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Pharmacy Business Insurance
Insurance for Pharmacies to Keep your Business in Good Health.
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Insurance Coverage for Independent Pharmacy Owners
You’ve invested a lot of time and hard work into becoming a pharmacy owner. With Heffernan Insurance Brokers, you will ensure to protect your business with the most complete pharmacist insurance coverage at the best price.
Our pharmacy-specific insurance program is perfect for the independent pharmacist looking for an experienced insurance broker who can offer a single source package that is tailored for their unique needs.
We offer comprehensive insurance for pharmacy coverage including:
- Broad Professional Pharmacist Liability Insurance
- Property Insurance
- Pharmacy Errors & Omissions / Malpractice / Druggist Liability Insurance
- Pharmacy BOP (Business Owner’s Policy)
- Lower Cost Option(s) for Rx Owners
- High Limits
To speak to one of our Pharmacy Business Insurance Practice Leaders, please contact Heffernan Insurance Brokers today.
Frequently Asked Questions
Explore key questions about Pharmacy Insurance.
What is Pharmacy Insurance?
Pharmacy insurance is specialized commercial coverage designed to protect pharmacies from various operational risks, ensuring they can continue operations without financial disruptions.
What Does Pharmacy Insurance Cover?
Pharmacy insurance covers risks specific to pharmacy operations, including general liability for bodily injury or property damage claims. It also includes pharmacist professional liability for errors in medication dispensing. Additionally, it may offer property insurance to protect physical assets and workers’ compensation for employees, ensuring compliance with industry regulations and financial stability.
Who Needs Pharmacy Insurance?
Pharmacy insurance is essential for any business involved in dispensing medications, including retail, compounding, and online pharmacies. It is also necessary for pharmacists operating as independent contractors.
What Are the Costs of Pharmacy Insurance?
The cost of pharmacy insurance varies based on pharmacy size, services provided, and coverage limits, typically ranging from a few hundred to several thousand dollars annually. Higher-risk operations, like compounding pharmacies, generally incur higher premiums. Factors such as claims history, location, and asset value also influence costs.
How Do I Get Pharmacy Insurance?
To get pharmacy insurance, assess your specific risks and needs, including services provided and employee count. Obtain quotes from multiple providers to compare options and premiums. Work with an experienced insurance broker specializing in the pharmaceutical industry to tailor a policy that meets your requirements, ensuring it includes essential coverages like general liability, pharmacist liability insurance, property insurance, and workers’ compensation.
Get Started with Heffernan Insurance!
- Easy quotes with NO PAPERWORK
- Locked-in rates
- Automatic renewal
Protect Your Independent Pharmacy with Insurance from The Hartford and Heffernan
While the larger world of science and medicine is focused on pharma cures for individuals, we thought it was time to focus on helping make the world better for the retail pharmacies that play a vital role in delivering these solutions.
That’s why we partnered with The Hartford to offer Business Insurance for Independent Pharmacy Owners:
We know the pharmacy industry is rapidly changing and expanding, and we can help you with these new and challenging areas of your practice. We have extensive experience serving the insurance needs of the independent pharmacist, and as your insurance partner, our professionals will help your business grow and succeed with a healthier bottom-line.
Trusted Partnerships & Accolades
Pharmacy Development Services Members
Are you a Pharmacy Development Services (PDS) member?
Our pharmacy insurance reviews have discovered most PDS members have business policies that fall short in coverage and charge more than necessary.
Simply download and complete our PDS Members Insurance Review form and email it directly to Dana Schiller for a complimentary pharmacy insurance review.
General Liability for Pharmacies
General liability for a pharmacy and pharmacy owners covers the costs of legal claims (lawsuits) against you or your pharmacy as well as compensation coverage for property damage (owned and third party).
Typical claims may include but are not limited to:
- Accidents causing injury or property damage, like a slip and fall
- Libel claims
- False advertising
This doesn’t cover issues from negligence, however.
Negligence from employees is covered by Errors & Omissions Insurance.
Errors & Omissions Insurance for Pharmacies
E&O insurance is also known as Druggist Liability Insurance or pharmacy malpractice insurance and covers any mistakes that are commonly made by a pharmacist.
Some typical claims that E&O covers include:
- Dispensing incorrect prescriptions
- Improper delivery or disposal of pharmaceutical products
- Improper labeling of pharmaceuticals
- Erroneous customer consultations
Additional Pharmacist Insurance Liability
Optional and situational coverage may also be applicable to your pharmacy business, including signage insurance, money and securities, employee dishonesty and hired and non-owner auto liability.
Ready for a no-hassle, no paperwork quote?
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