PROTECTING YOUR BUSINESS FOR THE HEALTH OF YOUR PATIENTS

Professional liability coverage for pharmacies is quickly becoming outdated. As insurers that used to cater to pharmacies eliminate professional liability coverage from their policies or place restrictions on how pharmacists may practice, many pharmacists are scrambling to secure the right type of protection.

We can help. The insurance partners of the California Pharmacists Association, Mercer and Berkshire Hathaway GUARD Insurance Companies, have developed a customized business owners policy program that provides the stability and flexibility pharmacy owners need today. And because of our expertise, we know how to put the pieces together into a comprehensive solution that gives you better protection for your premium dollar.

Features of the Pharmacy Business Owners Policy program include:

• Professional Liability: Pharmacy Services are defined 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.
• Professional Liability for Your Employees. Provides protection to you as the pharmacy owner for the acts or omissions of your employees and also protects your employees for their own acts or omissions.

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.

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.

Plus:

• 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. 1. Blanket Additional Insured and Blanket Waiver of Subrogation
  2. 2. Broadened Named Insureds, Broadened Medical Payments and Broadened Advertising & Personal Injury
  3. 3. Tenant’s Legal Liability to $1,000,000