As with any other business, pharmacies benefit from business insurance to cover financial losses as well as legal liabilities that may arise from unforeseeable events. Here are some reasons why pharmacies should have insurance.
- Liability protection: Pharmacies are liable for any injury or damage caused by the products that they sell as well as for mistakes made by staff. This can include incorrectly prescribing medication, mislabeling, and dispensing the wrong dosage. These types of claims can be protected by liability insurance.
- Property damage: Pharmacies can also be affected by natural disasters such as floods, fires, theft or vandalism. Insurance can cover costs for repairs and replacement.
- Business interruption: In the event that a pharmacy is forced to close due to unforeseeable circumstances, such as a natural disaster or major equipment failure, business interruption insurance may be able to help pay for lost income.
- Employee injuries: Pharmacists may fall, sustain repetitive strain injuries or be injured in other ways at work. Workers’ compensation insurance may be available to cover medical bills and lost wages.
- Cybersecurity threats: Pharmacies are prime targets for cyber-attacks because they hold sensitive patient data. Cyber liability insurance can cover costs associated with responding to data breaches, as well as legal fees and notification expenses.
There are many things that could go wrong in a pharmacy company.
- Patients can be hurt by medication errors or medication mismatches.
- Recalls of products or other quality control issues can lead to lost inventory and reputational damage.
- Theft and burglary can lead to loss of inventory or damage to property.
- Accidents at work or employee injuries can cause costly medical bills and loss of productivity.
- Cybersecurity breaches can result in compromised patient data, as well as other financial losses.
A pharmacy can be protected against financial loss and keep its reputation in the community by having the right insurance coverage.
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