Professional Liability Insurance for Pharmacists

The scope of practice may vary by individual states and licensing boards, but it generally involves any activity related to your profession. This includes not only dispensing prescriptions, but pharmacists offering professional consultation, outreach, independent drug therapy, medication management, immunization, or ambulatory care.

The more independently you operate as a pharmacist, the greater the need for individual liability coverage. While it is true your workplace may provide some degree of coverage; it’s essential to understand the limits of your employer’s general liability insurance coverage.

Employer coverage often extends to employees acting under their duties as defined by the employer. However, employer coverage is commonly designed to protect the business or organization, not necessarily the individual employee. Furthermore, employer coverage typically does not extend to activities unrelated directly to your employment with that institution. Employer coverage also may not benefit the pharmacist when patients file claims to the board of pharmacy as opposed to filing legal actions in search of monetary awards. For these reasons, it’s advisable to have individual liability insurance coverage.

Limits of liability and what we cover include:

Limits of $1 million per occurrence and $3 million aggregate (higher limits may be available) 

• Compounding Options: 
  • Exclude Sterile Compounding
  • Include Sterile Compounding 
  • Advanced Pharmacist License 
• Immunizations and other drug administration
• COVID-19 Testing and Immunizations
• Drug regimen reviews and medication therapy management (MTM)
• Drug or drug-related research
• Medication consultation
• Drug and device storage
• Participation in drug and device selection 

Loss of Earnings - $1,500 per day, up to $50,000 limit
Limited Pharmacists License Defense - $250,000 limit 
Board of Pharmacy Imposed Costs* - $2,500 limit 
HIPAA Claim Defense - $50,000 limit 
Assault - $25,000 limit 
Sexual or Physical Abuse Liability - $50,000 limit (higher limits may be available)

*Costs do not include fines or penalties.

At Pharmacists Mutual, we are committed to providing you with the coverage you need when you need it most. Our professional liability policy is specifically tailored  to protect your livelihood and reputation because Pharmacists Mutual’s mission is to help our customers attain peace of mind through specialized insurance products, risk management solutions, and superior personal service.

We also provide coverage to the following professionals:

• Employed Pharmacists
• Hospital Pharmacists
• Community  Pharmacists
• Clinical Pharmacists
• Long-Term Care Pharmacists
• Nuclear Pharmacists
• Consultant Pharmacists
• Self-Employed Pharmacists
• Volunteer Pharmacists
• Retired Pharmacists
• Pharmacy Instructors
• Student Pharmacists

When determining whether or what type of individual liability coverage you need, it’s useful to consider any number of scenarios. Consider these:

• What if you were named individually in a lawsuit and it required specific defense counsel?
• What if your current employer does not have the proper coverage in place to protect you?
• What if you provide COVID-19 testing or immunizations?
• What if you have a second job, volunteer, or give advice to a friend or neighbor?
• Are you covered for suits filed after you have terminated your employment?
• Are you provided with reimbursement for lost wages, licensing board hearing reimbursement, and defense costs?
• Are the employer policy limits high enough to protect you and all of your co-workers?

These types of questions can highlight the deficiencies in relying solely on your employer’s pharmacy coverage. An individual professional liability policy, such as those offered by Pharmacists Mutual, provides you peace of mind. In any claim or litigation, you have coverage, including attorney and legal representation, claims investigation, reimbursement of lost wages, and coverage of court costs.

With over 110 years’ experience in the pharmacy industry, Pharmacists Mutual understands the risks and challenges you face. Because the pharmacy industry is ever-changing and expanding, there is a proportional risk in professional liability exposure. The Pharmacists Mutual professional liability policy is specifically tailored to protect you and your business.