Veterinarians are one of the most important people in a pet’s life. They put their hearts into caring for animals, ensuring they are in sound health. While doing a fantastic job, it is important to protect your business from unexpected events in the future. Veterinary liability insurance covers liabilities like injuries and lawsuits sustained by others from your business.
Veterinary liability insurance offers comprehensive coverage to cover the special needs and risks of a veterinary business. These risks include risks with caring for animals, dealing with pet owners, and handling a vet hospital. It covers the veterinarian from personal property damages if their property gets damaged during a job.
This insurance consists of multiple policies, which include malpractice, animal bailee insurance, veterinarian liability insurance, and commercial property insurance. From a standard veterinary insurance company, you should be able to get every coverage you need with proper limits.
How Much Does Veterinary Liability Insurance Cost?
Veterinary liability insurance costs vary depending on several factors and insurance companies. These factors include your business needs, business type, and location (generally whether you are renting or you own a building). A steed veterinarian or a veterinarian who cares for exotic animals generally pays more on coverage than those who care for domestic animals. However, the average cost for veterinary liability insurance ranges from $4,300 to $8,300 or more than yearly depending on the insurer and risks connected to the business.
What Does Veterinary Liability Insurance Cover?
Due to the level of risks veterinarians face, there are several types of coverage this insurance offers. First-party property insurance coverage is effective for veterinarians who own or rent a clinic to protect their equipment and buildings. Also, based on your business size, you may need to get additional insurance coverage. However, the following are the different types of veterinary insurance:
Veterinarian Malpractice
This type of liability insurance covers legal costs such as customer lawsuits for omissions, professional errors, and negligence. For instance, if you are accused of professional malpractice like bad advice or mistake during a surgery, this insurance handles the claim’s legal defense. Employed veterinarians are generally not covered under the clinic’s business owner’s policy. Instead, they are required to have their own coverage.
Animal Bailee
You become responsible for a pet once a pet owner leaves their pet in your care. This insurance covers instances where the pet sustains injuries, gets lost, or passes away while in your care. Animal bailee coverage is available as a part of the liability coverage or a stand-alone policy.
Commercial Property
Vet businesses require tools and equipment to work effectively. This, however, depends on the business type and physical space. Commercial property insurance covers business-owned equipment and properties against covered events like theft, fire, and vandalism. This insurance is often offered with general liability insurance.
Business Owner’s Policy
This coverage contains commercial property, general liability, and coverage for lost business revenue. It is cheaper than purchasing all the coverage it contains individually. Business owner’s policy is a general choice for vet clinics with a standalone building that is owned by the business. It covers both the building and most of the liability.
General Liability
If you own a shelter, vet hospital, or clinic, general liability insurance covers bodily injuries and property damages sustained from your business to others. Just as the name implies, it covers general or broad liabilities. Its third-party coverage covers the losses to third parties who are injured, have property damages, or accuse your business of harming their reputation.
Worker’s Compensation
If you have any employee (even if it’s just one), this insurance covers injuries and illnesses your employees sustain from their jobs. This coverage is mandatory in every state for all businesses, including veterinary businesses. It shields your businesses from medical expense costs and compensation for employees’s lost wages.
Inland Marine
Inland Marine covers mobile equipment and tools that are not fixed at a certain location. If your business involves movable tools and equipment, it is important to get this coverage. It is third-party insurance that covers movable items, and it is not limited to a certain location.
Cyber Liability
Like a business owner’s policy, this insurance covers both the first and third parties of a business. It covers technology-based information and losses. If your business sustains or experiences cyberattacks and data breaches, cyber liability insurance pays for it. This coverage covers both the business and the affected.
Why Do I Need Veterinary Liability Insurance?
Running a business means you will be facing a lot of risk, which may affect your business. For this reason, having proper coverage is important. This insurance protects your veterinary business from several risks you may face while caring for animals. Whether you manage a large veterinary group or own a single vet hospital, it is important to get coverage over your business to financially cover you against any risk that may affect your business.
Should veterinarians have malpractice insurance?
Veterinarians need to have malpractice insurance against claims filed against their professional services. Most vet hospital policies do not offer coverage for employed veterinarians. For this reason, all veterinarians must have malpractice insurance coverage.