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What is pharmacy insurance?

Pharmacy insurance lets pharmacists pick policies to protect their business from the unique risks associated with their occupation, such as dispensing errors, breaches of privacy, damaged stock, and more.

Being a pharmacist involves a high level of responsibility when helping customers manage their wellbeing. But even a small mistake in the health-related advice you give could cause big problems for your pharmacy.

That’s why it is important to ensure you have the right insurances in place to protect your business when things take an unexpected turn for the worst.

what is pharmacy and pharmacist insurance

Why do pharmacies and pharmacists need insurance?

Pharmacists may need business insurance to meet legal requirements, and cover unexpected legal bills.

Respond to investigations/actions brought by AHPRA and other regulatory bodies

Replace lost, damaged or stolen stock

Handle customer injury or property damage claims

Insurance for Pharmacies

Did you know?

Registered pharmacists are required to have their own Professional Indemnity insurance in Australia. This includes provisionally registered pharmacists.

Professional Indemnity insurance can help you manage many common claims, such as claims resulting from dispensing errors, breaches of privacy and investigations/actions brought by AHPRA and other regulatory bodies.

What types of insurance do pharmacists need?

We offer a range of policies designed to cover your business, building, and stock. Build an insurance package that suits your pharmacies needs and buy in minutes

Public Liability

Covers costs and legal fees if you negligently cause injury to a member of the public or damage to property.

Public Liability insurance

Professional Indemnity

Covers losses and legal fees as a result of alleged or actual negligence in your professional services or advice.

Contents Insurance

Covers loss or damage to business items at the insured location, such as equipment, stock, machinery, and furniture

Contents coverage

Theft insurance

Covers the loss and damage of contents and stock to your business premises caused by a theft or attempted theft

Theft insurance

Building Insurance

Cover for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind)

Building Cover

Let’s cover your small business on the go

Start a quote to see how much you can save and buy online in minutes.

How much does pharmacy insurance cost?

The average monthly cost of business insurance for pharmacists is $136 with BizCover. However, the cost of your policies will depend on factors such as the amount of stock you have, and size of your business.

Pharmacy Insurance cost

Factors influencing cost

Risks of the industry 

Cover level amount

Annual turnover

Number of employees

Claims history

*Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.

Get cover that works with the risks of your business

Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.

Cover levels to choose from

  • $250K
  • $10M

Cover levels to choose from

  • $5M
  • $20M

Underinsurance

We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.

Ways underinsurance catches business owners out:

Inflation

With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.

Not covering the full cost of your risks

If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.

Pharmacy Insurance cost

Factors influencing cost

Risk of the industry

Cover level amount

Annual turnover

Number of employees

Claims history

*Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.

Get cover that works with the risks of your business

Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.

Cover levels to choose from

  • $250K
  • $10M

Cover levels to choose from

  • $5M
  • $20M

Unsure how much to choose? Think about:

Statutory professional requirements

Cover required by contracts

Number of employees being covered

Your contract value

Worst case scenario claim size

Underinsurance

We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.

Ways underinsurance catches business owners out:

Inflation

With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.

Not covering the full cost of your risks

If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.

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See how much others have saved while purchasing policy through BizCover

Colette

Disability Care Worker from

NSW

Saved

$1,200

on

Public Liability and Professional Indemnity insurance

Disability care worker
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VIC

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$1,500

on

Business insurance Pack and,
Public Liability and Professional Indemnity insurance

Andrea, Beautician saved $1,500 on Professional Indemnity, Public Liability and Business Insurance
Deborah

Cleaner from

VIC

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$3,600

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Public Liability insurance

Cleaner from VIC saved on Business Insurance with BizCover
Lance

Electrician from

ACT

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$800

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Electrician saved $800 on Public Liability insurance
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IT Professional from

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Information Technology Liability insurance

IT Professional saved on IT Liability with BizCover
Linda

Restaurant owner from

NSW

Saved

$1,000

on

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Restaurant owner saved in Business Insurance with BizCover

Frequently asked questions

Both forms of insurance cover different risks that may impact your business.

Professional Indemnity insurance* provides cover for you as a pharmacist for civil claims and disciplinary actions brought against you due to your professional activities.

Public Liability insurance* is designed to provide protection for you and your pharmacy business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities

As a pharmacist, you may have business assets and property you would like to protect. A Business Insurance Pack is an easy way to cover several parts of your pharmacy business with a single, convenient policy.

Business Insurance* offers a number of coverage options including:

Building: provides protection for your pharmacy building if it was damaged as a result of a fire, storm, malicious activity or another defined event listed in the policy.

Contents: insures the contents or stock of your pharmacy if they were damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy, this policy provides up to $2 million in cover.

Glass: cover for breakage of internal and external glass and signage you own or for which you are legally responsible, at the insured premises.

Business Interruption: cover for financial loss as a result of an interruption to your business caused by an insured event.

Machinery Breakdown: covers the cost of repairing or replacing insured machinery following a breakdown, including electronic or mechanical machinery and equipment. This is important to consider, especially if your pharmacy relies on certain products and stock being refrigerated.

Theft: Covers you against loss of contents and stock as well as damage to your business premises, as a result of theft or attempted theft involving forcible or violent entry from your business premises.

Additional Benefit for Prescription Data: cover for loss resulting from loss or damage to prescriptions or any information required by relevant statutory authorities to remunerate you under existing legislation. The benefit will pay the redeemable value of the prescriptions or other information that is lost or damaged. It will also cover the reasonable costs for reproducing or rewriting the prescription information that is lost, destroyed or damaged.

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