Insurance for Independent Pharmacies
Running a modern-day pharmacy is difficult and ever changing. Most pharmacists today offer a host of services in addition to dispensing drugs, and with advances in technology and healthcare, they’re interacting with patients in ways never imagined before.
It’s an exciting time but especially risky time to own a pharmacy.
With pharmacies performing a much broader role, the risks are growing exponentially. Some pharmacies are ready for those risks. However, others are not ready, placing them at a significant competitive disadvantage.
But along with that evolving role come evolving risks, and if you operate a neighborhood pharmacy today, you face a long list of challenges just to keep your doors open:
- Expanding big chain and mail order pharmacies
- Decreased reimbursements for prescription medications from health insurance companies
- Competition from HMOs, hospitals, and mail order firms that get high-volume discounts from drug makers
- Managed healthcare arrangements that drive down the prices paid for prescription drugs
Along with those risks, technological advancements and new healthcare laws have created new and complex risks related to electronic data transmission, patient counseling, drug utilization review requirements, and protected private health information under laws such as HIPAA and the Affordable Care Act.
They get the right coverage. It doesn’t do much good to have insurance if it’s the wrong coverage. Every pharmacy business is unique, and in addition to your general liability policy, there are other types of coverage you may need, including:
- Professional liability
- Inventory and Equipment
- Personal injury
- Non-owned auto
- Information privacy coverage (HIPAA)
- Cyber liability
- Spoilage of Medicine
- Theft and Robbery
If you’re looking for a single source insurance package designed for the modern day pharmacy operation, we can help . By working with our pharmacy insurance experts you can rest assured your business will be well covered. We’ll give you peace of mind so you can concentrate on running your business and taking care of your patients and employees.