When you run a pharmacy, there are all kinds of risks that need to be considered before you ever open your doors to the public. The customers you serve and the medications you sell all carry numerous hazards that could seriously harm your business if you lack the proper protection. Fortunately pharmacy insurance accounts for all these risks and offers the coverage you need.
Better yet, South Carolina independent insurance agents can help your business get equipped with enough pharmacy insurance to get the job done right. Having adequate coverage can mean the difference between success and failure in the pharmaceutical industry. But before we think too far ahead, let’s take a closer look this critical coverage.
Pharmacy Insurance in South Carolina
Pharmacy insurance in South Carolina is designed with the needs of pharmacies and their owners in mind. South Carolina business insurance is tweaked and tailored to focus on the risks specific to pharmacies. With a pharmacy insurance policy, your business will be protected against risks ranging from lawsuits to theft and beyond. Pharmacy insurance packages conveniently provide all these protections wrapped up together in one tidy policy.
How to Insure a Pharmacy in South Carolina
To make sure your South Carolina pharmacy gets equipped with the fullest picture of protection, you’ll want a personalized insurance experience. Working with a South Carolina independent insurance agent is the best way to get your specific pharmacy set up with all the coverage it needs. Together, the two of you will assemble a pharmacy insurance package that considers all of your unique risk areas and leaves you and your business feeling secure.
What Does Pharmacy Insurance Cover in South Carolina?
According to insurance expert Jeffery Green, pharmacy insurance in South Carolina is customizable, so you’ll build your package based on the needs of your specific business. Your policy will provide the basic protections included in standard business insurance and get topped off with additional, pharmacy-specific coverages. Green provides a few examples of these important coverage options for pharmacies, such as:
- Workers’ compensation: Workers’ comp protects your employees if they get ill or injured on the job, or die from a work-related incident. Coverage is mandatory for most businesses in South Carolina with at least four employees.
- Property Insurance: Property damage coverage protects against damage to or destruction of your pharmacy’s physical building as well as the contents inside (e.g., furniture, carpeting, electronics, etc.) after a covered disaster like a fire, hailstorm, etc.
- Druggist liability insurance: Druggist liability insurance is a special form of professional liability coverage tailored to pharmacists. If a prescription is filled incorrectly, it can result in a costly lawsuit against your pharmacy. Which brings us to the next important coverage option . . .
- Umbrella coverage: Commercial umbrella insurance provides reimbursement for excess liability charges that reach beyond your built-in business insurance liability limits. Up to $100 million in this coverage may be added.
- Equipment breakdown insurance: Equipment breakdown coverage protects against damage to major appliances that may be affected by power outages, etc. Many medications require refrigeration, so this can be a crucial add-on to pharmacy insurance.
Insurance expert Paul Martin adds that you may want to list more expensive medications on a separate policy, such as an inland marine insurance policy. Costly products can be cheaper to insure this way. Your South Carolina independent insurance agent will help you determine which coverages are the most important for you and your business.
What Are the Benefits of Pharmacy Insurance in South Carolina?
Beyond the obvious, having South Carolina pharmacy insurance has many benefits. Here are just a couple of the most common benefits provided by the right pharmacy insurance:
- Protection against data breaches: Your South Carolina independent insurance agent is likely to recommend either cyber liability insurance or data compromise insurance to add to your pharmacy coverage. Since so much sensitive information is stored and transmitted electronically by pharmacies, it’s important to be guarded against data breaches and other cyberattacks and computer issues.
- Protection against costly lawsuits: Having druggist liability coverage and even umbrella coverage is critical for pharmacy owners to avoid being slapped with an ugly lawsuit that sends them into bankruptcy.
- Protection against business interruptions: Many different hazards could force your pharmacy to close for repairs. Business income or business interruption insurance protects against lost income during closures stemming from covered perils, like fire.
A South Carolina independent insurance agent can explain even more benefits of having the right coverage for your pharmacy.
What Doesn't Pharmacy Insurance Cover in South Carolina?
Though pharmacy insurance in South Carolina comes with many important coverages, it also comes with a list of exclusions. These are just a few incidents most commonly not covered by pharmacy insurance policies in South Carolina:
- Robbery
- Pollution
- Dishonest acts by staff
- Routine maintenance
- Earthquake damage
- Nuclear reaction and war
- Temperature changes
- Missing inventory
- Flood damage*
*Pharmacies in South Carolina will probably want to purchase an additional flood insurance policy, since the state is prone to flooding from hurricanes and other disasters. However, your pharmacy might even already be required to have it by your mortgage lender. Your South Carolina independent insurance agent can provide you with more information about finding coverage.
How Much Does Pharmacy Insurance Cost in South Carolina?
The cost of your pharmacy insurance package in South Carolina isn’t a standard number. A lot of factors go into determining the cost of your coverage. Here are just a few:
- The size of your pharmacy
- The amount of business you do annually
- The value of your inventory
- How many employees your pharmacy has
- The age of your pharmacy’s construction
- Your pharmacy’s specific location
Your South Carolina independent insurance agent will help you find coverage that fits within your pharmacy’s budget. They’ll also be able to scout out any discounts you qualify for.
Here’s How a South Carolina Independent Insurance Agent Can Help
When it comes to protecting pharmacies and their owners against hazards like lawsuits, fire, data breaches, and other disasters, no one’s better equipped to help than an independent insurance agent. South Carolina independent insurance agents search through multiple carriers to find providers who specialize in pharmacy insurance, deliver quotes from a number of different sources, and help you walk through them all to find the best blend of coverage and cost.
Article Reviewed by | Jeffery Green
Article Reviewed by | Paul Martin
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