Rhode Island Pharmacists Association


Pharmacists Mutual Companies

OUR MISSION: To help our customers attain peace of mind through specialized insurance solutions and superior personal service.

The year was 1898 when a young man named Albert Falkenhainer moved west to Titonka, Iowa, to open the town's first business: a drug store. Four years later when that store was destroyed by fire, he learned firsthand about the often painful experiences encountered by druggists seeking insurance: difficulties with loss settlements, poor service, and excessive premiums.

Falkenhainer did rebuild his drug store, and during the process, another new business was born. He obtained a mutual insurance company charter in 1909 and began offering policies to pharmacists that same year. Falkenhainer's philosophy was simple, yet powerful: Be the best at serving your customers. From its earliest days, Druggists Mutual Insurance Company was dedicated to the pharmacy profession and the "mutual" concept.

Since its beginning, Druggists Mutual Insurance has had a unique understanding of druggists insurance and financial needs. The name changed in 1992 to Pharmacists Mutual Insurance Company. The company continues to evolve with the changing needs of today’s pharmacists. Practicing pharmacists serve on the Board of Directors. Our on-staff pharmacist/attorney stays in touch with current legislation and litigation trends that affect you. Pharmacists Mutual field representatives serve as your link to the company and have years of experience with your profession.

Our Board of Directors, officers and employees are dedicated to our core values and are committed to conducting business in accordance with the highest ethical standards. Pharmacists Mutual is also very active in support of pharmacy. We take pride in supporting state pharmacy associations, college of pharmacy scholarship programs, the pharmaceutical industry through our Foundation, and sponsorship of the Distinguished Young Pharmacist Award nationwide. Pharmacists Mutual Companies are committed to pharmacy--your profession!

Our commitment to quality and outstanding service for your professional, business, and personal insurance coverage shows that we know excellent value is essential. Our competitive rates and dividend payments to policyholders each year since 1909 show we share your concern about cost control.

Pharmacists Mutual CompaniesPharmacists Mutual Companies 
808 Highway 18 West, P.O. Box 370
Algona, Iowa 50511 
800.247.5930 •• Fax 515.295.9306

Why Pharmacists Mutual Companies?

Pharmacists Mutual was created by pharmacists and has specialized in insuring members of the pharmacy community for more than a century.

Financial stability

  • Rated A (Excellent) rating by A.M. Best for over 90 years
  • Dividends returned every year since 1909, however they are not guaranteed

Personal service

  • Local representatives call on and service pharmacists in the state
  • PMC fully licensed sales associates are a phone call away
  • Large or special accounts are assigned a home office representative

Risk management services

  • On-staff risk management specialists to assist policyholders
  • Risk Management tools and resources available at www.phmic.com
  • Risk Management newsletter that provides loss control information and resources

Courteous, fast, and fair claims service

  • The hallmark of Pharmacists Mutual

Commitment to the profession of pharmacy

  • Speakers are provided to colleges of pharmacy and available for state associations presentations
  • Scholarships are awarded to pharmacy students each year
  • Sponsorship of the Distinguished Young Pharmacist Award nationwide

Broadest professional liability in the industry

  • Coverage is based on NABP definition of pharmacy practice
  • PMC staff pharmacist-attorney constantly monitors legislation and litigation




  • Individual Professional Liability
  • Businessowners Liability
  • Student Professional Liability
  • Consultant Pharmacist Package
  • Home Health Care Package


  • Workers Compensation
  • Buildings
  • Contents
  • General Liability
  • Contingent Liability-Building Code
  • Sprinkler Leakage
  • Increased Cost of Construction
  • Signs
  • Plate Glass
  • Valuable Papers and Prescription Files
  • Loss of Rents
  • Computer Hardware and Software
  • Equipment Floater
  • Earthquake/Flood
  • Business Auto
  • Umbrella Liability
  • Officers and Directors E & O
  • Builder's Risk
  • Employee Dishonesty
  • Bonds
  • Crime
  • Accounts Receivable
  • Fire Legal Liability
  • Liquor Liability
  • Boiler and Machinery
  • Business Interruption


  • Individual Professional Liability


  • HomeOwners/Renters
  • Auto and Motorcycle
  • Boatowners
  • Umbrella Liability


Health Insurance

  • Group
  • Individual
  • Short Term Health
  • Long Term Care
  • Dental
  • Cancer Policy
  • Medicare Supplement
  • Accidental Death and Dismemberment


  • Group
  • Individual
  • Business Overhead
  • Buy/Sell Coverage

Life Insurance

  • Whole Life
  • 10-20 Year Level Term
  • 12 Pay Whole Life
  • Single Premium Whole Life

Retirement Benefits

  • Annuities

Rhode Island Pharmacists Association ∙ 1643 Warwick Ave PMB 113, Warwick, RI 02889 ∙ Phone: (401) 684-1874

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