As a pharmacist, it is important to know what the coverage looks like from an employer. In some instances, a pharmacist might not be properly protected in case of an accident. It is imperative to review the policy provided by an employer and speak to the manager or supervisor for further clarification. Determine if there are certain exceptions to the employer’s policy that could hold pharmaceutical professionals liable for dispensing the wrong prescription or amount. It is also essential to determine whether the coverage is adequate. It is distressing to consider making an error but it is a possibility. For this reason, it is necessary to find out more about professional liability insurance for pharmacists in NJ and the right coverage for any situation.
Learn What the Employer Offers
The best place for pharmacists to start is an inquiry to see what kind of coverage the company offer their pharmaceutical employees. Are the limited liability amounts enough to cover all possible situations? Are there any exceptions to this policy? What is the track record of the employer? Have there been lawsuits filed previously? If so, what was the outcome? The answers to these question determine what a pharmacist should do next.
Consider if the Coverage is Truly Adequate
It is easy to see there are a lot of important questions to ask before making a determination about pharmacist insurance. Pharmacists must try to can get a better understanding of employer coverage to see how much more is needed. This is not an expense to handle with frugality.
The Advantage of Working with an Insurance Agent
Like any other expense, it is wise to shop for the best price possible. Professional liability insurance is no exception to this rule. Shopping online or browsing the web can sometimes be a daunting task with so much information to review. Buying online might sometimes be a bit more convenient, but understanding coverage limits and add-ons should not be a fast decision based on Internet surfing. An insurance agent works with various companies and can do the insurance shopping for pharmacists who need coverage.
The Personal Touch
Like any customer, each pharmacist is unique. A quick discussion can help the agent determine the proper level of coverage a pharmacist should carry. The goal is to obtain the most comprehensive coverage at a competitive price. Plus, an insurance agent works with multiple insurance companies to help you find the best deal. The agent does the comparison shopping and offers various options. The pharmacist simply makes an educated decision about the preferred coverage and provider.
Understand the Kind of Work You Want to Do
Have you ever thought of working outside the pharmacy, perhaps doing part-time work or even volunteering for a local charity? In this scenario, pharmacists may have no insurance coverage. A failure to carry proper insurance can ultimately lead to serious consequences and quash these type of entrepreneurial efforts. An insurance agent can help guide you through the process of protecting yourself in the event of an accidental mishap.
The Most Common Mistakes and Understanding Them Well
Certain mistakes are common for pharmacists to make, despite their best efforts to achieve accuracy. Filling the prescription with the wrong medication or prescribing too much are possible errors that could happen during the course of business. An organized environment is imperative to avoid these mistakes. All personnel should be accountable every step of the way. Assigning specific tasks can help, especially in hectic pharmacy. Some have multiple points of services, such as a drive-through window and in-person windows for customers to drop off and pick up prescriptions.
A Fast-Paced Place
Pharmacists are constantly in an environment that is fast-paced. Most customers have a sense of urgency, especially those who are extremely ill. Competition is another factor that compels pharmacies to try to deliver as quickly as possible to ensure customer satisfaction. The more disorder in this environment, the more distressing everything will be for everyone involved. Recent studies revealed patients routinely receive the wrong drug or wrong dose. If a claim is filed for injury or death, it could be quite costly. While the industry will always move quickly, having trained workers and adequate insurance can make a difference.
When dealing with discerning customers in a competitive landscape, it is prudent to implement a solid foundation of quality control for the pharmacy and pharmacists. Most mistakes that are made are the result of a human error. In many instances, they can be prevented. This reduces your liability as well as the cost of insurance.
Implementing updated procedures can be helpful in reducing the number of mistakes that are made. Pharmacies and pharmacists need to focus on the quality and presentation of their work. This is more important than the number of prescriptions being filled as accuracy is what boosts the bottom line. Mistakes will only increase the need for larger and more complex insurance policies. However, to err is human and the consequences can be dire when you work in the pharmaceutical industry. For this reason, the proper insurance coverage is a necessity to protect everyone.
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