Years ago, a local pharmacy in South Florida was there to fill your prescriptions, serve sodas and sundaes, and provide drug store type products. However, the pharmacist's role has changed dramatically and these professionals do much more than fill prescriptions and provide advice on drugs. Today's pharmacists also give inoculations and a wide range of services. As a result, pharmacy insurance must contain many different coverage options to protect the pharmacist of the 21st Century. Without proper risk management, financial disaster could be just around the corner. Here is an example.

James R always wanted to be a pharmacist. As he watched his father behind the counter, he knew someday he would be doing the same thing. James started working in the pharmacy while in high school. After graduation, he attended college and studied to be a pharmacist. For several years, he worked with his father in the business, and when the old man stepped down James took over.

James did an excellent job with the pharmacy and in a few years time, he hired another pharmacist and several assistants as the business expanded. Naturally, James had to update his pharmaceutical insurance to keep up with the changes.

Business was good for many years until one day a problem developed. The other pharmacist filled a pain pill prescription with the wrong drugs, and this caused a serious allergic reaction. In fact, the customer was rushed to the hospital with life threatening illness and remained in intensive care for several days. After a long recovery period the customer was able to return to work but only on a part-time basis.

The customer sued James' pharmacy for well over one million dollars, and this would cause most pharmacies serious problems. However, James was smart enough to have an experienced insurance specialist on his team. James' insurance man went over all the potential risks and provided James with complete pharmacy protection including several million dollars in professional liability coverage and an umbrella liability insurance policy. This is why finding the right pharmacy malpractice insurance is vital in today's drug business.

When you run a business you need commercial insurance for protection. However, if you operate a pharmacy you need business insurance in addition to coverage for pharmaceutical operations. This is what pharmacy insurance is all about. It is specially designed to protect a pharmacy or drug store.

Does your business sell drugs only available by prescription? If so, you must have special protection when it comes to insurance. This will include these businesses:

• Drug store chains
  
• Privately run pharmacies
  
• Pharmacies inside doctor buildings
  
• Mail order pharmacies
  
• Online pharmacies

Just about every pharmacy should consider these important insurance options:

• Commercial property coverage - this protects your building from storm damage, vehicle damage, and many acts of nature.
  
• General liability insurance - important for "on premise" injuries
  
• Workman compensation for your employees
  
• Robbery or theft insurance - this is extremely important if you sell Schedule II drugs.
  
• Pharmacy malpractice insurance - there are several ways to make mistakes in the pharmacy business and each one can cost you dearly. This insurance will protect you from those common mistakes which can end up in major damage claims and lawsuits

Because pharmacies must assume a great deal of risks, you may need to take out several insurance options, such as:

• Additional professional liability insurance – the usual coverage is one million, but many pharmacies today are choosing to take out as much as five million in coverage for maximum protection.
  
• Umbrella liability insurance - protects your business from things like slander, libel, advertising injury, and can extend general liability coverage.
  
• Data breach coverage - cyber insurance is important for any business that keeps personal information of customers on file. This is especially important for businesses that store medical info because they are subject to HIPPA privacy laws.
  
• Commercial vehicle insurance – does your pharmacy deliver drugs to customers? If so, you'll need to take out commercial auto insurance for your delivery vehicle. If your delivery person uses his or her car for work, you need to have sufficient ENOL coverage. This stands for employee non owned liability insurance.

The modern pharmacy has a wide range of risks and it's vital to protect them with the right kind of insurance. A standard policy might not give you the coverage your business needs. In order to be sure you are fully protected come to an independent insurance agency like Galt Insurance Group. Our people are highly trained insurance experts that understand the ins and outs of insurance and business risk management,

Your independent agent is part of your team because he or she does not work for an insurance company. You have the benefit of comparison shopping many different companies for the best rates and coverage options available. This not only saves you money but ensures you are completely protected against common pharmacy hazards.

It costs nothing to get a pharmacy malpractice insurance quote. Fill out the quote form and we'll get back to you. For more details, you can call our toll free number at 1-844-BUY-GALT.