Normally, you think of physicians only when the words “malpractice insurance” come up. However, pharmacists can benefit from having a malpractice insurance policy as well. Pharmacists do more than just dole out prescribed medications. Since their duties include checking for drug interactions, ensuring that the doctors prescribed the correct dosages, and more, having a malpractice insurance policy makes sense.
But what else do you need to know about malpractice insurance? Keep reading to find out.
Knowing the Different Types of Malpractice Insurance
Did you know that there are two different types of malpractice insurance? You can choose to have either policy, or both, depending on your needs as a pharmacist. These varieties include:
Occurrence – An occurrence policy contains several days, including those of when it’s active. If you end up getting hit with a malpractice claim during this period of time, you are covered (in most cases), and your insurance policy will help cover the legal costs and any settlement fees. On the other hand, if the claim falls outside of this specific window, you may be on your own.
Claims-Made Policy – These policies can be bought and made active retroactively, so if a claim is made before you purchased the policy, but within the backdated window, you have the malpractice coverage that you need. Alternatively, these policies can be set to last until a certain date, even if you have cancelled them.
Getting Your Own Coverage
Yes, your employer, the pharmacy and its owners, has a malpractice policy that encompasses the pharmacy and all of its employees. However, as a pharmacist, you can get your own policy that only covers you. In fact, you can have one of these policies as well as the umbrella of the pharmacy’s malpractice insurance, keeping you doubly protected.
The advantages of having your own insurance policy include having the ability to take it with you when you change employers, and being able to choose your own type of malpractice and its amounts. For example, if you move from one pharmacy to another, changing cities or store names, you just need to update your insurance company regarding your policy. You also have the ability to select a claims-made or occurrence policy, as well as decide how much you’d like to be insured for. You don’t have this flexibility with whole store/employer –owned policies.
Protecting Your License
Your livelihood involves helping people by fulfilling their medical prescriptions. In order to get the job, you had to go through several years of pharmacy school, get a college degree or two, and keep up with the continued learning that’s a part of holding onto your license. You don’t want to leave it in the hands of your employer, who uses their malpractice policy to protect themselves, not you, the pharmacist. This is why having your own policy is a great idea that protects you and your livelihood.
Have Questions? Contact Charlotte Insurance
Want to learn more about malpractice insurance for pharmacists? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan you need.