30 May How Professional Indemnity Insurance can Protect your Pharmacy
Your pharmacy’s success relies on the quality of advice you provide to your customers. But if you, or your staff, provide advice that is inaccurate or misleading, you can be held legally responsible. This may have a significant impact on the finances, reputation, and future accreditation of your business. A suitable Professional Indemnity insurance policy will help to protect your pharmacy and your livelihood.
As a registered member of the Australian Health Practitioners Regulation Authority (AHPRA), you are required to maintain Professional Indemnity cover.
What is Professional Indemnity Insurance?
Professional Indemnity (PI) insurance is designed to protect businesses that provide professional advice or services. It works to shield your assets, finances, and reputation if a claim of professional negligence or breach of duty is made towards you.
Legal action may be taken by a client who believes an error on your behalf has resulted in their financial loss or injury. PI insurance will cover your legal defense and any compensation or settlements you or your business may have to pay, up to relevant policy limits.
Carollo Horton tailors’ professional indemnity packages to protect pharmacies in the event of a claim. We facilitate negotiations to minimise legal processes, legal costs and out-of-pocket expenses, as well as stress and damage to your business’ reputation.
You can’t always control what happens in business, but it is important to protect yourself and your business against mistakes, allegations, and potential claims.
Why is Professional Indemnity Insurance essential?
PI is not a legal requirement in every industry, but any business that provides advice should consider whether this could provide protection from the impact of litigation.
In the event of a claim, Professional Indemnity insurance protects your pharmacy from the following, whether you are found liable or not:
- Legal costs – claim investigations, defence, court attendance
- Disruption to trading – cash flow and financial stability
- Payment of damages / compensation
- Damage to your business reputation / Public Relations costs
It’s important to note that Professional Indemnity Insurance only covers policy holders while a policy is live. In the event of your retirement, incapacity, or death, continued Professional Indemnity cover can also protect your estate from allegations.
Carollo Horton provides tailored insurance advice and solutions to pharmacists across the country. As one of the leading pharmacy insurance specialists in Australia, we understand how pharmacies operate – as well as the concerns and priorities of their owners. Uniquely positioned to help our clients identify their risks and potential liabilities, we provide customised Professional Indemnity insurance packages that meet AHPRA standards.
Contact us for a Professional Indemnity insurance quote here