Numark has recently announced its intentions to launch a professional indemnity insurance policy this coming May according to John D’Arcy, managing director for the firm.
As he spoke in Delhi at Numark’s international conference, Mr D’Arcy stated that demand for professional liability insurance cover had been high among its members.
Mr D’Arcy stated that it was obvious that business liability insurance is essential for working as pharmacist. As Numark is a 2,600 strong membership organisation, he added that it would be highly appropriatefor it to provide its members with the insurance service.
The managing director also added that when investigating what members of Numark routinely wanted, the thing that came up the most often was the need for professional indemnity insurance. Mr D’Arcy added that adding the cover was the next best step for the group, especially as it gives encouragement to members to accustom themselves to an emerging professional role.
However Mr D’Arcy stated that Numark had no designs on replacing the NPA. He also said that it is important to provide choice in any business environment, as the overlap leads to survivability by being able to provide what members are looking for.
From a Numark point of view, said Mr D’Arcy, it’s not a binary choice between NPA or Numark. Instead Numark’s objective is to keep its members making profits; in order to do so, Numark needs to help its members respond and react to whatever challenges lay ahead, he said.
The new professional indemnity insurance policy will provide an annual £10 million limit of cover in aggregate. The policy will also have provisions for topping itself up once for free if the limits are reached.
Members can look forward to hearing the full details of Numark’s pricing this coming April.