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Pharmacy and Drugstore Insurance
Protect your pharmacy with specialized business insurance
This coverage provided and serviced by affiliated and third-party insurers.. Read more
Customized business insurance for pharmacies and drugstores
Pharmacies are an essential part of the healthcare system. They help customers access medications, manage chronic conditions, and make informed decisions. Running a pharmacy or drugstore also means managing a busy business with customers, employees, inventory, and sensitive information. You need insurance designed for these unique challenges so you can focus on delivering consistent, high-quality service to your customers.
What is pharmacy business insurance?
Pharmacy business insurance is coverage that can help protect your business from costs related to injuries, property damage, and data breaches. The right policy safeguards your retail operation, merchandise, equipment, and systems.
Get a pharmacy insurance quote online or give us a call to find coverage that fits your needs.
Why insurance for pharmacy businesses is important
Pharmacies manage valuable inventory and store sensitive customer information. As a result, they can face risks such as theft and data breaches. You also deal with everyday retail issues, like slip and fall accidents and property damage. Pharmacy insurance can help your business be prepared and recover faster when these covered events happen.
Pharmacy insurance is also important because contracts, healthcare networks, property managers, and suppliers may require it. When you're a Progressive Commercial policyholder, it's easy to get a certificate of insurance (COI) to show your business has the right coverage in place.
Who needs pharmacy insurance?
Pharmacy business insurance can help protect many different types of businesses, including:
- Community pharmacies
- Independent drugstores
- Retail pharmacies
- Compounding pharmacies
- Mail-order pharmacies
- Specialty pharmacies
Whether you're a sole proprietor with a single location or you manage multiple stores under an LLC, the right insurance can help protect your drugstore as it grows.
Types of pharmacy business insurance
Pharmacies and drugstores often need more than one type of insurance to stay financially protected when incidents occur. Review common coverages you should consider.
General liability (GL)
Helps cover customer injuries and property damage
General liability (GL)
Helps cover customer injuries and property damage
General liability insurance can help if someone gets hurt or their property is damaged because of your business. It also includes coverage for personal and advertising injury and product liability for certain claims involving the products you sell.
Learn more about how much a GL policy costs and the benefits of general liability coverage.
Example: A customer slips on a recently mopped floor and injures their leg. General liability insurance could help pay their medical bills and your legal costs if they file a lawsuit.
Business owners policy (BOP)
Combines liability and property coverage in one policy
Business owners policy (BOP)
Combines liability and property coverage in one policy
A business owners policy is a convenient, flexible way to get liability insurance and commercial property coverage in one policy. It can help protect your storefront, inventory, computers, refrigerators, and other business property if they're damaged by fire, theft, vandalism, or other covered events.
With Progressive Commercial, BOP coverages can also include business interruption insurance, which helps replace lost income if your pharmacy has to temporarily close because of a covered loss.
Example: A fire damages your pharmacy's front retail area and destroys shelving, computers, and inventory. A BOP can help pay to repair the damage and cover lost income while your business is closed.
Employment practices liability
Covers employee-related claims
Employment practices liability
Covers employee-related claims
Employment practices liability insurance (EPLI) can help protect your business if an employee claims they were wrongfully terminated, discriminated against, harassed, or treated unfairly at work. You can add this coverage as an endorsement to either a GL policy or a BOP.
Example: A former employee sues your pharmacy for wrongful termination after being let go during a staffing change. EPLI can help cover legal costs and settlements related to the claim.
Commercial auto
Safeguards vehicles used for deliveries and business operations
Commercial auto
Safeguards vehicles used for deliveries and business operations
Commercial auto insurance starts with vehicle liability to cover injuries and damage caused to others if you're at-fault in an accident. You can add additional auto coverages to help with repair and replacement costs. Auto coverage can be important for pharmacies that offer prescription delivery services or use vehicles to transport supplies between locations.
Example: A pharmacy employee is involved in an accident while making a delivery to a customer. Commercial auto insurance can help pay for vehicle repairs, medical bills, and damage to the other driver's car.
Workers' compensation
Supports employees who get hurt or sick because of work
Workers' compensation
Supports employees who get hurt or sick because of work
Workers' compensation insurance is required in most states to help with medical expenses and lost wages for employees who get hurt or sick because of their job. The cost of workers' comp insurance is based on a number of factors, including your total payroll and claims history.
Example: A pharmacist strains their back while reaching over the counter to help a customer. Workers' compensation can help pay for medical care and lost wages while they recover.
Cyber
Protects customer information and payment systems
Cyber
Protects customer information and payment systems
Pharmacies often store sensitive customer data, including prescription records, and payment information. Cyber insurance can help your pharmacy recover from disruptive and expensive digital attacks and data breaches.
Example: A ransomware attack locks your pharmacy out of its business records and payment systems for several days. Cyber insurance can help pay for data recovery, business interruption costs, and legal expenses.
Protect temperature-sensitive inventory with spoilage coverage
Many medications, vaccines, and other pharmacy products need to be stored in temperature-controlled environments. If a refrigeration unit malfunctions or fails to maintain the right temperature, you could lose valuable inventory and face significant replacement costs.
Spoilage coverage can be added to a BOP to help protect your business from losses related to refrigeration failures.
How much does insurance for pharmacies cost?
Pharmacy business insurance costs depend on several factors related to your business and operations. The following can influence what you pay for coverage:
- Business size
- Location
- Number of employees
- Inventory value
- Claims history
- Coverage limits
- Coverages required
- Prescription volume
If you need coverage for business vehicles, you'll also want to consider the cost of commercial auto insurance. Rates are typically based on miles driven, number of vehicles, and driving history.
As your pharmacy grows and adds locations or services, your insurance needs and costs may change. The best way to find out how much you'll pay is to get a customized quote.
Pharmacy and drugstore insurance through Progressive Commercial
For more than 50 years, Progressive Commercial has helped protect businesses with customized coverage options. Today, more than 1.2 million small businesses trust us for their insurance needs. Whether you operate a single pharmacy or manage multiple stores, we've got you covered.
Get a free online quote today or call us to speak to one of our specialists about customized pharmacy business insurance.
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