MOVES by the Pharmaceutical Society of Australia (PSA) to launch a professional indemnity (PI) insurance product are a response to members' desires for an alternative to current offerings, CEO, Mark Kinsela, says.
Speaking to Pharmacy Daily, Kinsela said the PSA Board had set a focus on building its member value proposition by developing products to help and support pharmacists throughout their careers.
He noted that responses to member surveys had indicated there was a demand for the PSA to provide PI insurance, which was reinforced with the first sale of the product coming within 20 minutes of its launch last weekend.
Kinsela said the PSA had identified international insurance broker, BMS, to facilitate the new PI scheme, in part due to its history of working with peak professional bodies and its ability to provide cover for the expanding services pharmacists are set to provide, including the administration of COVID-19 immunisations.
The new policy will be available exclusively to PSA members on an opt-in basis - not as an opt-out as previously reported (PD 04 Mar).
With cost identified as a "big factor" for pharmacists - particularly those in the early stages of their careers the PSA PI policy will be available from $170.50 to $182.60 per year.
While the scheme is set to put the PSA in competition with the profession's leading indemnity insurer, Pharmaceutical Defence Limited (PDL), Kinsela told Pharmacy Daily that the Society would continue to "welcome and work with PDL".
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