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PSA Member Professional Indemnity Insurance - for members

PSA members are at the heart of what we do and we are here to support you.

 

You told us that the things you needed to practice are too expensive and we’ve listened.

 

PSA Member Insurance is competitive – from only $170.50 – $182.60* per year, you get customised coverage regardless of your pharmacist practice setting or specialisation.

Why join?

Does your cover protect you into the future?

evolves

PSA Member Insurance provides customised coverage for now, and as your pharmacist career evolves.

low price

Save with low cost, competitive cover – from $170.50 to $182.60* per year.

Online sign up

Simple online sign up which can be completed within minutes. Renew with your membership, monthly, quarterly or annually.

Free (1)

PSA offers student members and graduate members complimentary cover.

Medicine safety

By opting into PSA Member Professional Indemnity Insurance, you’re supporting medicine safety and helping to protect the community. The PSA Member Insurance program helps to fund activities that educate on managing risk and reducing medicine error, like training, CPD, conferences and representation to government.

Phone advice 2

Feel supported by using PSA’s pharmacist to pharmacist phone advice service. Members (only) receive guidance from an experienced pharmacist on technical, ethical, legislative, regulatory and practice related questions, for all practice settings and locations.

“I recently made a claim through BMS who assigned a legal counsel to my claim. I am just writing to feedback that their assistance and performance with the matter was excellent”.

 

BMS client

The details

What does PSA Member Insurance include?

PSA Member Insurance: covering members administering COVID vaccinations*

*Cover is for pharmacists who meet the state and territory legal and regulatory requirements for pharmacist immunisers.

indemnity

$20,000,000 Limit of indemnity per claim for Professional Indemnity and Public and Products Liability and an annual limit of $60,000,000.

worldwide

Cover is provided worldwide (excluding only the USA)

 

Excess

No Excess

 

retroactive

Unlimited retroactive cover for past activities

 

Retire

Unlimited run-off cover when you have a leave of absence or retire

 

Locum

Locum & mobile pharmacists are insured

 

Voluntary

Voluntary and Good Samaritan cover

 

Therapy

Cover for member therapy and counselling expenses in the event of a claim

 

Why Difference in Conditions (DIC) and Difference in Limits (DIL) insurance?

The PSA Member Insurance cover provides members with comfort that by moving to the BMS policy they will not have any gaps in cover allowing piece of mind in the event of a claim.

The DIC/DIL endorsement is applied in the event of a claim if your prior policy is noted on the DIC/DIL endorsement.

Read the PSA Member Insurance policy here.

What were the benefits for you in signing up?
“Confidence.  Because the Insurance has PSA backing, I will be treated in a fair and professional way, with my best interests at heart”.

Greg, PSA Member

FAQ

Frequently asked questions

Yes. If providing vaccinations is within your scope of practice, the PSA Member Insurance provides protection for administration of Covid-19 Vaccinations.

BMS Group is the official and exclusive broker for PSA Member Insurance.

 

BMS is a Lloyd’s broker and has several global teams, including in Melbourne and Ottawa, dedicated to providing coverage, and value-added services to associations and its members.

The Australian and Canadian operations provide coverage to more than 400,000 healthcare and regulated professionals through 70+ associations across Australia and Canada, including the Canadian Society of Hospital Pharmacists. The underwriter also insures the Royal Pharmaceutical Society.

 

In 2020 BMS celebrated its 40 year anniversary. This industry experience, and specifically in the Allied Health Affinity segment, gives BMS a unique insight and ability to create and deliver significantly enhanced and continuously evolving member centric insurance programs. Through our partnerships with Lloyds of London (founded in 1686), our offering ensures broad, market-leading coverage, evidence-based risk management and exceptional member service.

 

To find out more visit https://www.bmsgroup.com/where-we-are/australia

 

If you have any questions about PSA Member Insurance, contact BMS at 1800 514 932 or email psa@bmsgroup.com

PSA Member Insurance provides PSA members with more choice via this low cost and competitive insurance option, designed for pharmacists across different practice settings. PSA wants to ensure that pharmacists are supported into the future as their careers evolve. As the peak body, PSA sets the practice guidelines for pharmacists and is constantly working with governments at all levels and is perfectly placed to support pharmacists managing risk.

Ensuring PSA members have access to the most comprehensive coverage, additional, evidence-based risk management materials, and exceptional service for insurance queries and claims is paramount. BMS is a specialist broker dedicated to servicing health associations and their members and will continue to enhance the PSA Insurance for members.

Lloyds of London is the underwriter of PSA Member Insurance. You can feel secure with an Insurer with an A+ Financial Strength rating. Lloyd’s of London, insurer of PSA Member Insurance, is amongst the world’s leading and most trusted insurance and reinsurance marketplace. For over three centuries the security of Lloyd’s has protected what matters most to people, businesses and communities, and helped them recover in times of need.

