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Pharmacy Insurance
Running a pharmacy involves a wide range of responsibilities, from dispensing medication and managing stock to looking after staff, customers and sensitive business information. Like any business, pharmacies can face unexpected events such as property damage, theft, business interruption or liability claims.
Pharmacy insurance can provide tailored protection for your premises, stock, equipment, employees and business activities, helping you manage the risks associated with running a pharmacy.
At 1st Choice Insurance, we arrange insurance for pharmacy businesses across the UK. We take the time to understand how your pharmacy operates and can source suitable cover from a wide panel of insurers based on your individual requirements.
Get a Pharmacy Insurance Quote
If you’re looking for pharmacy insurance, our team can help you explore the cover options available for your business.
Whether you operate an independent community pharmacy, multiple branches, an online pharmacy or a pharmacy attached to another healthcare business, we can discuss your requirements and help arrange suitable cover.
Call 03301 081615 or complete our quote form below.
What is Pharmacy Insurance?
Pharmacy insurance is a type of business insurance designed for pharmacies and chemists. It can provide protection for the premises, stock, equipment, employees, and other risks associated with operating a pharmacy.
Pharmacies can have different insurance requirements depending on the services they provide, the value and type of stock they hold, their premises, opening hours and whether they offer services such as deliveries or online sales.
A pharmacy insurance policy can bring several types of cover together under one policy, helping provide protection across different areas of your business.
Pharmacy insurance can be arranged for businesses including:
- Independent high-street pharmacies
- Community pharmacies
- Pharmacy groups and multiple locations
- Online and mail-order pharmacies
- Pharmacies attached to medical practices
- Late-night and 24-hour pharmacies
Who Can Pharmacy Insurance Be Suitable For?
Pharmacy insurance can be suitable for businesses involved in the sale, supply, storage or dispensing of medicines and health products.
This can include pharmacies that:
- Dispense prescription medication
- Store medicines or higher-value stock
- Employ pharmacists, technicians or other staff
- Operate from commercial premises
- Provide delivery services
- Sell products online or through mail order
The insurance requirements of each pharmacy can vary, so it’s important to consider the activities your business carries out when arranging cover.
What Does Pharmacy Insurance Cover?
Pharmacy insurance can be tailored around your business and may include a range of different covers.
Buildings Insurance
If you own the premises, buildings insurance can provide cover against insured events such as fire, storm, flood and other specified risks.
Contents and Stock Insurance
This can protect pharmacy contents, fixtures, fittings, dispensary equipment, refrigeration equipment and stock against insured risks such as theft or damage.
Public Liability Insurance
Public liability insurance can cover claims for injury to members of the public or damage to their property arising from your business activities, subject to the policy terms.
Employers’ Liability Insurance
If you employ staff, employers’ liability insurance is generally a legal requirement in the UK. It can cover claims relating to employee injury or illness arising from their work.
Business Interruption Insurance
Business interruption insurance can help protect your income and certain ongoing expenses if your pharmacy is unable to operate following an insured event.
Goods in Transit Insurance
If you transport medication, stock or other goods between suppliers, branches or customers, goods in transit cover can provide protection while items are being transported.
Commercial Vehicle Insurance
If your pharmacy operates vehicles for deliveries or other business purposes, commercial vehicle insurance can provide cover for those vehicles.
Legal Expenses Cover
Legal expenses insurance can help with certain legal costs associated with business disputes, employment matters and other covered situations.
Professional Indemnity
Depending on the services your pharmacy provides, professional indemnity or other relevant professional cover may also be available.
The covers available will depend on your business activities and individual circumstances.
Benefits of Pharmacy Insurance
Having appropriate insurance in place can provide several benefits for pharmacy businesses.
Protection for Business Assets
Your premises, equipment and stock can represent a significant investment. Suitable insurance can help protect these assets against insured events such as theft, fire or accidental damage.
Support Following Unexpected Events
Unexpected incidents can disrupt your pharmacy’s operations. Business interruption cover can provide financial support following certain insured events while you work to restore normal operations.
Protection Against Liability Claims
Public and employers’ liability insurance can provide financial protection against certain claims involving customers, members of the public or employees.
Flexible Cover
Pharmacy insurance can be structured around your individual business activities, whether you operate from one premises, multiple branches or provide additional services such as deliveries.
One Structured Policy
Combining relevant covers under one policy can make managing your business insurance more straightforward.
Peace of Mind
Having suitable insurance in place allows you to focus on running your pharmacy while knowing you have protection against a range of potential risks, subject to your policy terms.
Frequently Asked Questions About Pharmacy Insurance
Is pharmacy insurance mandatory?
Not all types of pharmacy insurance are legally required. However, employers’ liability insurance is generally legally required if you employ staff. Other covers, such as public liability, property and business interruption insurance, can provide important protection depending on your circumstances.
Does pharmacy insurance cover prescription stock?
Policies can include cover for prescription medicines, over-the-counter products and other pharmacy stock, subject to the insurer’s terms, conditions and any applicable limits.
Can multiple pharmacy locations be covered under one policy?
Depending on the insurer and your circumstances, multiple pharmacy premises can potentially be included under one policy.
Can online pharmacies get insurance?
Insurance can be arranged for businesses operating online or providing mail-order and delivery services, with cover tailored around the activities involved.
Does pharmacy insurance include professional indemnity?
Professional indemnity or other professional liability cover may be available depending on the services your pharmacy provides and the insurer’s requirements.
Can pharmacy insurance cover delivery vehicles?
If your pharmacy uses vehicles for deliveries or other business purposes, commercial vehicle insurance can be arranged separately or alongside other business covers.
Can pharmacy insurance cover business interruption?
Business interruption cover can be included to provide financial protection following certain insured events that prevent your pharmacy from operating.
Can my policy be updated if my pharmacy expands?
Your insurance can be reviewed as your business changes, such as opening additional branches, introducing new services or changing your premises.
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