Hi, my name is Karen. Every quarter, I review all of my insurance plans and get multiple quotes to make sure I am still getting the best deals and services. Seriously, my family laughs at me for this obsession. However, in reviewing our policies so many times, I have learned a lot abut insurance. I decided that I wanted to share that information so I started this blog. In particular, I want to help people who are newbies to the world of insurance. If you are a teen driver, a new homeowner or anyone else buying a policy for the first time, this blog is devoted to you. Please read and enjoy!
If, after finishing your pharmacy studies recently, you are now a fully-fledged pharmacist and you would like to set up your own pharmacy business, you might benefit reading and following the advice below.
Invest in the most comprehensive form of pharmacy insurance you can find
Setting up a pharmacy is expensive; the cost of purchasing OTC medicines, toiletries, prescription medications and other stock, hiring employees, renting the pharmacy premises, setting up a website and marketing this new business will require you to invest a large amount of capital (which will probably need to come in the form of a bank loan if you have just recently qualified and have not yet had time to accumulate much wealth).
Because you will have to spend so much money setting up the pharmacy, you might find the idea of saving money wherever possible quite appealing. One way you could do this is by opting for the most basic form of coverage when insuring your pharmacy. However, this would actually be highly imprudent and might lead to the premature cessation of the business you worked so hard to set up.
The reason for this is as follows; if the pharmacy insurance policy you pick will only provide coverage in very specific and rare circumstances or if the payout the policy offers in the event of a claim is quite meagre, you may not be able to recover from any major incidents that occur in your pharmacy (like a huge fire that destroys all of your stock and your entire premises or a serious incident of theft in which large amounts of prescription medications are stolen) because you would not have worked for long enough to accumulate the level of savings that you would need to pay for the replacement of these things yourself.
This is why it is essential to get the most comprehensive form of pharmacy insurance you can, even if doing so means that you have to make a few sacrifices in regards to other parts of the business (such as not stocking such a wide variety of expensive, branded toiletries and OTC medications).
Get a panic button
Another thing that you must get for your new pharmacy is a panic button. The reason for this is as follows; due to the fact that pharmacies normally keep a large amount of prescription medication in stock, they attract not only general thieves (as most shops do) but also those with severe addiction problems.
Ensuring that you both you and your pharmacy staff have an easy-to-access panic button will mean that if a criminal demands that you give them prescription medication and threatens to harm you if you do not comply, you can instantly request help from the police by using this button, without alerting the criminal in question to the fact that you have contacted the authorities (something which could result in them either becoming violent or fleeing).
Fitting this button could potentially lead to your insurance company offering a more affordable policy because its presence will make it far less likely that criminals who come into your pharmacy with the intention of stealing medication or causing property damage will have enough time to successfully do these things.
To learn more about pharmacy insurance, contact an insurance agency in your area like Carollo Horton & Associates Pty Ltd.
Share13 February 2020
