Pharmacy Daily | PI insurance market heating up

PHARMACISTS are seeing increased competition in the professional indemnity (PI) insurance market, with the Pharmaceutical Society of Australia (PSA) launching a new members only product.

The new policy, brokered by BMS Group, aims to offer a "low cost and competitive" option for PSA members, with cover starting from $170.50 per annum.

In a statement released last week the PSA said it had moved into the PI market to meet demands from members.

"We've actively listened to member feedback and recognise the significant expense associated with necessities that members require to practice, coupled with stagnant wage growth in the profession," the PSA said.

"We strive to address those concerns and reduce the barriers to pharmacists practicing to full scope.

"PSA Member Professional Indemnity Insurance supports medicine safety and helps to protect the community.

"The PSA Member Insurance program helps to fund activities that educate pharmacists on managing risk and reducing medicine error, like training, CPD activities, reports and representation to government.

"PSA writes the guidelines of practice for pharmacists and is perfectly placed to support pharmacists managing risk."

However, pharmacist PI market leader with more than 29,000 members, Pharmaceutical Defence Limited (PDL), is also moving to compete on cost, offering "$75 off your insurance premium in your first five years of general registration".

PDL is a not-for-profit organisation wholly owned by its members.

Employee pharmacists union group, Professional Pharmacists Australia is also offering PI cover which it notes is in compliance with Australian Health Practitioner Regulation Agency (AHPRA) requirements and is backed by Berkley Insurance, with its PPA Protect policy starting from $243 per annum.

All three providers offer access to professional incident and claims support services.

The PSA is also offering its student and graduate members complimentary PI cover.