Compounding Store Insurance
OPA’s compounding pharmacy insurance offers a comprehensive and flexible program to protect your general property and operations from increased product liability exposures.
What is Compounding Store Insurance?
There are inherent increased risks with providing compounding services, therefore compounding pharmacies should carry entity professional liability, to protect their operating entity against professional liability claims. The majority of all individual professional liability policies will only protect the individual named on the policy, and not the operating entity itself. OPA’s commercial pharmacy/store program includes entity professional liability coverage so you can ensure you are securely protected. Compounding pharmacy insurance is a flexible way to protect your compounding operations and property in one seamless package.
With compounding, there is product liability exposure (since the drug is being produced at the individual pharmacy location). In addition, compounding pharmacies typically have a higher valued inventory level and invest in more advanced specialized equipment. As many of the compounding drugs will be stored in refrigerators, external monitoring including temperature sensitive alarms and backup generators will be required. Operators of compounding pharmacies should keep a detailed list of their inventory and equipment and keep their insurance broker informed of changes at their facilities to make sure their property coverage is up to date. This should include coverage for spoilage in the event of a power loss. Many insurers will also look for compounding pharmacies to install more advanced security systems to prevent break-in losses.