Pharmacies are unique stores. They have prescription medications and a pharmacist on duty, as well as plenty of over-the-counter remedies designed to make you feel better in more ways than one. In order to have the right kind of protection for your pharmacy, you need to have the best possible insurance policies in place. After all, there are a lot of different things that can go wrong accidentally when assisting patients.
For example, a pharmacist might dispense the wrong medication, making someone sick. Pharmacies are often targeted by thieves and addicts due to the controlled substances that they have on hand, and there are plenty of regulatory compliance issues that your pharmacy might come up against. In order to keep operating efficiently and not pay fines and other things out of pocket, you’ll need to rely on your insurance policies.
What Happens if a Pharmacist Makes a Mistake?
Nobody’s perfect. However, that doesn’t mean that some mistakes aren’t catastrophic. The ones made by a pharmacist can be. Dispensing the wrong medication or the wrong dosage can cause patients to become sicker, die, or at the very least, it may not treat their illnesses properly. When a pharmacist messes up, they, as well as the pharmacy, are likely to be sued. Thankfully, professional liability insurance is helpful in this case, as it can cover things like legal fees and settlement costs.
In Case of an Accident in the Store
Pharmacies tend to have customers of all ages, but the majority of them are elderly and frail. They run the risk of injuring themselves badly in a fall. Whether this happens in the parking lot, due to an icy sidewalk or parking lot or in the store itself thanks to puddles of water, the pharmacy itself could be found liable for any injuries obtained. This is why having a general liability policy is a good idea. Otherwise, those settlement costs could come out of the store’s pocket.
Complying with Regulatory Issues
Not only do pharmacies need to comply with state regulations, but they need to follow federal ones as well. What happens if they don’t? If regulators come in and find paperwork and other things lacking, the pharmacy could be shut down until they’re back in compliance. The costs of all of this can be covered by the right insurance policy.
Guarding Against Thieves
What happens when a pharmacy is robbed? Since the store purchased all of those drugs, they now have to pay to replace them. Doing this out of pocket can lead to bankruptcy, depending on the overall costs and amounts of what vanished. Having an insurance policy against theft can help quite a bit, as it will defray the costs of purchasing new drugs and getting everything set back up after the theft occurs.
Have Questions? Contact Charlotte Insurance
Want to learn more about insurance plans for pharmacies? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your business needs.