02/2020