PHARMACY

insurance

In the highly competitive pharmacy space, you have to proactively differentiate your product and service offering to build loyalty and grow your market share. At Carollo Horton, a Honan company, we know that insurance plays a key role in the ongoing growth and success of your pharmacy business. With over 30 years of experience, our dedicated team will work with you to tailor an appropriate risk management solution that meets your needs and industry regulations.

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Tailored solutions to future-proof your pharmacy

When you’re working hard to run your pharmacy business, you want to make sure it will continue operating in the future – no matter what happens. As one of the leading pharmacy insurance specialists in Australia, we understand how pharmacies operate – as well as the concerns and priorities of their owners. Leveraging our expertise and experience, we will support you from insurance placement through to claims management, freeing up your time and headspace so you can focus on what you do best: helping customers manage their health and wellbeing.

Our Pharmacy Insurance Products

Medical Malpractice

Management Liability

Public and Products Liability

Cyber Insurance

Directors and Officer Liability

Pharmacy Property Insurance

Pharmacist Indemnity Insurance

As a pharmacy owner or employee, you face a unique and distinct set of risks. That’s why you need pharmacy indemnity insurance that suits your situation and protects you and your business in the event of a claim.

Pharmacist Employees

Your clients look to you for the right advice. Providing incorrect advice can have far-reaching consequences and you can be held legally responsible. That’s why your AHPRA registration requires you to have personal Professional Indemnity cover, in case of a legal claim by a client.

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Pharmacist Owners

Your business relies on the quality of advice that you provide to your customers. So if you provide advice that is inaccurate and it results in a legal claim, it can have a major impact on your business finances, reputation and even accreditation. Our Professional Indemnity insurance is designed to help protect you in the event of a claim.

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Specialist service,
delivering more.

Creating a genuine difference for our clients

Our dedicated, highly qualified advisors take the time to truly understand your business, to regularly review its evolving needs, and provide you with purpose-built solutions. Every client knows they matter.

Specialist Knowledge, data-driven decisions

We’re known for our placement of unique risk profiles and drawing on data to make timely, in formed decisions. With 400+ team members and over 55 years experience, we offer holistic risk and insurance solutions, from program placement and claims management to risk consulting.

Oversight and coordination

With a dedicated client manager as your point of contact, we will advocate for your business at every step. We’ll manage key negotiations and marketing of your program to insurers prior to implementation, and at renewal time.

Claims Solutions

With our in-house claims divisions led by industry and legal experts, we know how facilities management, services policies and coverages will respond, providing you an advantage when a claim arises. We advocate for you and your position all the way.
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Latest News

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Double dispensing rules: what are the grounds for refusal?

November 30, 2023

Since the introduction of the 60-day prescription of PBS medicines in September, many patients can now receive twice the medication for the cost of a single prescription. From September 2024 this will apply to more than 300 medicines on the Pharmaceutical Benefits Scheme (PBS). While pharmacists’ opinions on the ‘double dispensing’ policy vary greatly, the expectation from both clients and prescribers is that prescriptions will be fulfilled.

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Claiming Success: Why Your Insurance Broker is the Key to Notifying Insurers About Potential Claims

October 11, 2023

When it comes to insurance, brokers are in a unique position. We’re neither the client nor the insurer, we’re privy to the unique notifications from clients when there is a situation that may give rise to a claim, and the reactions from insurers to those notifications. This is a complex and evolving area, and in the post-pandemic era, we’ve observed that insurers are scrutinising all aspects of the claims process. Following a loss, the claims process can be stressful, complex, and long. This article outlines the paradigm shift in insurer’s perception of an acceptable notification of circumstances which may give rise to a claim, from a broker’s perspective.

