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Professional Liability Insurance

The Insurers Financial Group

Policy Term July 1 - June 30

Professional Liability Insurance Rates
Limit Pharmacist Pharmacy Technician Student *
$1,000,000 per claim / $1,000,000 aggregate $150 $75 N/A
$2,000,000 per claim / $2,000,000 aggregate $175 $88 N/A
$2,000,000 per claim / $4,000,000 aggregate $200 $100 $50
$3,000,000 per claim / $3,000,000 aggregate $250 $125 $80
$4,000,000 per claim / $4,000,000 aggregate $300 $150 $95
$5,000,000 per claim / $5,000,000 aggregate $350 $175 $125

Pro-rated discounts

Applications submitted mid-term will be subject to a discount as follows:

  • November 30 to March 31: 25% discount
  • April 1 to June 30: 50% discount

* Student insurance rates are exempt from pro-rated discounts.

Why should this coverage be purchased?

  • Allegations of professional misconduct should be investigated and handled by specialized legal experts that employers either do not have access to or are not in a position to provide for their staff.
  • Professional advice given outside the place of employment may not be covered by the employer's liability insurance program.
  • The scope of coverage and the limit of liability of the employer's liability insurance program is highly variable.
  • Independent professionals (those that are self-employed) are not covered by an organization's corporate liability insurance and must secure their own coverage.
  • Legal costs incurred in the successful defence of a criminal action are generally not recoverable from the employer.

What are the coverage highlights of Trisura's Professional Liability Insurance program?

  • There is a broad definition of “Professional Services” to provide coverage for services usual to a pharmacist, such as opinions, advice, consulting, medication counseling, prescribing authority, task force and committee activities, public speaking, the development of position papers, community practice.
  • There is a broad definition of “Insured” to include any present or former employees of the insured member, as well as students and interns acting under the direct supervision of an insured member.
  • Prior acts are covered and the policy is on a “claims-made” basis.
  • The policy includes reimbursement for legal expenses incurred while under a disciplinary investigation by a professional body regulating your profession, up to $150,000 each policy period.
  • The policy includes reimbursement for legal expenses incurred in the successful defence of a criminal proceeding.
  • There is Extended Reporting Period coverage available for up to five (5) years for claims made after retirement or in the event of non-renewal, for professional services rendered prior to retirement or non-renewal. The additional premium schedule is:
    1 Year – 150% of your most recent annual premium
    2 Years – 175% of your most recent annual premium
    3 Years – 200% of your most recent annual premium
    5 Years – 250% of your most recent annual premium