For more information on errors and omissions (E&O) insurance, how it fits in with your overall protection, and to learn about the Canadian Pharmacists Benefits Association (CPBA), please read our Frequently Asked Questions below.
CPBA is the Canadian Pharmacists Benefits Association, the only national organization sponsoring errors and omissions (E&O) insurance coverage for Canadian pharmacists. It is managed and operated for the sole benefit of pharmacists belonging to our provincial member associations, and works to provide you with the best professional liability insurance coverage.Our Board of Directors consists almost entirely of pharmacists, so we understand your concerns and have reflected them in designing this policy.
If you are a member of the Pharmacists Association of Newfoundland and Labrador (PANL), the Prince Edward Island Pharmacists Association (PEIPA), the Pharmacists Manitoba or the Alberta Pharmacists Association (RxA), this insurance is available to you through that organization. If you live outside the Provinces represented by any of these organizations, and would like to arrange insurance coverage, please contact Michael Johnson of Marsh Canada Limited, our broker (Michael.Johnson@marsh.com, Direct Line: 1.780.917.4852/Toll Free: 1.866.214.2936, alternatively, the CPBA office (firstname.lastname@example.org, 416-491-2886 or 1-800-208-9398). If you live in Newfoundland and Labrador, Prince Edward Island, Manitoba or Alberta, but are not a member of your province’s organization, please contact them by clicking on the appropriate link in the “Our Members” section at the bottom of this page.
Errors and omissions (E&O) insurance protects you from claims arising from the delivery of your professional services. It protects against liability arising from accusations of negligence (errors) or the failure to deliver the services expected of you (omissions). Under the CPBA-sponsored policy, you are protected both against claims made against you in a court of law (including defense costs) and against costs associated with any disciplinary actions that may be taken against you.
Errors and omissions (E&O) insurance is only part of the insurance coverage you may need fully to protect your pharmacy practice. Other types of insurance (for instance, general liability, business interruption, etc.), which are not available through CPBA, may also be desirable. Please contact your provincial association (PANL, PEIPA, Pharmacists Manitoba or RxA), as they may have negotiated discounts with other providers for additional types of insurance.
The most obvious answer is because the regulations say you do. But the real reason – and the reason for the regulations in the first place – is to ensure you have the financial resources to correct a situation should a member of the public suffer as a result of your services.
Insurance of any kind is part of your overall risk management strategy. Risk management consists of identifying events that may put your practice at risk of financial or other loss, and then taking steps to prevent the risks from arising, reducing the likelihood they will happen, minimizing the damage should they occur, and limiting your loss if they arise. Insurance helps limit your loss, but as a responsible pharmacist, you will want to take other steps to prevent, reduce or mitigate losses. In professional terms, ongoing training helps prevent risks from arising; review of medications being taken by clients reduces losses (by identifying potentially harmful interactions); implementing a quality control regime in your pharmacy or taking prompt action if you receive a client complaint mitigates damages; and insurance limits your loss to your deductible.