Page 36 - P4403.59-V64_Numark Pharmacy Magazine June 25

Pay for what
you need
The Essential Guide to Pharmacy Shop Insurance
We recently wrote about how investing in
your pharmacy can lead to something the
insurance industry call, underinsurance.
Quick definition: Underinsurance occurs
when the insurance cover of a property or
business is insufficient to cover the full value
of a loss.
So, let’s talk about what a shop insurance
policy looks like for a pharmacy, and how
you can make sure you pay for the cover
you need.
Why Pharmacies Need To Talk To Us
It’s very easy for other insurance providers to
say they provide unlimited cover. The reality is
when “Unlimited” cover is being offered, you are
paying for it to be unlimited, when it’s not
necessarily needed.
We take a more considered approach. A
tailored “pay for what you need” attitude,
where your cover is based on your pharmacy
needs and our 13 year’s experience providing
insurance for numark members and
understanding the current challenges within the
industry.
Take the Next Step
Highlight Your Pharmacy’s Unique Risks
1 2
Share specific details about your operations,
like the value of refrigerated stock (e.g.
weight loss medication or flu/covid
vaccinations) or seasonal fluctuations in
stock – we can tailor your cover, such as
including £7,000 refrigerated goods
protection or a to account for seasonal
increase to your business, the amount
insured for stock will be increased by 25%
during October - January.
Key Features of Pharmacy Shop
Insurance
Our commercial shop insurance package offers
comprehensive tailored protection with the
following features:
Employers’ Liability (£10m limit per occurrence):
Legally required for businesses with staff, this
covers workplace injury or illness claims with a
robust £10m limit, keeping your pharmacy
compliant and secure.
Material Damage: Contents, Stock, and
Buildings: Protects your pharmacy’s physical
assets—like shelving, inventory, and the building
itself—against events such as fire, flood, or theft,
ensuring your operations can recover quickly.
Business Interruption (£1m standard): Covers
lost profits and additional expenses if an insured
event, like a fire, forces you to close temporarily.
With options to choose your own sums insured,
this ensures your pharmacy’s financial stability
during downtime.
Confirm Employers’ Liability Compliance
Verify that the policy includes Employers’
Liability with at least a £10m limit per
occurrence, as legally required if you
have staff.
Discuss Stock and Money Protection Needs
3 for you.
Mention high-value stock and cash handling.
Ask how the policy covers theft, damage, or
transit risks, ensuring your stock and cash
flow are secure.
Tailored for Pharmacies, Backed by financial strength The Value of Peace of Mind
Insurer stability and financial rating Every pharmacy is unique, but the need
for protection is universal. Our policy is
AXIS – A Rated
Hiscox – AA Rated designed with pharmacies in mind,
offering flexibility to adjust coverage as
Why is this important? It shows the insurer's••
your business grows. Whether you’re a
financial strength and ability to pay claims, ensuring•• small independent or a multi-location
reliability and protection for policyholders. chain, we can adapt to your needs,
ensuring no detail is overlooked.
Goods in Transit: Safeguards medications and Assault Cover: Offers protection for you or your
supplies while they’re being transported to staff in the unfortunate event of an assault
your pharmacy, protecting against loss or during a robbery or incident at the pharmacy,
damage during delivery—a critical cover for providing financial support and peace of mind.
maintaining stock levels. Trace and Access: Covers the cost of locating
Money: Covers cash on premises up to £4,000 and repairing hidden issues, like a water leak
damaging your stockroom, minimizing
during business hours or in a locked safe, and disruption to your pharmacy’s operations.
£1,000 for Money in Transit to and from your
pharmacy, protecting against theft or loss in Seasonal Stock Increase: Pharmacies often see
your busy pharmacy environment. a surge in demand during flu season. Our policy
Public and Products Liability: Protects against automatically boosts your stock sum insured by
claims from customers or third parties for 25% for October, November, and December,
injuries or damages caused by your January ensuring you’re covered during peak
pharmacy’s operations or products, such as a months.
dispensing error, ensuring your reputation and
finances are safe.
24-Hour Emergency and Claims Helpline:
Provides round-the-clock support for
emergencies or claims, ensuring you can get For help or to review your policy,
help when you need it most—whether it’s a contact us
late-night break-in or a sudden stock loss. 0800 783 5709
numark@jensten.co.uk
Scan for
Talk about what you have done and plan to do to Website
4 grow your pharmacy business
Talk to us about your plans to offer new services,
or that you are investing in the property. Have you Article author:
invested in technology in the pharmacy such as a Stephanie Hanratty-Kilty
dispensing robot or medpoint machine? Tell us Account Director
and we can protect this expensive and vital asset
Numark Insurance Services is a trading name of Jensten Insurance Brokers Limited which is authorised and regulated by the Financial Conduct
Authority. Registered in England and Wales. Our company registration number is 08284692. Our registered office is Beaufort House, 15 St. Botolph
Street, London EC3A 7BB. Phoenix Healthcare Distribution Ltd trading as Numark is an Introducer Appointed Representative to Jensten Insurance
Brokers Limited.