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PROFESSIONAL INDEMNITY INSURANCEFOR PHARMACISTS


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PROFESSIONAL INDEMNITY INSURANCE FOR PHARMACISTS

  • Professional Indemnity – Focuses on losses suffered by customers as a consequence of a pharmacist’s professional neglect, error or omission
  • Premiums from only €750 per location
  • Zero Policy Excess – you’re not on the hook for a specific amount of any claim.
  • Your cover extends to Locums working in your pharmacy
Make sure you are covered for professional indemnity if you are a pharmacy in Ireland

PROFESSIONAL INDEMNITY INSURANCE - WHAT IS IT?

Professional Indemnity Insurance for Pharmacists (PII) is a type of liability insurance that provides cover for losses suffered by your customers as a consequence of a professional’s neglect, error or omission. Professional Indemnity Insurance also covers the legal costs and expenses incurred in the defence of any claim. Professional Indemnity Insurance is probably the most important insurance policy to Pharmacists and it’s vital that it includes all unintended breaches of professional duty including giving advice, failure to give advice and dispensing errors.

A pharmacist who is providing advice owes a duty of care to their customers. The standard of duty of care is the provision of “reasonable skill and care”. If a Pharmacist falls below this standard and causes a loss, they may be viewed as being negligent and may, be held liable for any subsequent losses incurred. The world is becoming more and more litigious and as such when an error is made the injured party may be entitled to compensation. It is for this reason PII is a necessity.

TYPES OF PROFESSIONAL INDEMNITY INSURANCE

All PII policies run for one calendar year. There are two types of Professional Indemnity Insurance and the differences between the two types are very important to consider when making a claim and when changing Insurance Provider.

Professional Indemnity – Claims Occurred

The first type of Professional Indemnity policy is a policy written on a Claims Occurred Basis. This means that the wrongful act, injury or mistake must occur during the period of the insurance policy, but can be reported to the Insurance Company at any time, even after the policy expires.

Professional Indemnity – Claims Made

The second and most popular type of Professional Indemnity policies is written on a Claims Made Basis. This means that the wrongful act, injury or mistake can happen during or before the policy was incepted. For the benefit of clarity an incident which occurs prior to the date of the policy, is covered by this policy - if the claim is validly made during the period of cover of the policy.

WHAT ARE THE ADVANTAGES OF 'CLAIMS MADE' BASIS?

  • The premiums are generally lower because insurers do not need to provide for claims that may occur many years into the future
  • There is cover for claims that occur before the inception of the insuarnce policy
  • The Insured does not need to keep their policy records indefinitely
  • The likelihood of the Insurer ceasing to trade before the claim is made is minimal

WHAT HAPPENS TO MY PROFESSIONAL INDEMNITY COVER IF I RETIRE OR SELL MY PHARMACY?

It is necessary to ensure that you have’ Tail’ or ‘Run-off’ cover in the event of sale of business or retirement. This cover is easily purchased and covers any claim that may arise after retirement or sale of business.

WHAT IS LEGAL EXPENSES INSURANCE FOR PHARMACIES?

This is an insurance policy which covers your legal cost as a result of an action brought against you by an individual or institution which is not generally covered by your PII. An example would be an unfair dismissal claim or appeal against a suspension by a statutory body. These could be considered ‘business’ as opposed to professional risks.

DO I NEED SEPARATE LEGAL EXPENSES INSURANCE IF I HAVE PROFESSIONAL INDEMNITY INSURANCE?

This is an optional insurance which is required if you want cover for the likes of legal costs in respect of statutory licence appeals, employment disputes, and a helpline. The normal limit of indemnity is €150,000 per claim and €1.5 million per year. Premiums start at €236 per location.

FAQ

If you have any professional indemnity questions related to pharmacies, read our FAQ

Professional Indemnity Insurance FAQ

CAEVA

08/06/2020

READ FAQ
Professional Indemnity review by  Martin Keown of Backhouse Pharmacy, Dundalk.

OUR CUSTOMERS SAY

"..I have been dealing with Rachel, Cathriona and Caeva for all of my insurances for years now. They are helpful, knowledgeable, friendly and provide a prompt service. It is always easy to make contact with them – we are never left on hold and they get straight back to us with whatever we need..."

Martin Keown Backhouse Pharmacy, Dundalk

OUR PHARMACY INSURANCE SPECIALISTS

Rachel Dixon – Professional Indemnity Insurance Agent

RACHEL DIXON

Cathriona Faulkner  – Pharmacy Insurance Agent

CATHRIONA FAULKNER

Caroline McArdle – Professional Indemnity Insurance Agent

CAROLINE MCARDLE