By Ron Devers, CIC, CPIA, CAWC, manager, PSI Insurance Agency
As I travel the State and speak with pharmacy professionals, I encounter a wide variety of personalities and opportunities. I look at the pharmacy industry and marvel at the changes that have occurred since COVID-19. The various specialty practices and the number of services that can be handled within a local pharmacy is truly impressive and a testament to the work of pharmacy professionals statewide who work with Michigan Pharmacists Association to ensure that all of us are on the cutting edge of industry concerns.
One of my biggest concerns as I look at the opportunities before me is the lack of knowledge that some of my competitors possess when they get the chance to write insurance for a local independent pharmacy. Would you be surprised to learn that some insurance carriers will not cover loss originating from immunizations or compounding? Take a minute and think about the carrier and agent that represents your insurance coverage.
On two separate occasions, I spoke with independent pharmacy owners about their coverage that was placed with a particular company. I called the company’s corporate office directly and asked the underwriting department, as well as the claims department how they would address claims originating from immunizations or compounding. They answered rather clearly that they will cover NO liability arising out of claims from these types of losses. Yet, I know of agents writing pharmacies around the state and placing them with carriers that, while very fine companies, do not address all the various concerns facing pharmacists today.
With COVID vaccines coming to market, do you make it a practice to administer immunizations in your pharmacy or at an offsite location? If you do, are you adequately covered for liability arising from immunizations? Have you checked your insurance coverage to confirm your business is protected? These are big questions to consider. While appreciating the desire to do business locally, how would you feel if your local agent placed inadequate coverage on your business, leaving a huge gap of protection for you, your business, and ultimately your family?
Call PSI insurance Agency at (800) 678-2774 for a competitive quote. We know the business of pharmacy. Taking care of your business is our business – we want to be your insurance source.