Pharmacy Insurance, Orange County, California
Our Southern California Pharmacy Insurance protects pharmacies from several types of losses, including malpractice judgments, litigation expenses, injury judgments and theft. A liability is a debt that the pharmacy must pay. As with other California pharmacy insurance policies, the pharmacy pays a premium each month or year to ensure it is covered against losses up to a specified dollar value. Golden Bells provides top quality California pharmacy insurance in all of the following areas:
Surety Bonds
A surety bond is required for Medicare suppliers. As with other licenses, such as drivers' licenses, the holder of the supplier license must post a bond. A surety bond guarantees that it will pay the liabilities of another party, usually charging a periodic premium for providing this service. The surety bills a periodic premium to the client on a fixed schedule. In this case, the bond is for suppliers of durable medical equipment, such as prosthetics, crutches and wheelchairs. Golden Bells Insurance can provide California pharmacies with insurance in this area.
Liability Size
Judgments against a Southern California pharmacy can total millions of dollars. The American Society of Health System Pharmacists reported a case where two physicians and a pharmacy technician were found liable for a total of $7.1 million dollars. A baby received a 750 microgram dose of blood pressure medication instead of the 6 micrograms prescribed, causing neurological damage. The article also mentions that only 10 percent of civil cases go to court, as the plaintiff's lawyers try to negotiate a settlement based on the defendant's amount of liability coverage. At Golden Bells Insurance we can provide California pharmacy insurance to limit liability size.
Litigation Expenses
California pharmacy insurance protects the pharmacy from litigation expenses. These policies cover costs of defending a lawsuit, including lost wages, taxes, insurance on the judgment, additional bonds related to the suit and reimbursement of attorney costs.
State Boards
State boards of pharmacy determine the required coverage for pharmacy license holders in each state. The California State Board notes that a surety bond on file in Florida does not meet the requirement for a California pharmacy. It also notes that pharmacies are considered wholesalers, so the state regulations including bonds and insurance that apply to other wholesale stores also apply to a pharmacy. This requires a California chain pharmacy to purchase a separate pharmacy insurance policy for each state it operates in, unless the insurance company also offers pharmacy insurance policies in each state.
Retail Issues
California pharmacy insurance also covers other issues related to operating a retail business. General liability coverage protects the pharmacy if customers are injured while they are shopping at the store. Securities coverage protects the pharmacy from theft of money, as well as check fraud and counterfeit currency. California pharmacy insurance also can cover labor disputes, health code violations and civil rights lawsuits.
At Golden Bells Insurance, we're experts in providing quality Southern California business insurance for your pharmacy insurance programs. Don't leave your California pharmacy insurance needs to just anyone - contact a specialist at Golden Bells Insurance today.
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