BOP Program Information
When was the last time you reviewed your Pharmacists professional liability protection provided by your business owners package policy? The CPhA-sponsored Business Owners Package program provides a variety of important coverages including:
Immunizations and Compounding
Many policies exclude or restrict coverage for these professional activities. That’s why CPhA made sure its members receive the professional liability protection they need to grow their business. Berkshire Hathaway GUARD Insurance Companies, the CPhA sponsored program insurer, enhanced its policy for members by defining Pharmacy Services as the art, practice, or profession of preparing, preserving, compounding, dispensing, administering, and consulting upon medicines, medical drugs, supplies, equipment or devices used in the treatment of medical disorders and maladies rendered by the insured in the capacity of a pharmacy or pharmacist. This clear definition allows you to practice your profession with a focus on your patients instead of your insurance policy.
Each flu season presents pharmacists with an opportunity to generate additional revenues for their business. Pharmacists who have taken the requisite training and have a physician willing to sign their immunization protocol, are able to provide this service to their patients.
However, some physicians may be reluctant to sign the protocol unless the pharmacist can assure the physician that coverage will be provided to the physician for potential errors or omissions associated with the injection performed by the pharmacist. Physician professional liability policies generally do not provide this coverage for physicians.
CPhA members who participate in the sponsored Business Owners Package program can now provide assurance to signing physicians that they will be covered for the vicarious liability that may be attributed to them. Specifically, physicians with whom the pharmacist has a written contract in place to serve as his or her medical director, will be added to the policy as an Additional Insured, solely for their vicarious liability for the actual or alleged negligent acts, errors or omission.
Data Compromise Coverage – $50,000 limit (special sublimits apply)
- Legal and Forensic Information Technology Review – including a review of the data compromised, to what extent it has been compromised and recommendations on how to respond.
- Notification to Affected Individuals – includes costs to help notify patients whose information has been affected.
Services to Affected Individuals – including an information packet, a toll-free help line, credit reports and monitoring, and identity restoration assistance.
Identity Recovery Coverage – $15,000 annual aggregate (special sublimits apply)
- An Identity Recovery Help Line.
- Services of an Identity Recovery Case Manager.
- Expense reimbursement for costs incurred by the insured in recovery of their identity.
- Special Form Including Theft
- Optional Deductibles – $500, $1,000, $2,500 or $5,000
- $2 million/$4 million General Liability Limits
- Medical Payments – $10,000 per person
- Employee Dishonesty – up to $100,000 available
- Umbrella limits up to $5,000,000
- Unlimited number of locations
- No coinsurance
- Business Automobile Coverage
- EQSL Available (Earthquake Sprinkler Leakage)
- Liquor Liability Available
- Pharmacy Blanket Coverages (property) – This endorsement provides increased limits for additional coverages (e.g., computer equipment, accounts receivables, etc., subject to a $250,000 Blanket Limit of Insurance).
- Pharmacy Extension – This endorsement offers a suite of coverages including, but not limited to:
1. Blanket Additional Insured and Blanket Waiver of Subrogation
2. Broadened Named Insureds, Broadened Medical Payments and Broadened Advertising & Personal Injury
3. Tenant’s Legal Liability to $1,000,000