Below are the best information about Pharmacy business insurance voted by users and compiled by us, invite you to learn together
Workers Comp Insurance for Pharmacists
Workers’ compensation insurance will account for any work-related injury an employee sustains. Pharmacists who are currently employed have no use for this. However, pharmacies do.
So, what are the most common work-related injuries in pharmacies? The common ones are musculoskeletal and needlestick injuries.
The Center for Disease Control and Prevention provides insights into musculoskeletal injuries in pharmacies . The report suggests that uncomfortable repetitive motions when opening and closing medicine bottles triggers the development of musculoskeletal disorders such as:
Carpal tunnel syndrome
de Quervain tenosynovitis
Upper extremity tendinitis
In addition, employees participating in the study reported that they received no training that would have taught the efficient and safe opening/closing of medicine bottles. With this said, it’s safe to assume that the lack of ergonomic training contributes to the development of musculoskeletal injuries in pharmacy employees.
CDC partnered with NIOSH to gain insights about needlestick injuries in pharmacies . Their report that studied a national retail chain in 2011 states there are 34 cases of needlestick injuries from 2000 – 2011. Needles that commonly cause injuries are lancer needles and syringe needles, and body parts that commonly sustain injuries are the palms and the fingers. In addition, needlestick injuries usually happen when:
After use and disposal of needle
While using needle
While placing a needle in a container
Disassembling the syringe
Carelessly leaving the needle improperly disposed of
Work-related injuries can become very costly. Without insurance, a pharmacy might have to pay millions to cover lost income and treatment of the employee. For this reason, it’s advised that there should be workers comp insurance in place that accounts for most of the expenses of a work-related injury claim.
An Employee Is Suing a Pharmacy for Missed Overtime Pay and Wrongful Termination. Will Workers’ Comp Provide Coverage?
Unfortunately, workers comp can’t cover lawsuits and settlement costs for wrongful termination and missed overtime pay. Pharmacies need to get another insurance to protect themselves from such a situation. Wage and hour liability insurance is the most ideal. This policy will cover lawsuits and settlement fees of a company facing accusations of violating the United States Fair Labor Standards Act.
Pharmacy Business Insurance
Business insurance is also commonly referred to as a BOP (Business Owner Policy), and what makes these policies remarkable is that they combine several different forms of coverage at a lower rate than they would go for individually. This allows a pharmacy or pharmacist to get more comprehensive coverage than they would otherwise.
As you may expect from the name, a BOP is only really useful to business owners and not to individual pharmacists because the kind of coverage that comes with them typically applies to the business as a whole. The most common form of coverage included in a BOP is some form of liability policy.
This can be either a public or general liability policy, but you’ll get it for a relatively good price compared to getting it individually. Another frequent component to these kinds of policies is a commercial property insurance policy, which will cover your property from any damages sustained that weren’t due to your negligence.
Keep in mind that business policies can vary from carrier to carrier, and there’s no guarantee that any two of them will be the same. For example, some business owner policies will come packaged with employers’ liability pharmacy insurance bundled in as well, though they’ll cost a bit more.