The Importance Of Insurance
The PDA's insurance backed services provide the backbone in the defence of your reputation.
Insurance is essential to the service provided by the PDA, for several reasons:
It provides the substantial financial capability to enable PDA to provide its Legal Defence Services and, if needs be, to settle compensation claims made against full PDA members right up to £5 million pounds per member, per incident. This is the fundamental reason why you need insurance. The insurance is placed with reputable underwriters and these arrangements are made by The Pharmacy Insurance Agency (PIA) (1992) Ltd who are authorised and regulated by the Financial Conduct Authority.
The PIA Foundation Grant
The PDA was established in 2003 by a £100,000 grant from the PIA Foundation. Today, many of the services provided by PDA are not connected to or funded by insurance underwriters, these are funded through membership subscriptions. The PDA is a non-profit-making organisation.
If you are an employed pharmacist it is essential that you understand that any insurance cover provided by your employer is not necessarily in your best interest. This is explained in the section entitled Myths about Employers' Insurance Provision. The PDA's insurance schemes use a two pronged approach to provide total protection:
The PDA's close links with the Pharmacy Insurance Agency (PIA) ensure an excellent provision of insurance in other areas too. Details of these additional forms of insurance can be found here.