Pharmacist Malpractice Insurance in Vermont
What is Pharmacist Malpractice Insurance?
The responsibilities that pharmacists have expose them to substantial liability risks, for they may be held financially responsible if they make a mistake dispensing medication or give a patient incorrect guidance. Pharmacist malpractice insurance may help pharmacists in Vermont protect themselves from covered risks like these.
Pharmacist malpractice insurance is specialized professional liability insurance for pharmacists. Like other malpractice and professional liability policies, the insurance usually covers attorney fees, court fees and settlements arising from covered claims. In most cases, a policy will begin covering these expenses when a valid claim is filed.
Since pharmacist malpractice is so specialized, pharmacists should work closely with an insurance agent who specializes in this coverage. An informed agent will be able to help pharmacists ensure they have a policy that provides robust protection.
What Vermont Pharmacists is Pharmacists Insurance For?
Most pharmacists who work in Vermont can benefit from the protections that pharmacists insurance provides. Anyone in the field could make a mistake that results in patient harm, and such a mistake can have devastating consequences. Purchasing this insurance is one of the most effective ways to mitigate covered error-related risks.
Do Pharmacies Provide Pharmacists Insurance for Employees?
Pharmacies frequently provide at least some pharmacist insurance for their employees, but there are a couple of considerations to take into account before relying solely on employer-sponsored coverage.
First, pharmacies might not provide as much coverage as pharmacists would prefer to have. When reviewing a pharmacies’ limits, it’s important to remember that the coverage might be spread across the pharmacy and multiple pharmacists if there’s a major claim or more than one claim. This can significantly reduce how much protection an individual pharmacist is able to use.
Second, pharmacy policies’ first duty is often to protect the pharmacist. If there’s a claim that could be the pharmacy’s or the pharmacist’s fault, this can create a conflict of interest as the insurer tries to protect the pharmacy foremost.
A knowledgeable insurance agent can help sort through these considerations so that pharmacists can ensure they’re well protected.
What Kinds of Claims Do Pharmacists Insurance Policies Cover?
The exact claims that pharmacists insurance policies will cover can vary, but most provide coverage for various incidents where a patient is harmed in some way. Both unintentional and careless errors are typically covered, but criminal acts or intentional negligence might be excluded.
Depending on a policy’s specific terms and conditions, it might cover incidents like the following:
- Grabbing an incorrect bottle, and dispensing the wrong medication to a patient
- Misreading a decimal, and giving too little or too much medication to a patient
- Miskeying a label, so the patient takes a medication incorrectly
Do Pharmacist Malpractice Policies Cover Licensure Issues?
Many individually purchased pharmacist malpractice policies do cover licensure issues, at least up to a certain limit. If someone claims to the licensing board, these policies will likely help pay for a defense before the licensure board.
Pharmacy-sponsored policies are less likely to cover licensure issues and pay for a defense before the board. This is often another reason to consider not relying only on a pharmacy-sponsored policy.
Where Can Pharmacists in Vermont Get Pharmacist Malpractice Insurance?
If you need help assistance with pharmacist malpractice insurance in Vermont, contact the insurance agents at T.S. Peck Insurance. Our independent agents will help you assess personal coverage needs, and then we can show you policies from multiple insurers that meet your individual needs. With our assistance, you can be confident that your chosen policy provides substantial coverage at a competitive price.