Business Owners Policy

Business Owners Policy  

OVERVIEW

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Professional liability coverage for pharmacies is quickly becoming outdated.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 and Mercer 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.

For a premium indication prior to applying for coverage, please complete the Premium Indication Form.

 

To apply please complete the application.

Download Application

 

Tell Me More

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. This policy is enhanced 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 
Contact Us

We're here to help! Please contact us in whatever manner is most convenient for you.

 

 Address
Mercer
633 West 5th Street, Suite 1200
Los Angeles, CA 90071
 Phone
1-888-926-CPhA
 Hours
 M-F 8a-5p PST
 Fax
213-346-5946
 Email
cpha.insurance.service@mercer.com
  • What is Professional Liability insurance?

    Professional Liability Insurance protects you against covered claims arising from real or alleged errors or omissions, including negligence, in the course of your professional duties. Remember, legal defense and settlement costs are paid in addition to your limits of liability.
  • Doesn’t my employer provide me with Professional Liability coverage?

    While many employers (not all) will provide some professional liability coverage, chances are that coverage may have some serious gaps, including: 

    • Policy limits may not be high enough to protect you and all of your co-workers.
    • You may not be provided with coverage for lost wage reimbursement, licensing board hearing reimbursement, and defense costs.
    • You may not be covered outside of the workplace, such as when you engage in volunteer or part-time work.
    • You may not be covered for suits filed after you have terminated your employment.
  • What would having a personal Professional Liability Insurance Plan give me?

    In the event of a lawsuit, your own Professional Liability Insurance policy would: 

    • Provide you with your own attorney
    • Pay all reasonable costs incurred in the defense or investigation of a covered claim
    • Pay you for lost wages
    • Provide reimbursement if licensing board issues were involved
    • Pay court costs and settlements in addition to the limits of liability
  • Why should I consider an individual Professional Liability Insurance Plan from Mercer Consumer?

    All the plans offered by Mercer Consumer are tailored specifically for each profession to meet your unique needs.

    The Plan is administered by Mercer Consumer and is underwritten by Liberty Insurance Underwriters, Inc. Mercer Consumer has handled the insurance needs of individual healthcare professionals, schools, universities and associations for over 55 years. As a trusted name in the Professional Liability marketplace, Mercer Consumer has earned a reputation defined by superior products and quality service.
  • How do I apply?

    Applying is just a click away! Get a no-obligation quote and apply for binding coverage instantly at Proliability.com.

    If you prefer not to apply online, you may also request an application to be sent to your home or apply for coverage by phone. Call 1-800-503-9230 to speak to your professional liability representative today.
  • Am I eligible to purchase my medical professional liability with installments?

    Illinois Medical Professional Liability Law PA94-677, Senate Bill 475, requires insurers to implement a quarterly premium payment installment plan as prescribed by the Secretary of the Illinois Department of Financial and Professional Regulation (IDFPR). 

    If you practice in the state of Illinois and your annual medical professional liability premium is above $500, please visit www.proliability.com/illinstall for information regarding installment payment options.

    Underwritten by Liberty Insurance Underwriters Inc.,
    a member company of Liberty Mutual Insurance.
    55 Water Street
    New York, New York 10041 
    May not be available in all states. Pending underwriter approval.

Mercer's Role and Compensation

Details of Mercer disclosure of the compensation.