Quick Guide to Insurance for Vets
Quick Guide to Insurance for Vets
Veterinarians are strongly advised to incorporate pet business insurance into their annual budgets for several reasons. For one thing, the future is always uncertain but the risks of such uncertainty can be considerably lessened, if not eliminated, with comprehensive insurance on your side. Examples of uncertainties that can be covered by insurance are property damage, professional indemnity and business interruption.
For another thing, the claims for damages sans insurance policies can sink your veterinary practice. Since you will be financially responsible for the settlement of these claims and you most likely failed to include contingencies into your annual budget, you will find your business profits being eaten by the claims, so to speak.
Indeed, the importance of pet business insurance cannot be overemphasized or all veterinarians with their own private clinics. But you must not stop with basic business insurance either because it can be insufficient to cover business interruptions and damage to people and property.
First, business interruption insurance refers to the coverage necessary to get your business in operation after suffering from a significant loss, a business closure, or temporary change of address, among others. Your insurer will evaluate certain aspects of your operations including turnover, profit and seasonal variations in order to determine your insurance premiums, deductibles and coverage, among other terms and conditions.
Second, indemnity cover pertains to the coverage for damages to property, injuries to people, and injuries to pets for which you may be held liable during the course of your veterinary practice. Cases covered by such pet business insurance include an individual slipping inside your office due to water on the floor, a pet suffering from an illness because of your improper advice, and an item damaged because of your negligence.
Keep in mind that the pet insurance policies secured by pet owners on their dogs, cats and birds do not provide coverage for your actions or omission of actions during the course of your veterinary practice.
Furthermore, veterinarians must deal with unique challenges, hazards and risks. You will want to secure additional specialised types of insurance to cover the hazards of the job including but not limited to:
• Physical injuries from handling animals including bites, scrapes and kicks as well as lifting, restraining and treating these animals (i.e., back injuries);
• Chemical injuries from exposure to disinfectants, hormones, and anaesthetic gases as well as radiation;
• Biological injuries and illnesses from exposures to allergens, zoonotic infections and animal-to-human transmission of diseases.
With all these dangers for veterinarians in their line of work, comprehensive pet business insurance is an absolute must!
The trick is in choosing the most reliable insurer and underwriter with an extensive understanding of the needs and wants of veterinarians in terms of insurance. Run-of-the-mill insurance companies cannot provide for these needs and wants because of their inexperience in the industry.
Fortunately, Petplan Professional comes to the rescue of professionals in the veterinary industry most notably veterinarians with their own private clinics. The insurance company understands all the risks of these professionals and, thus, is in the best position to provide the best pet business insurance plans. Why go to others when you have the expertise of Petplan Professional in addressing your needs and wants for your business?
If you are interested in a comprehensive comparison of all pet insurance policies by price, or learning more about Pet Business Insurance please visit our website where you can also learn about Veterinary Pet Insurance.