Malpractice Insurance for Member Pharmacists
Why Do I Need Professional Liability Insurance?
Aside from regulatory requirements, Professional Liability Insurance is recommended as it is intended to ensure that you have the financial resources to defend and potentially pay for incidents that you are deemed liable for as a result of rendering your porfessional services. Pharmacists need professional liability insurance to cover their professional serices, in case professional mistakes or omissions happen. Coverage may help protect personal assets and provide resources to help maintain a good reputation through the defense of allegations of wrongding which might be frivolous or false.
CPBA's Exclusive E&O Insurance Program Inlcudes:
- Duty to Defend - Should a claim be made against you, the insurer is an ally in your defense.
- Individual Limits - Meaning the policy limits are not shared amongst a group. Limits ar individual so that the aggregate only applies to you.
- Scope of Coverage - Coverage while acting within the scope of your duties as a pharmacist, including but not limited to opinions and/or counselling. Coverage is portable and covers you 24/7 while working for your employer or any other organization.
- Territorial Limits - Coverage is extended to cover you worlwide provided that suits are brought back to Canada of the U.S.
- New! Loss of Earnings - Daily maximum amount alloted for actual loss of wages due to time off work incurred at the request of the insurer during legal proceedings.
- New! Cyber Security and Privacy Misconduct - Covers legal costs for infringement, and security or privacy breach and personal data injury.
- Enhanced! Criminal Defense Reinbursement - Provides reinbursement for defence of abuse or sexual misconduct charges upon a finding of no liability or the case is dismissed.
- New! Complimentary Policy - Designed for pharmacists who recieve automatic coverage from their employer. The Complimentary Policy will help cover potential coverage gaps in your employer's policy.
Exclusions & Limitations:
- Claims resulting from deliberate, dishonest, criminal, or fraudulent acts.
- Situations where other valid insurance applies (except for the excess of limits).
- No reimbursement for fines, penalties, punitive or exemplary damages.
- Limit of legal expense coverage is $50,000.00
- All claims must be filed within Canada.
- All claims or circumstances which could reasonably give rise to a claim, must be reported during the existing policy period.
Store or institutional malpractice insurance is often shared by other pharmacists and it is possible that the store, or institution, either does not have insurance, does not have sufficient limits, or may have provisions for repayment of any claim the insurance company pays on your behalf.
The policy will pay all sums for which you become legally obligated to pay for claims made against you. The damages include injury arising out of the rendering or failure to render service in the practice of the profession of a pharmacist.
What to do if a claim is made against you
- Should a claim be made against you, or if an incident has occurred which may give rise to a claim, it is imperative that the insurance company be notified immediately. Complete and submit the Incident Form without delay.
- Do NOT admit any responsibility of liability.
- Co-operate with CPBA insurance adjuster and legal advisors.
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