Best Insurance Coverage For Community Pharmacy

Every business experience threat. Community pharmacy is not an exception. From thief to natural disaster to man made disaster, the list is endless. Just like other businesses, community pharmacies, especially in Nigeria, should learn to insure their business against these threats.

Since there are different types of threats to business, there are different insurance companies tailored to handle the different types of threats. Some insurance companies render more than one type of insurance.

Insurance for community pharmacy

Community pharmacy is so unique. Most insurance companies don't offer any insurance cover to the nature of the type of threats that befall community pharmacy. A community pharmacy should know the type of threats and the best insurance coverage.

Read Also: National HealthCare Insurance (NHIS) In Nigeria

What Is Insurance

Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

Types Of Insurance Coverage

There are many types of insurance coverage. But this post will focus on the insurance coverage for community pharmacy.

General Liability

This Is the most common coverage for community pharmacy. This covers the medical bill or cost of anybody who suffers injury or damages inside the premises due to error on the part of the community pharmacy setting or staff. An example of a carelessly placed glass shelf falling on a customer.

Business Property

This coverage is very wide. Most insurance companies will specify what they can cover and cannot based on the payment plan. Business property coverage includes thief, fire, natural disaster, man made disaster, war, etc.

Data Compromise

Most community pharmacies store patient information in their computer. These days must be kept confidential. A breach of such data by unauthorised persons can lead to exposure of patients' records to the wrong hands which can lead to court cases. This insurance covers the cost of recovery of such data and court cases that may come up.

Equipment Breakdown

Community pharmacies work with staff and gadgets. Gadgets include computers, electric power set, close circuit television (CCTV), etc. Some of these gadgets can get faulty at any time. It is the responsibility of the insurance company to fix it as soon as possible. However, most insurance companies specify when they will take responsibility if the gadget gets bad. Some specify that they can only take responsibility if the gadget gets bad under some working condition. For example, an insurance company can say they can only take charge of the repair of a computer that gets bad during normal operation. Water spillage or power surge is not part of the insurance cover for such gadgets. The price always determine how far the insurance can cover.

Read Also: A Day In The Life Of A Retail Or Community Pharmacist

Employment Practices Liability

Most workers are there for their gains. Some look for company loopholes to cash out. Siem staffs may come up with legal claims to money using the company legal documents as source of information. It is the duty of the insurance company to fight for the community pharmacy.