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Protecting Your Pharmacy’s Reputation & Finances: A Guide for Owners

October 4, 2023

Pharmacies play a crucial role in providing accessible healthcare services to the public. As part of this essential service, pharmacists must maintain the highest standards of professionalism, ethics, and regulatory compliance to mitigate the risk of claims. Additionally, robust insurance coverage plays an important role in protecting pharmacies from claims related to misconduct, errors, or accidents within the premises. This article explores some of the most common types of claims, how those risks can be managed, and the insurance solutions that can limit the impact of claims.

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Double the trouble? Navigating professional indemnity risks & 60-day dispensing

July 26, 2023

The recent publication of the Double Dispensing Guide by the Federal Government brings us closer to the introduction of 60-day dispensing. While we acknowledge the potential financial impact, our focus is to help minimise the Professional Indemnity risks for our clients due to this regulatory change. Nick Squillari unpacks a double dispensing scenario that could leave pharmacists exposed to risks if it is not managed.

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Insurance Solutions for Pharmacies Amid Evolving Healthcare Services: Insights from the Victorian Pharmacist Pilot

June 6, 2023

The Victorian Government has announced an investment of $19 million to further broaden the scope of community pharmacists' roles, expecting to yield cost and time savings for the Victorian health system and ease the load on both GPs and hospital emergency departments. As healthcare delivery continues to evolve, learn more about what this means for pharmacy insurance.

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New dispensing rules likely to trigger insurance changes

April 27, 2023

This week, the Australian Government announced it will implement major changes to the Pharmaceutical Benefits Scheme (PBS) starting in September. The changes will allow millions of Australians with chronic illnesses to purchase 60 days’ worth of selected medicines for the price of a single prescription. Amid the current ‘cost of living crisis’, this change is expected to save Australians more than $1.6 billion over the next four years. In parallel, the move has also been described as controversial, with major concerns raised about the impact it will have on pharmacies.

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Managing cyber security risks in the digital age: a guide for pharmacy owners

April 19, 2023

In today’s digitally driven world, cyber attacks are becoming more common and sophisticated. In fact, a cybercrime is reported every seven minutes on average in Australia (ACSC, 2022). Australians have lost more than $98 million to malicious cyber activity between 2021-2022, with an incident resulting in an average loss of more than $64,000. Unfortunately, no sector of the Australian economy is immune, and government, education, and healthcare have all been targeted by these malicious activities. This article takes a closer look at pharmacies, which operate in the health technology space can reduce their cyber risk exposures.

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Professional Indemnity (PI) Market Update: pharmacists unlikely to see price hikes in 2023

March 15, 2023

Recent market pricing reviews and wholesaler reinsurance discussions show that Individual Pharmacist Professional Indemnity Insurance Premiums have been increasing approximately in line with inflation and there are no major price rises projected for 2023.

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Honan acquires Carollo Horton, a leading insurance broker for the pharmacy industry

December 15, 2022

Marking the fifth acquisition by Honan in the last 6 months, an extraordinary milestone for the company, we are delighted to announce the newest addition to the Honan family - Carollo Horton. Established in 1989, Carollo Horton has become a leading insurance broker for the pharmacy industry specialising in affordable insurance packages tailored to the needs of pharmacists and pharmacy businesses, while also providing insurance solutions for a range of businesses and individuals.

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With You All The Way.

Helping you to realise your growth strategies and limitless potential is the reason we exist.

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Honan Insurance Group Pty Ltd (Australian Financial Services License no. 246749, ABN67 005 372 396) is an insurance broker acting as agent for insureds and intending insureds. Honan is not an insurer.  The information on this website has been prepared without taking into account your objectives, financial situation or needs.  Any advice provided on this website is general advice only.  Before making a decision to purchase an insurance policy, please read the relevant Product Disclosure Statement to make sure the policy is right for you.  Insurance cover is subject to policy terms and conditions including policy limits and exclusions.  Copyright 2022Honan Insurance Group Pty Ltd ABN: 67 005 372 396. All rights reserved.

Copyright 2022Honan Insurance Group Pty Ltd ABN: 67 005 372 396. All rights reserved.

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