Insurance for Pharmacy and Pharmacists
Highly competitive pricing
Insures the contents or stock of your pharmacy, up to $5 million in cover
Monthly payment option available
Insures the contents or stock of your pharmacy, up to $5 million in cover
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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.
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
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
Popular cover types for pharmacies:
Pharmacies could also consider:
Let’s cover your small business on the go
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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.
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.
Unsure how much to choose? Think about:
Statutory Profession 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.
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.
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.
How it works – buying online
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- Choose Cover(s)
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- Business Details
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How to make a claim online
We’ll assist you through the claims process & manage the claim directly with the insurer.
Let us know Fill out our
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to support the claim
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Claim results We will notify
you of the claim outcome.
3 Steps to get your biz insured:
- Let us know
Fill out our claims form and provide info to support the claim.
- Receive Extra Support
We’ll assist you with your claim.
- Claims Results
We’ll notify you of the claim outcome.
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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
Andrea
Beautician from
VIC
Saved
$1,500
on
Business insurance Pack and,
Public Liability and Professional Indemnity insurance
Deborah
Cleaner from
VIC
Saved
$3,600
on
Public Liability insurance
Lance
Electrician from
ACT
Saved
$800
on
Public Liability insurance
Stephen
IT Professional from
VIC
Saved
$1,500
on
Information Technology Liability insurance
Linda
Restaurant owner from
NSW
Saved
$1,000
on
Business Insurance Pack and
Public Liability insurance
^ Savings made from January 2024 to April 2025. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
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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