With Lindsay Trimble—McCaslin Horne Insurance Brokers
McCaslin Horne is a family run brokerage pursuing the pharmacy market in Ontario and across Canada. They offer retail pharmacy store insurance, professional liability and life and health insurance products.
HOW MUCH OF YOUR BOOK IS PHARMACY CLIENTS? WOULD YOU SAY YOUR BROKERAGE IS ONE OF THE LEADERS IN THIS SPACE?
We decided to exit the personal lines space a few years ago to focus on our pharmacy programs. Our book is now 90-95% pharmacy clients. In Ontario, we’re one of the leading brokerages for retail pharmacy insurance and professional liability for pharmacists and technicians. We’re licensed across Canada (except Quebec) and we’re gaining clients from other provinces.
WHAT ARE SOME UNIQUE CHALLENGES TO INSURING THESE CLIENTS?
The scope of practice for pharmacists and technicians is constantly evolving, which requires us to keep on top of trends within the pharmacy industry to make sure our clients are properly covered and our professional liability product complies with multiple Provincial College requirements. We also find that as pharmacies try to differentiate themselves from their competitors, they may provide non-traditional retail pharmacy services like focusing on compounding medications or offering a walk-in clinic—with these different services come different risks and coverage needs. We’ve also begun focusing on cyber insurance coverage as the healthcare industry is often a target for cyber criminals.
ARE THERE ANY UNIQUE COVERAGE FEATURES?
Our professional liability product is occurrence based and offers unique features like prior acts (back to the pharmacist’s original licensing date), expanded US territory coverage, coroner’s inquest and legal expense coverage for college disciplinary hearings. The store package includes a pharmacist professional liability extension to protect the pharmacy in the event it’s named in a legal proceeding involving malpractice. It can also include coverage for delivery vehicles, home healthcare installations and compounding medications.
WHAT ARE SOME COMMON CLAIMS ISSUES THEY FACE?
Pharmacies tend to be targets for break-ins due to the narcotics and controlled substances on their premises. Unfortunately, access to these substances has also led to employee dishonesty claims, especially when a pharmacy owner owns multiple locations and isn’t always present at the pharmacy. On the professional liability side, we see dispensing errors that either involve an investigation by the college and/or a civil suit brought by the injured patient.
WHAT ARE SOME WAYS THE PANDEMIC HAS IMPACTED COVERAGE IN THIS SPACE?
Fortunately, pharmacies have been considered essential during the pandemic. Their important role in public healthcare was highlighted as many opened their doors to provide Covid-19 vaccine clinics in their communities. It was a very busy time for us in the spring answering coverage questions about providing the Covid-19 vaccine.
DO YOU DO SOMETHING SPECIFIC TO TARGET THIS SEGMENT?
We’ve partnered with a number of pharmacy banners, associations and pharmacist groups which not only brings attention to the products we offer but also keeps us up to date with what’s happening in the pharmacy industry. We strive to have a presence at pharmacy related trade shows and events, whether in-person or virtual. We’re undertaking some exciting digital advertising initiatives and hope to grow our reach even further.