PHARMACISTS are being urged to consider the key features of their insurance policies before making a decision about where they get Professional Indemnity (PI) cover.
The warning follows Professional Pharmacists' Australia's call for employee pharmacists to boycott PDL's policy on the grounds that it is underwritten by Pharmacy Guild of Australia subsidiary, Guild Insurance (PD 26 Mar), claiming pharmacists with PI cover from PDL were supporting the cuts to their own wages.
In a joint statement issued to Pharmacy Daily, Guild Insurance, PDL and the Guild, stressed the need for pharmacists to understand their PI policy and differences in how coverage provided by competing insurers could impact them.
"Pharmacist indemnity insurance is a complex financial product and pharmacists should consider key attributes of insurance policies and services when comparing insurance policies offered by competing providers," they said.
"PDL protects the livelihoods of Australia's pharmacists via 24/7 Australia wide incident support, evidence-based risk management and tried and tested indemnity insurance.
"For the past 56 years, PDL has worked with Guild Insurance to design and provide indemnity insurance which currently defends the interests of over 25,000 Australian pharmacists, and more employee pharmacists than any other insurer."
The group added that the PDL/Guild Insurance policy was backed by an incident support team staffed by people who have experience in the industry that other insurers may not be able to provide, while Guild Insurance's legal team provides significant experience defending pharmacists.
PDL also provides practice alerts and insights to help members to avoid incidents from occurring in their pharmacy.
PPA's alternative PI insurance policy is underwritten by Insurance Australia Group (IAG), and is available to members.
The above article was sent to subscribers in Pharmacy Daily's issue from 04 Apr 19
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