Veterinarians are typically entrusted with maintaining the health and wellness of clients’ beloved pets. Many people may consider the nonhuman members of their households as legitimate members of their families, and caring for their dogs, cats, reptiles, rodents and other pets may be among their top priorities. However, even the most responsible and experienced veterinarians must account for various risks and exposures, including accidents and errors that could incur significant financial losses. With this in mind, an adequate veterinary insurance portfolio is essential. 

What Is Veterinary Insurance? 

Veterinary insurance may not refer to a single type of policy. Rather, this term may refer to a package of coverages that, when combined, provide adequate financial protection from various risks and perils related to veterinary options. A veterinarian or veterinary clinic can retain access to critical financial assistance in response to covered losses by compiling a suitable collection of policies and maintaining coverage through premiums. 

What Should Veterinary Insurance Include? 

Although the exact insurance needs of a veterinarian and their business may vary, the following types of coverage may be advisable investments: 

• General liability insurance—This coverage may help pay for financial losses related to third-party bodily injuries, property damage or personal and advertising injuries (e.g., slander, libel and false advertising).

• Commercial property insurance—This type of insurance may provide financial protection for a policyholder’s physical assets, including structures, equipment, inventory and furniture.

• Business interruption insurance—If a covered incident disrupts normal operations, this coverage may help pay for ongoing expenses and financial losses, such as rent, payroll, lost income and loan payments.

• Workers’ compensation insurance—This part of a veterinary insurance portfolio may provide financial assistance if employees are injured on the job or develop work-related illnesses.

• Animal bailee coverage—This coverage may help pay for financial losses and expenses if an animal under the care of a policyholder is lost, stolen or injured.

• Equipment breakdown insurance—If a policyholder’s equipment is damaged, lost or stolen, this coverage may help pay for repair or replacement costs.

• Professional liability insurance—This coverage may provide financial assistance if a client or customer sues a policyholder for providing veterinary services that were incorrect, negligent, misrepresented or otherwise inadequate.

• Employment practices liability insurance—This type of insurance may help pay for legal costs and losses if a current, former or prospective employee sues a policyholder for improper workplace practices, such as discrimination, harassment or wrongful termination.

• Cyber liability insurance—This coverage may help pay for expenses and losses arising from a data breach or other cyber incident.

• Commercial auto insurance—If a veterinary business uses motor vehicles as part of its operations, this coverage can provide financial security.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.