Page 37 - P4403.59-V64_Numark Pharmacy Magazine June 25

Pay for what

you need Tailored for Pharmacies, Backed by financial strength The Value of Peace of Mind

The Essential Guide to Pharmacy Shop Insurance 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
We recently wrote about how investing in
your pharmacy can lead to something the reliability and protection for policyholders. chain, we can adapt to your needs,
insurance industry call, underinsurance. ensuring no detail is overlooked.

Quick definition: Underinsurance occurs
when the insurance cover of a property or Key Features of Pharmacy Shop
business is insufficient to cover the full value Insurance
of a loss. 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
So, let’s talk about what a shop insurance Our commercial shop insurance package offers your pharmacy, protecting against loss or during a robbery or incident at the pharmacy,
policy looks like for a pharmacy, and how comprehensive tailored protection with the damage during delivery—a critical cover for providing financial support and peace of mind.
you can make sure you pay for the cover following features: maintaining stock levels. Trace and Access: Covers the cost of locating
you need. Employers’ Liability (£10m limit per occurrence): Money: Covers cash on premises up to £4,000 and repairing hidden issues, like a water leak
damaging your stockroom, minimizing
Legally required for businesses with staff, this during business hours or in a locked safe, and disruption to your pharmacy’s operations.
Why Pharmacies Need To Talk To Us £1,000 for Money in Transit to and from your
covers workplace injury or illness claims with a pharmacy, protecting against theft or loss in Seasonal Stock Increase: Pharmacies often see
robust £10m limit, keeping your pharmacy
It’s very easy for other insurance providers to compliant and secure. your busy pharmacy environment. a surge in demand during flu season. Our policy
say they provide unlimited cover. The reality is Material Damage: Contents, Stock, and Public and Products Liability: Protects against automatically boosts your stock sum insured by
when “Unlimited” cover is being offered, you are Buildings: Protects your pharmacy’s physical claims from customers or third parties for 25% for October, November, and December,
paying for it to be unlimited, when it’s not assets—like shelving, inventory, and the building injuries or damages caused by your January ensuring you’re covered during peak
necessarily needed. pharmacy’s operations or products, such as a months.
itself—against events such as fire, flood, or theft, dispensing error, ensuring your reputation and
ensuring your operations can recover quickly.
We take a more considered approach. A Business Interruption (£1m standard): Covers finances are safe.
tailored “pay for what you need” attitude, lost profits and additional expenses if an insured 24-Hour Emergency and Claims Helpline:
where your cover is based on your pharmacy event, like a fire, forces you to close temporarily. Provides round-the-clock support for
needs and our 13 year’s experience providing With options to choose your own sums insured, emergencies or claims, ensuring you can get For help or to review your policy,
insurance for numark members and this ensures your pharmacy’s financial stability help when you need it most—whether it’s a contact us
understanding the current challenges within the during downtime. late-night break-in or a sudden stock loss. 0800 783 5709
industry.

numark@jensten.co.uk
Take the Next Step

Scan for
Highlight Your Pharmacy’s Unique Risks Confirm Employers’ Liability Compliance Talk about what you have done and plan to do to Website
1 2 4 grow your pharmacy business
Share specific details about your operations, Verify that the policy includes Employers’
like the value of refrigerated stock (e.g. Liability with at least a £10m limit per Talk to us about your plans to offer new services,
weight loss medication or flu/covid occurrence, as legally required if you or that you are investing in the property. Have you Article author:
vaccinations) or seasonal fluctuations in have staff. invested in technology in the pharmacy such as a Stephanie Hanratty-Kilty
stock – we can tailor your cover, such as dispensing robot or medpoint machine? Tell us Account Director
including £7,000 refrigerated goods Discuss Stock and Money Protection Needs and we can protect this expensive and vital asset
protection or a to account for seasonal 3 for you.
increase to your business, the amount Mention high-value stock and cash handling.
insured for stock will be increased by 25% Ask how the policy covers theft, damage, or
during October - January. transit risks, ensuring your stock and cash
flow are secure. 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.