Pharmacist Liability Insurance

Professional liability insurance for pharmacists provides financial protection against claims related to professional activities and business operations while fulfilling regulatory requirements.

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Insurance for pharmacists

As a pharmacist, you play a critical role in a patient’s healthcare journey. From preparation and distribution to advising a patient’s health team on which medications to prescribe, your expertise is indispensable. However, like anyone providing a service or offering professional advice, there is room for risk. A medication error or bodily injury due to your advice could result in a costly lawsuit for you or your business.

Whether you work at a local drug store or own a pharmacy, carrying professional liability insurance is critical to your success in the healthcare system.

At Zensurance, our mission is to make insurance as accessible as possible. We wrote this guide to help you navigate the basics of pharmacist insurance.

What is pharmacist liability insurance?

Like most healthcare providers, pharmacists practice with the highest level of care. However, a dosage error or preparation oversight could lead to a situation where you are the subject of a lawsuit.

Pharmacist liability insurance provides comprehensive protection against the specific risks of offering pharmaceutical care, including negligence and malpractice, and meets Canadian Pharmacist Association requirements. 

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What does it cover?

Professional Liability Insurance, also known as Errors & Omissions (E&O) Insurance or Malpractice Insurance, protects pharmacists, pharmacy interns, students, and interns against claims or lawsuits alleging negligence, malpractice, or failure to deliver services as promised.

Pharmacists practicing in Canada are required to carry personal professional liability insurance. While most employers provide corporate coverage, the limit typically applies to all staff, which may not meet the mandated limit requirement ($4M in Ontario) per pharmacist. With personal coverage, you meet the requirements; your coverage also travels with you across locations.

Professional Liability Insurance covers your legal defense costs, as well as monetary judgments and settlement fees up to your policy limit. It does not cover deliberate criminal acts.

Additional coverage is recommended for pharmacists who run a business or offer their services at multiple locations. Comprehensive coverage for pharmacists typically includes the following coverage:

  • Commercial General Liability (CGL) Insurance, also known as ‘slip and fall insurance,’ CGL protects you from the everyday risks you may expect to encounter during day-to-day business operations, including third-party property damage or bodily injuries. For example, a patient slips on an unattended puddle while picking up their prescription. They injure their ankle and successfully sue for physical harm. Your CGL could cover the legal fees and medical expenses.
  • Cyber Liability Insurance is critical for anyone who stores patient information or conducts virtual consultations. It covers costs associated with electronic incidents involving your technology systems and customer data, such as incident response and breach management fees. For example, a cyber hacker breaks into your system and threatens to distribute your patient’s information. Your Cyber Liability Insurance could cover the ransom fee, in addition to legal expenses.

Coverage will vary based on several factors, such as the services you provide, location, and experience. Our specialized team of brokers will always ensure you receive the most comprehensive coverage available.

Who needs it?

Pharmacist associations across Canada require pharmacists and pharmacy technicians who provide pharmaceutical services to the public to carry Professional Liability Insurance (also known as Malpractice Insurance) with a limit of $2 million per occurrence and $4 million annual aggregate.

Carrying liability insurance ensures you are protected should you be personally named in a claim or lawsuit. It also provides protection should you provide anecdotal advice (e.g., at a neighborhood barbeque) or work at multiple locations. 

For more information on insurance requirements for pharmacists, check with your provincial association:

How much does it cost?

Most regulatory authorities require pharmacists to carry a certain amount of insurance. For a Professional Liability Insurance policy with a $15K limit, you can anticipate spending $250 a year.

How much your insurance policy costs will depend on several factors, such as:

  • Years of Experience
  • Location
  • Training and Education
  • Types of Services Offered

We’ve partnered with over fifty insurance providers to offer you different options that suit your business needs at the best price.

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Protect yourself and your business against claims of negligence, errors, or malpractice with pharmacist insurance.

If you’re ready to get your free professional liability insurance quote, start your online application today.

If you need more information or prefer to speak with a broker, our friendly team will always help guide you through the process.

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