Pharmacist Malpractice Insurance in Vermont

What is Pharmacist Malpractice Insurance?

Becoming a pharmacist requires a sizeable investment in education, and that investment ought to be protected. Purchasing pharmacist malpractice insurance is one way that pharmacists in Vermont can help protect themselves.

Pharmacist malpractice insurance is a specialized professional liability insurance that’s tailored to meet pharmacists’ needs. Like most other malpractice policies, a pharmacist malpractice policy will normally help cover legal costs and settlements that arise from covered claims. A policy will usually begin covering legal costs even before a lawsuit is settled.

Who in Vermont Needs Pharmacists Insurance?

Most pharmacists in Vermont can benefit from having their own pharmacists insurance. Any pharmacists could make an error that harms a patient, and they may be held responsible for the mistake. Having a pharmacists insurance policy in place might help alleviate the financial stress of facing such a lawsuit.

How Much Does Pharmacist Malpractice Coverage Cost?

Premiums for pharmacist malpractice coverage are based on many factors and vary as a result. A pharmacist’s tenure, past claims history and place of employment are just a few items that might impact premiums.

Even with variance among policies’ premiums, however, pharmacist malpractice coverage typically is affordable. It’s almost certainly more affordable than what a major malpractice claim could cost if no protection is in place.

Do Pharmacists Receive Liability Coverage From Their Employing Pharmacies?

Pharmacies usually extend at least some liability coverage to their pharmacist employees, but relying only on this coverage can leave a pharmacist exposed to risk. Employer-provided coverage sometimes has lower limits than a pharmacist would like, and an employer’s policy may have gaps in coverage.

Additionally, a pharmacy’s policy first and foremost protects the pharmacy. Once in a while, this can create a potential conflict if a claim pits you against the pharmacy itself.

Purchasing a separate pharmacist insurance policy helps ensure that pharmacists are well-protected even if their employer has insufficient coverage or there’s a conflict of interest. An insurance agent who specializes in these policies can help pharmacists evaluate their employer’s coverage and purchase a separate policy if necessary.

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What Sorts of Claims Does Pharmacists Insurance Cover?

Pharmacists insurance policies’ exact coverages can vary, but the policies normally provide protection against errors that result in harm to patients. Cases involving unintentional or careless mistakes are typically covered, while those that involve intentional negligence or criminal acts are often excluded.

Depending on the precise terms, conditions and exclusions, a pharmacist malpractice policy may provide coverage for the following sorts of errors:

A pharmacist grabs the wrong bottle, dispensing the incorrect medication to a patient
A pharmacist misreads a decimal point, giving too much or too little medication to a patient
A pharmacist miskeys a label, providing inaccurate instructions to a patient

Does Pharmacist Malpractice Coverage Extend Protection to Licensure Issues?

Most pharmacist malpractice policies do include coverage for license-related issues. Should a patient file a complaint against the Vermont licensing board, a policy will likely help you defend your license before the board.

This is a protection that employer-provided coverage frequently doesn’t include, and it’s another reason for pharmacists to consider purchasing their own malpractice policy.

How Can Pharmacists Get Pharmacist Malpractice Insurance?

For help finding pharmacist malpractice insurance, contact the independent insurance agents at Paige & Campbell Insurance. Our agents have assisted many Vermont healthcare professionals with their insurance needs, and we’ll work hard to find you a pharmacist malpractice policy that’s well-suited to your situation. Since we’re an independent agency, we’re able to show you the best available policy regardless of what insurance company offers it.