 

This rating is based upon independent opinion from Standard & Poor’s as of 23/03/21, of Lloyd’s financial strength and ability to meet its ongoing insurance policy and contract obligations, subject to regular review and change.

PSA Member Insurance is competitive – from only $170.50 to $182.60* per year (depending on the state and territory you are in).

 

PSA Student Members and Graduate Members, including interns undertaking PSA’s intern training program with free graduate membership, receive complimentary cover.

 

* This price includes base premium payable to the insurer plus all applicable taxes, duties and levies which will be outlined on your quote before you pay for the insurance.

You sign up for PSA Member Insurance online.

 

You will be asked to make a payment that covers you from the start date you select, until your membership renewal date. Then you can simply renew your insurance and membership at the same time, monthly, quarterly or annually: simple, safe and convenient!

 

Only members can access PSA Member Insurance, if you’re not already a PSA member, you can join the peak body for pharmacists here.

Professional Indemnity Insurance protects you against allegations or claims of financial loss due to injury or damages that have resulted from a negligent act, error, omission, malpractice or breach of duty that has arisen out of your professional capacity as a Pharmacist. The PSA Member Insurance policy will also respond to protect your reputation should a claim occur.

 

This is primarily a legal defence costs cover but also covers settlement costs in the event that you are found to be liable / negligent in causing the injury or financial loss.

 

As a registered pharmacist, you must be covered by your own, or a third party Professional Indemnity Insurance, in order to meet the registration standard; professional indemnity insurance arrangements. More information can be found on the registration standard here.

 

This standard does not apply to students or pharmacists with non-practising registration.

Public Liability Insurance provides cover for bodily injury or property damage to a third party that occurs while conducting your professional activities.

 

This is primarily a legal defence costs cover but also covers settlement costs in the event that you are found to be liable / negligent in causing the injury or property damage.

Products Liability Insurance covers an insured for actual or alleged bodily injury or property damage to a third party arising through use of a product sold, supplied, or manufactured by the insured.

Scope of practice means the professional role and services that an individual health practitioner is educated and competent to perform.

 

The scope of practice for Australian pharmacists is defined as ‘time sensitive, dynamic aspect of practice which indicates those professional activities that a pharmacist is educated, competent and authorised to perform and for which they are accountable.’

 

The key components of practice scope therefore include the following elements:

 

  • Required education, leading to proven competence (comprising knowledge, skills and behaviours).
  • Professional accountability according to recognised standards and competencies.
  • The authority to undertake specific tasks.

If you are aware of an incident that may result in a claim, including a complaint, investigation or legal inquiry/request, you must report this to your current insurer immediately.

If you have a current claim with your previous insurance company, you will need to continue dealing directly with them.  Any new claims or notifications under the new insurance program can be directed to BMS Group on 1800 514 932.

  • $20,000,000 Limit of indemnity per claim for Professional Indemnity and Public and Products Liability and an annual limit of $60,000,000.
  • Cover is provided worldwide (excluding only the USA)
  • No Excess
  • Unlimited retroactive cover for past activities
  • Unlimited run-off cover when you have a leave of absence or retire
  • Locum & mobile pharmacists are insured
  • Voluntary and Good Samaritan cover
  • Cover for member therapy and counselling expenses in the event of a claim
  • Cover for teaching, mentoring and expert opinion reports
  • Cover for in home and mobile services
  • Access to free, independent legal advice through a leading Allied Health law firm in Australia, in the event a complaint is made against you or you receive a notification from your regulatory body
  • PSA Member Insurance covers members administering COVID vaccinations*

 

*Cover is for pharmacists who meet the state and territory legal and regulatory requirements for pharmacist immunisers.

The cover provides members with comfort that by moving to the BMS policy they will not have any gaps in cover allowing piece of mind in the event of a claim. The DIC/DIL endorsement is applied in the event of a claim if your prior policy is noted on the DIC/DIL endorsement.

A tax invoice, Evidence of Cover and schedule is issued to every eligible member after they’ve signed up for and paid for PSA Member Insurance, and then immediately after they’ve renewed each year.

 

If you have any questions, please call PSA.

You can contact BMS’ team of Senior Brokers on 1800 514 932 or by email at psa@bmsgroup.com

The PSA Member Insurance Policy has unlimited run-off cover, so you remain covered in the event you have a leave of absence (such as maternity leave or due to an illness).  To activate this, you must apply for run-off cover by contacting BMS on 1800 514 932 or via email at psa@bmsgroup.com

Yes. The PSA Member Insurance Policy provides unlimited run-off cover, which means you are covered when you retire. To activate this, you must apply for run-off cover by contacting BMS on 1800 514 932 or via email at psa@bmsgroup.com

Yes. The PSA Member Insurance Policy complies with and exceeds all requirements set by the PBA and AHPRA

Yes. The PSA Member Insurance Policy provides unlimited retroactive cover provided that there are no known and unreported circumstances that may lead to a claim.

