Frequently Asked Questions

PharmaCover is a consortium of insurance providers, endorsed by McKesson, to offer a broad range of comprehensive insurance products and services to McKesson brands that include special products and features and preferred pricing.

PharmaCover has provided quality service to Canadian pharmacists, pharmacy owners and their employees since 2013. While other brokers come and go, our longevity comes from our commitment to understanding pharmacists and pharmacies, serving them well and bringing them greater value than they could otherwise find in the marketplace.

PharmaCover serves pharmacists, pharmacy owners and their employees who work under any of the McKesson retail banners: The Medicine Shoppe, Remedy’sRx, Guardian and I.D.A. We also serve members of the McKesson Canada Distribution for Retail Pharmacies group.

PharmaCover offers commercial business insurance, professional/malpractice liability insurance, group benefits and personal insurance (life, disability, critical illness). For pharmacists, we offer professional liability insurance. For pharmacy owners and employees, we offer group home and auto insurance with savings up to 35% off regular insurance rates.

McKesson Canada’s pharmacy banners include The Medicine Shoppe, Remedy’s Rx, I.D.A. and Guardian. Just like they make life easier for pharmacy owners with their distribution services for retail pharmacies, McKesson searched for, vetted and selected a partner for insurance services. McKesson Canada chose PharmaCover as a preferred vendor for The Medicine Shoppe, Remedy’s Rx, I.D.A., Guardian and members of their retail buying club. They did their due diligence, so pharmacy owners have one less thing to worry about. PharmaCover is proud to be a preferred vendor of McKesson Canada and offer you savings and exclusive coverage as part of our group insurance and group benefits plans.

We designed our website with busy pharmacy owners and pharmacists in mind! We know that you want to research your options at your convenience, so we put as much information as possible right here on our website. By the time you finish reading our site, you will know who we serve, what our group insurance and benefits products look like and the answers to our most frequently asked questions. Request your quote today!

Once you request a quote, we call you for a personal consultation. In this conversation, we go over your needs and help you understand your current coverage and any risks associated with it. Then we show you how to get the solution you need to put your mind at ease. With our quote and consultation process, you leave the discussion with an understanding of where your current coverage may leave many problems unsolved and how you can save money with PharmaCover.

Experience, professionalism and expertise along with the speed of quoting and policy issuance. All your business insurance needs in one stop. Simplified applications for new business and easy processing of renewals. Having all of your documents available to you around on the clock on our portal will keep those important documents at your fingertips. The speed at which we issue certificates of insurance makes it easier for you to continue on with your day.

• $1,000,000 with a $2,000,000 aggregate
• $2,000,000 with a $4,000,000 aggregate
• $3,000,000 with a $5,000,000 aggregate
• $5,000,000 with a $5,000,000 aggregate

Request your limits by completing one simple application or speaking with one of our licensed brokers

• $2,000,000 with a $4,000,000 aggregate
• $5,000,000 with a $5,000,000 aggregate
• $10,000,000 with a $10,000,000 aggregate

Higher limits may be available upon request

Request your limits by completing one simple application or speaking with one of our licensed brokers

Whether you are a pharmacist or own a retail store – we have a simplified one page application to complete and start your policy. Or you may contact our office with any questions you may have.

Yes, PharmaCover spent time assessing claims situations with some of your colleagues and designed a specific wording to cover pharma-stock not specifically damaged by a covered peril in the event of a claim. This program advantage will be explained to you at time of quoting – you will recognize better coverage than with other programs.

Owners and full-time employees at The Medicine Shoppe, Remedy’s Rx, I.D.A. and Guardian and members of the McKesson Canada retail buying club are eligible for discounted home and auto insurance through PharmaCover. There is no cost or administration time for you. This is one of the perks of being a full-time employee at your pharmacy.

1. Request marketing material for your employees or colleagues which contains all of our contact information

OR

2. Call for a quote 1-800-445-2270

OR

3. Click to the request a quote link below

Small businesses face many challenges but when it comes to employee benefits, this doesn’t have to be the case. Most small business cannot obtain comprehensive, flexible and competitive benefits but there’s power in numbers. When you get your group insurance and/or group benefits from PharmaCover, you’re buying into a group with many other owners and pharmacists across Canada. For the insurance carrier, this spreads the risk across many clients and those savings get passed on to you. It is common for large companies to buy into group insurance and group benefits; PharmaCover gives you the same advantages as these large companies.

PharmaCover offers exclusive savings and coverage that is not readily available elsewhere in the marketplace.

Here are the four main reasons we prescribe group benefits for pharmacy owners:

• Significant savings over individual or small plans.
• Everybody is insurable—no medical underwriting.
• Tax efficiency for the business.
• Employees love benefits.

If you’ve got a store with one or two employees and you purchase a benefits plan on your own, you’ll pay your insurance company a certain portion of every dollar for administration and adjudication. However, if you join a group insurance plan with 100 other small pharmacies, the costs of administration and adjudication go down. This savings is passed onto your pharmacy and everyone in the group. Being part of a larger group gives you automatic savings over what you could get as an individual pharmacy, even if you have 20 employees.

On top of that, more insurance coverage typically comes with group insurance plans purchased within a buying group. With PharmaCover, you enjoy the benefits of group buying power.

If you apply for health, life or disability insurance on your own, you’ll typically be underwritten, which means you’re subject to a medical review. If you have any pre-existing conditions, your coverage will be affected. For example, if you’re on high blood pressure medication and you’re underwritten, the insurance company will exclude high blood pressure medication. This means you pay out of pocket for that medication.

However, with a group benefits plan, there’s no individual underwriting. The insurance company does not ask about your blood pressure and your medication will be covered, according to your plan’s parameters. In this example, joining a group benefits plan means one day, you’re paying for blood pressure medication and the next day, your plan is.

With a group benefits plan, you can also purchase life insurance, accidental death and dismemberment insurance and health, dental and travel insurance without medical underwriting.

The beauty of group benefits is that even “uninsurable” people can get health insurance, life insurance, accidental death coverage and long-term disability insurance.

Most employee benefits are a deductible expense for your company and aren’t considered taxable income for your employees. Basically, most employee benefits are tax free. As a pharmacy owner, make sure you include yourself on the benefits program so your medical and dental claims can be paid for by your company, tax-free.

You should request a quote if:

• Your existing plan costs are increasing at a greater rate than your revenue.
• Your current health insurance is insufficient for your needs or risk tolerance.
• Your store has grown, and your group benefits plan hasn’t kept up with the needs of your employees.
• Your current plan is not as flexible/robust/customized as you would like.

Many local Chambers of Commerce offer group benefits plans and if you’re happy with your plan, that’s great. However, there are many pharmacy owners who do not find these plans sufficient because they don’t offer comprehensive insurance coverage and customizable group benefits like we do at PharmaCover. For example, most Chambers of Commerce plans don’t include property and casualty insurance or life insurance. If you’re interested in saving money and obtaining enhanced coverage that isn’t readily available elsewhere in the marketplace, contact us today.

If you have a question about commercial business insurance, liability insurance, group benefits or personal insurance (life, disability, critical illness) that we haven’t answered here, please don’t hesitate to contact us today.