What do you all pay for liability insurance?

[Dred Pirate]

So mine came due - at first for years I had pharmacist mutual (gotta support my small town Iowan company) - but after the New England compounding disaster- their rates if you compounded stuff shot up -so I changed to HPSO.

Now that I am 100% clinical and do not compound meds, I am wondering if I should change back - or look at other options?

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[PharmDBro2017]

$154/HPSO.

 

[mentos]

I don't have any, am I screwed?

 

[Rockinacoustic]

I don't have any, am I screwed?

I don't have any either. Curious if anyone here has had to use theirs and the circumstances.

 

[Rockinacoustic]

Now that I am 100% clinical and do not compound meds, I am wondering if I should change back - or look at other options?

You never mix meds in the ED?

 

[Dred Pirate]

You never mix meds in the ED?

I guess I do -but technically that is not sterile compounding 🙂

 

[owlegrad]

I think I have NOW insurance and I think I paid $125.

 

[Chrish]

I don't have any, am I screwed?

Nope.. Makes no sense to get one unless you are working for independent..

You are covered under your employer.

 

[mentos]

Nope.. Makes no sense to get one unless you are working for independent..

You are covered under your employer.

I think the employer limit is small? They will throw employees under the bus at will.

 

[Dred Pirate]

Nope.. Makes no sense to get one unless you are working for independent..

You are covered under your employer.

your employer is looking out for themselves, NOT you. You need personal coverage. If **** truly hits the fan, they will be looking for a scapegoat - trust me.

 

[BidingMyTime]

$154/HPSO.

This sounds about right. I have HPSO and have it on autopay, so I'm not sure of the exact amount, I just have it in my head its around $150.00.


HPSO doesn't charge extra if you are doing normal compounding as part of a regular job--IV's for inpatients, magic mouthwashes, butt pastes, etc. I'm surprised that Pharmacist Mutual would charge more.

Quality wise, I don't know that there is any real difference between Pharmacist Mutual or HPSO, in the help they provide in the event of a lawsuit.

I had Pharmacist Mutual for a couple of years, decades ago. Then I applied for life insurance through them (since they kept mailing me offering it, and they denied my claim based on a pre-existent health condition.) That annoyed me, so I switched to HPSO, got private life insurance elsewhere (I pay something like $150/yr extra due to my health condition, but I had no problem getting life insurance elsewhere, so I think Pharmacist Mutual was stupid.)

 

[Rockinacoustic]

your employer is looking out for themselves, NOT you. You need personal coverage. If **** truly hits the fan, they will be looking for a scapegoat - trust me.

Again, where are these examples of an employer hanging someone out to dry, and their $150/year plan saving them from bankruptcy?

 

[Dred Pirate]

Again, where are these examples of an employer hanging someone out to dry, and their $150/year plan saving them from bankruptcy?

its $150- if it helps you sleep at night.

 

[owlegrad]

If you work for a relief company they require you to have it.

 

[BenJammin]

Pharmacists Mutual covers me for ~$120/yr. I also have a $10 million umbrella policy for $200 a year.

 

[lord999]

Pharmacists Mutual covers me for ~$120/yr. I also have a $10 million umbrella policy for $200 a year.

Pharmacist Mutual is what I used to have myself except that I work in the federal service. I recommend them to straightforward practitioners ESPECIALLY if they float or have multiple jobs. I knew many pharmacists that were treated very well in their time of need by them, and in AZ, the best professional services attorney (works for Quarles and Brady) takes their insurance and is personally of counsel to them in the state.

In the federal service, you have PLI instead, and I have Starr-Wright. FEDS, GEBA, and Starr-Wright do good work. The reason I have Starr-Wright is due to the Counsel and Clearance clauses as well as needing the official passport actions coverage (DBA) . This is $390 of which I pay $185 as half is covered, and the DBA coverage is fully reimbursed by the Civil Service.

 

[lord999]

Again, where are these examples of an employer hanging someone out to dry, and their $150/year plan saving them from bankruptcy?

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You're not that old, I take it. Walgreens was notorious for this behavior. The most recent of this is Klasch v. Walgreen Co. where the learned intermediary concept was thrown out the window when Walgreen's tried to blame the doctor then their own pharmacist for something they had liability for. Walgreens knew that the patient had a sulfa allergy (this was not a new finding), dispensed it anyway without counseling the patient or getting the provider, and this was a time when the sulfa allergy wasn't BS. They threw the pharmacist as a personal liability and argued that Intercom Plus was correctly done and the pharmacist broke policy, ergo, it's not Walgreen's fault.

If you pick up a Brushwood book, there's quite a number of examples from the 70s and 80s where Walgreens tries to separate themselves from their pharmacists on liability concerns. Kroger on the other hand took collective liability and didn't get hit as hard with respondeat superior infractions.

I thought this was covered in law class ad nauseam, it's supposed to be one of the pearls taught.

 

[mentos]

Umbrella doesn’t cover professional services.

Also where did you find an umbrella for 10M that costs that little? I pay that for 1M

That's interesting. I've always had insurance agents push umbrella insurance due to our profession. What's it for then?

 

[nickw2401]

$154/HPSO.

same

 

[clarkbar]

So mine came due - at first for years I had pharmacist mutual (gotta support my small town Iowan company) - but after the New England compounding disaster- their rates if you compounded stuff shot up -so I changed to HPSO.

Now that I am 100% clinical and do not compound meds, I am wondering if I should change back - or look at other options?

I worked for a pseudo-pharmacy company that ran inpatient pharmacies and to save money on their end, they made every employee buy private coverage, pharmacists mutual seemed the best.

 

[confettiflyer]

That's interesting. I've always had insurance agents push umbrella insurance due to our profession. What's it for then?

My umbrella definitely excludes anything with workplace (I screenshot my umbrella policy below).

I get it because it extends my homeowner’s and auto insurance liability to $3MM at a pretty cheap rate, and apparently I’m covered if I kidnap someone? But not if it’s intentional, and definitely not if it’s sexual in nature (exclusion 14 in my policy).

Yah it basically exists to be able to pay super nasty auto accident caused by me resulting in multiple injuries/death, and any home trip/fall/injury scenarios.

 

[RXDOC1986]

I like to have max coverage on my Auto/Home/umbrella , huge Life Insurance coverage (a little tempting for my wife). You can never have enough insurance. I pay HPSO for pharmacist liability insurance, very reasonable for peace of mind.
The truth of the matter is you can get sued for walking down the street. It doesn't matter if you do sterile cmpd, or you are clinical guru, or retail pharmacist.
The myth has always been, your employer will hang you out to dry. Well it doesn't work that way, the ambulance chaser / lawyer will decide who to go after. No matter what the case, it's always the deepest pockets rule. The pharmaceutical company, then the hospital, then the M.D., you guys are at the bottom of the list (a good place to be). Putting you in bankruptcy, doesn't really help the lawyer get his 33% money.

 

[confettiflyer]

What’s your premium?

Off the top of my head, like $450? Ish?

I do remember it was $300 for $1M and 3 cars, recently upped coverage.