Yes.  As a Public Health Sector worker, without your own insurance policy you are relying on your employer’s Insurance, which may be geared more towards protecting your employer.  Further, Public Hospitals or Health Centres typically carry policy excesses upwards of $250,000; which means that, in the event of a claim against you, they may decline to cover you.

 

Your employer’s policy may not cover you for:

 

  • Your services with previous employers;
  • Your private practice work;
  • Your past services rendered;
  • Your services provided as a contractor, sub-contractor or consultant;
  • If you are sued by your employer;
  • Legal support for regulatory inquiries, disciplinary hearings and coronial enquiries.

 

PSA members who participate in the PSA Member Insurance Program have peace of mind because they have an individual $20,000,000 limit covering their interests as well as access to 30 minutes of free legal assistance with a senior lawyer for each potential issue that arises.

 

Having your own individual policy also ensures you are covered if you want to work while transitioning from one employer to the next.

A leading independent Australian law firm is pleased to offer summary pro bono legal advice to all PSA members participating in the insurance program. This  ensures all eligible members are provided with superior legal defence in the event of a claim or complaint.

PSA members can take advantage of this complimentary service for practice related questions involving issues such as:

 

  • Privacy and confidentiality;
  • Conflicts of interest;
  • How to respond to requests for information from third parties;
  • Enquiries from your regulatory body;
  • How to respond to a subpoena;
  • Professional misconduct;
  • Ethical obligations; and
  • Professional obligations

 

For legal advice in relation to a potential claim or complaint, call BMS on 1800 514 932 or email psa@bmsgroup.com

 

And don’t forget that PSA also offers members (only) a Pharmacist to Pharmacist advice line to provide guidance from an experienced pharmacist on technical, ethical, legislative, regulatory and practice related questions, for all practice settings and locations. Please call 1300 369 772 to speak to an experienced pharmacist adviser.

Members should

  • Immediately report any potential claim to BMS Group
  • Formally document the incident, including details of those involved
  • Submit any formal statement to BMS Group
  • Report any regulatory investigations or notice of complaint. Gather any noted and supporting documentation.

 

Members should not

  • Speak with any third parties about the claim
  • Assume any legal fees before reporting a claim
  • Offer compensation to independently settle a claim
  • Amend or change any previous medical records once a statement of claim has been received

 

If you are aware of a potential claim you should contact BMS Group directly on 1800 514 932 or email psa@bmsgroup.com

Yes. Student members are automatically covered by PSA Member Insurance provided they are working within their scope of practice and are under supervision. Cover is complimentary for students who are PSA members.

Yes. PSA Member Insurance automatically covers placements provided you are working within your scope of practice and are under appropriate supervision.

Yes. Graduate members, including Interns undertaking PSA’s Intern Training Program that includes free membership, are automatically covered by PSA Member Insurance provided they are working within their scope of practice and are under supervision. Cover is complimentary for graduates who are PSA members.

BMS act as an advocate if your claim is not progressing. If you are having issues with a claim or the management of your claim, contact BMS on 1800 514 932 or email psa@bmsgroup.com

Claim notification process made easy:

 

 

 

 

 

 

 

 

 

 

If you have any questions or need to make a claim, please contact BMS at 1800 514 932 or email psa@bmsgroup.com

No, each claim is unique and treated accordingly. A multitude of factors can affect the length of a claim or legal proceedings. The insurer and legal counsel will always work with you to complete your claim as soon as possible.

PSA has negotiated a competitive and sustainable premium with BMS via Lloyd’s of London. The premiums are calculated based upon worldwide claims evidence on Pharmacy risk, as well as a strong risk management plan to educate and reduce Pharmacy risk in Australia.

BMS Group

BMS Group is the official and exclusive broker for PSA Member Professional Indemnity Insurance.

 

BMS is a Lloyd’s broker and has several global teams, including in Melbourne and Ottawa, dedicated to providing coverage, and value-added services to associations and its members.

 

The Australian and Canadian operations provide coverage to more than 400,000 healthcare and regulated professionals through 70+ associations across Australia and Canada, including the Canadian Society of Hospital Pharmacists. The insurer, Lloyds of London, insures the Royal Pharmaceutical Society.

 

In 2020 BMS celebrated its 40 year anniversary. This industry and ability to create and deliver significantly enhanced and continuously evolving member centric insurance programs. Through our partnerships with Lloyds of London (founded in 1686), our offering ensures broad, market-leading coverage, evidence-based risk management and exceptional member service.

 

Visit the BMS website to find out more.

 

If you have any questions about PSA Member Professional Indemnity Insurance or the PSA Member Insurance Policy, contact BMS at 1800 514 932 or email psa@bmsgroup.com

*Stamp duty prices vary between states and territories. These prices are subject to government changes.​