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The team's value lies in understanding pharmacy needs (diagnosing, if you will)
and prescribing an insurance policy to meet those needs.
A great example of this is the recent introduction of Pharmacy First services,
which increased the number of services offered to the public, in turn increasing
the risk. I was proud that we were able to include Pharmacy First services in the
existing insurance policies at no extra cost.

WHAT MAKES NUMARK INSURANCE SERVICES UNIQUE?
We are a team of six people dedicated to arranging insurance for pharmacies.
We pride ourselves on arranging insurance solutions suitable for our client’s
needs, meaning our pharmacies pay for the cover they need and don’t pay for
cover they don’t need.
There aren’t many traditional insurance broking businesses in the sector
anymore. Most are large multi-national companies that “pick and choose” which
sectors to enter.
To my mind, there are none who can also claim to have the breadth of services
and experience on offer that we do.

WHAT DO FUTURE RISKS FOR PHARMACIES LOOK LIKE?
It’s hard to say, as internal and external market influences exist. For example,
the increase in pharmacy closures across the UK will increase the frequency of
employee grievance rates, whether that’s from procedures not being followed or
people feeling they have been unfairly treated. The legal helpline included in our
Professional Indemnity policy can help support pharmacies there, but something
like Management Liability Insurance has wider cover and covers more scenarios.

Another area is cyber attacks. What people don’t necessarily realise is a
cyber-event can come from many different places, whether it’s accessing WIFI
networks, attacking vulnerabilities in IT systems and patch updates, or simple
phishing exercises which impersonate people to gain access to a system or to
send funds to the wrong bank accounts.

WHAT INSURANCE SERVICES DOES THE TEAM PROVIDE?
Our core set of insurance covers is Professional Indemnity Insurance (which
includes Legal expenses), Commercial Shop Insurance (which includes
Employer's Liability), and Property Insurance. We can also look to arrange a
number of other covers including Management Liability Insurance and Cyber
Insurance. Additionally, we are looking to launch Motor and Fleet Insurance,
Personal Insurances and Employee Benefits offerings. This will make us a one-
stop shop for insurance.

HOW EASY IS IT TO ARRANGE INSURANCE?
The easiest thing for pharmacies to do is call us on 0800 783 5709. We will
discuss the pharmacy's needs and provide our simple proposal forms to capture
some detailed information. From there, we’ll send the insurance quote and, if
accepted, provide policy documents.
To find out more about Numark Insurance Services visit
numarknet.com/insurance

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