There’s probably no single reason for the increase in litigation by clients against professionals in the past few years. A generally more litigious public, lawyers who push for larger settlements, and judges who more frequently award those larger settlements all probably play a part in the increase of lawsuits. But what can a single professional do within this stressful business environment?
If I’m a pharmacy technician, how can I be protected from frivolous lawsuits?
The best way to protect yourself as a professional is what is known as Errors and Omissions insurance (E & O insurance). Any professional that deals with clients’ health necessarily takes on a certain amount of risk in the normal course of his or her duties. Risk, in this context, means the potential damages that you could be liable for in the event of an error or omission. You take on risk, the potential damages, even if nothing goes wrong. Sometimes mistakes are made and sometimes something will go wrong when no one is at fault. E & O Insurance protects the professional by compensating clients should any error be made.
If you’re a pharmacy technician, a specific type of E & O Insurance is available to you that has been designed for your career. This plan is only available through us at HDF Insurance in Edmonton and was designed in conjunction with the Pharmacy Technician Society of Alberta (PTSA).
How does the PTSA Liability Insurance Plan work?
The PTSA Liability Insurance Plan is designed to address the unique risks incurred by pharmaceutical technicians in the ordinary course of their jobs. Managing a dispensary, for instance, can be complicated. Even the smallest error when providing patients with medicine or information can be potentially disastrous.
You shouldn’t, however, be constantly worried about lawsuits. The PTSA Liability Insurance Plan covers you from frivolous laws suits on a claims-made basis. This means that you will be covered for the period in which you pay premiums and can extend coverage for up to six years with the purchase of an Extended Reporting Endorsement.
If you already have the PTSA plan, be sure to renew it from November 1 – January 1. If you would like to have PTSA insurance, the plan starts in January so now is the perfect time to start considering it. We at HDF Insurance are insurance brokers. That means that we work for clients with insurance companies to get the best deals we can.
If you’re a professional or own a small business and would like insurance quotes contact us today in our Edmonton offices and find out how we can help you gain peace of mind.