Malpractice Insurance?

[christy101]

Anyone have a recommendation for malpractice insurance for pharmacist? Also do you have to be employed in order to purchase it? I would like to purchase it but I'm not currently employed as a pharmacist yet but would like to have it already once I start working. Thank you.

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[zelman]

If you're an ashp or apha member, check with them to see if they have a group rate available. I got mine through ashp with Marsh pro liability or something. I don't think you need a job, but if your role ends up being different from what you tell them at first, let them know (if you are an owner, sterile compounder, whatever).

 

[christy101]

I've looked at the one with apha but it asks me for employer?

 

[zelman]

I've looked at the one with apha but it asks me for employer?

I'd put self-employed or freelance, maybe?

 

[BidingMyTime]

Mine is through HPSO, if you don't have an employer yet, I would just list unemployed in that spot. You can get insured, whether or not you are employed, but if you are employed in a specialty area such as consulting, you get charged more for coverage.

 

[christy101]

Also on another note, as some pharmacies offer to pay cash, does malpractice cover even for cash jobs?

 

[Old Timer]

I've looked at the one with apha but it asks me for employer?

That's because you don't understand this scam at all. This is a cash cow for insurance companies. You are purchasing a secondary policy. They will only pay if all of the insurance benefits of your employer are exhausted. Which in reality means, they will never pay a claim. What you are doing is buying insurance so that in the event of an incident, you will have your own attorney. That's all you get out of it. Nothing more. That's why it's so cheap.

 

[zelman]

That's because you don't understand this scam at all. This is a cash cow for insurance companies. You are purchasing a secondary policy. They will only pay if all of the insurance benefits of your employer are exhausted. Which in reality means, they will never pay a claim. What you are doing is buying insurance so that in the event of an incident, you will have your own attorney. That's all you get out of it. Nothing more. That's why it's so cheap.

While this is mostly true, I believe such a policy is required in some states before a pharmacist can give immunizations. So it can have some value. Also, I got an annual report some time ago that outlined the major payouts by my insurer for the year, so they do occasionally pay a claim.

 

[BidingMyTime]

Individual policies will protect you if you are sued for off-the-cuff-advice you give when you aren't at work and also in the event that your employer's ins doesn't cover you for whatever reason.

 

[Old Timer]

Individual policies will protect you if you are sued for off-the-cuff-advice you give when you aren't at work and also in the event that your employer's ins doesn't cover you for whatever reason.

Again what are the odds of this compared to how much they collect in premiums.....

 

[BidingMyTime]

Again what are the odds of this compared to how much they collect in premiums.....

True, but then what are the odds my house will burn down or be destroyed in a storm? The vast majority of people I know have never made a claim on their house insurance, yet I, and most people still recognize the value of house insurance. Because ideally, I hope to lose all the money I pay in house/car/professional/term life/other insurance and never actually have to collect on any of it.

 

[Old Timer]

True, but then what are the odds my house will burn down or be destroyed in a storm? The vast majority of people I know have never made a claim on their house insurance, yet I, and most people still recognize the value of house insurance. Because ideally, I hope to lose all the money I pay in house/car/professional/term life/other insurance and never actually have to collect on any of it.

Risk v reward. Your house is an asset to protect.

 

[BidingMyTime]

Risk v reward. Your house is an asset to protect.

Yes, and losing a major malpractice would cause one to lose their house and the rest of their life savings. As remote a risk as it may be, I feel safer knowing I have professional insurance and what I'm covered for.

 

[zelman]

Again what are the odds of this compared to how much they collect in premiums.....

Are you at all familiar with insurance? You are describing exactly how it works. Any other way and every insurance company would go out of business.

 

[Old Timer]

Are you at all familiar with insurance? You are describing exactly how it works. Any other way and every insurance company would go out of business.

This is not some simple actuarial analysis. This is a pot of money for the people that sell it.

 

[Old Timer]

Yes, and losing a major malpractice would cause one to lose their house and the rest of their life savings. As remote a risk as it may be, I feel safer knowing I have professional insurance and what I'm covered for.

No it's impossible. Please check out malpractice claims against employee pharmacists. See how many are for more than $1,000,000.00 dollars. The reason it's so cheep is it is a secondary policy. If you feel safe buying it go ahead.