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Veterinary Business Insurance for Vets: Cost & Quotes From $11

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Many people regard their pets as part of the family, and we're sure you do too. Like any other medical facility or business, there are risks involved in running a veterinary practice. You never know when an animal may get injured or lost under your care. In other situations, data breaches can result in the loss of sensitive customer information, and you end up incurring costs of complying with notification requirements to the affected clients. Having veterinary insurance protects you against the financial implications of these risks and many more. 


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Veterinary Liability Insurance

Vet liability insurance covers animal care professionals who work as veterinarians. This insurance protects you if a pet owner files a claim because you caused personal injuries or property damage or committed negligence or malpractice and caused further harm to their pets.

 

Veterinary Professional Liability Insurance

Veterinarians should understand that their clients might sue them at some point because of medical negligence. Also referred to as veterinary malpractice insurance or indemnity insurance, this protects you from claims due to any form of malpractice that harms your furry patients. You might incur high costs during the court process and settlement fees and malpractice insurance will pay on your behalf.

 

Veterinary indemnity insurance covers most of the costs related to such claims. It would be best to pay the manageable monthly insurance premiums instead of paying huge sums of money when a court passes judgment against your business. Only vet indemnity insurance covers negligence claims. General liability and other insurance policies can't cover professional malpractice. 


Who Needs Veterinary Insurance Coverage?

Many medical professionals provide care to pets. Insurers offer vet insurance to a wide range of vets, including:

  • Animal healthcare facilities

  • Veterinarians for pet

  • Livestock veterinary services

  • Animal specialty veterinarians 

  • Veterinarian acupuncturist

  • Veterinary treatments/therapies

  • Veterinarian neurologist

  • Veterinary disease testing services

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Business Owner’s Policy for Veterinarians

As a veterinarian, you need to have some basic insurance coverage. One of them is Business Owner's Policy (BOP), which protects you from the risks you might face during your daily activities. A BOP provides three types of policies. They include:

  • General liability policy

  • Commercial property insurance 

  • Business income insurance


General Liability Insurance

General liability insurance covers injuries or property damage you caused to third parties. Here are some examples:

  • Suppose you asked someone to deliver a pizza to your clinic and you forgot to close the cage of a dog who was grumpy as it was sick. When the delivery man entered your business, the dog charged at him. The delivery man then filed a claim so that he could get paid for his injuries

  • There's animal urine on the floor. You were about to clean it when a client came in. The client then stepped on the urine and slipped. She fell on the floor and sustained minor injuries on her hips. The phone she was holding got damaged. You were then demanded to pay for her injuries as well as the damaged phone


How much money can you get from general liability insurance? General liability insurance gives you $1 million - $2 million. You can use the insurance money to pay for lawyer fees, other legal costs, and settlements. 


Commercial Property Insurance

Your veterinary clinic can get burned because of a fire. Riot, vandalism, theft, and extreme weather might damage it too. Imagine how much you’ll lose if any of the two situations happen. And so, consider getting commercial property insurance. 


Commercial property insurance helps you reconstruct the veterinary clinic if it turns into ashes. This coverage will also pay for repair costs if your clinic only got damaged because of riot, vandalism, theft, and extreme weather. Speaking of extreme weather, know that commercial property doesn’t cover floods. 


Basic commercial property insurance doesn’t cover equipment and materials inside your veterinary clinic. And so, consider adding business equipment coverage, and stocks and contents coverage. Business equipment coverage will pay if work tools in your clinic got damaged or lost because of fire, theft, vandalism, extreme weather, and other named perils. On the other hand, stocks and contents coverage reimburses the value of damaged and unusable veterinary goods and materials. 


Business Income Insurance 

You might need to stop business operations for a while to move to a new location. It’s also possible for you to stop doing business because you got sick or the clinic needs to be renovated. 


Temporary business closure isn’t an excuse for you to stop paying bills.  And so, consider getting business interruption insurance. 


Business interruption insurance will provide money while your veterinary clinic isn’t generating income. The amount you’ll receive will be equal to a portion of or the total value of your business’s projected revenue. You can use the insurance money from business interruption insurance to pay employee wages, electricity and water bills, taxes, loans, rent, and other operational costs. 


Veterinary Disability Insurance

Disability insurance replaces a portion of your income when an injury or illness causes you to become disabled and incapacitated to continue providing veterinarian services. The insurance covers up to 60% of your monthly income. Depending on your insurance carrier, the amount might be taxable. 

 

Three Must-haves in Long-Term Disability Coverage

When shopping for long-term disability insurance, check your carrier's reputation and policy features. Typically, disability insurance premiums range from 1.5% - to 3% of your gross income. The following three aspects are critical in long-term disability insurance for veterinarians:

  • Own occupation - You worked hard to obtain your medical credentials. An own occupation pays the benefits though you might be able to earn income working in a different job or sector

  • Non-cancellable or guaranteed renewable - A non-cancellable policy means your insurer can't cancel your coverage so long as you pay your monthly premiums. Without this feature, your provider can cancel the coverage if something changes. For instance, the company might stop covering certain classes of chronic illnesses, forcing your agent to cancel the policy. A non-cancellable policy ensures you're always protected

  • Income adjustment/future purchase option - Sometimes, you need to increase your coverage limit to receive proceeds that match salary increases. In that case, a policy with income adjustment guarantees that, but it's worth noting that your monthly premiums will increase as well. This feature is especially critical for young veterinarians who've just completed their internship programs


Other Useful Veterinary Insurance Policies 

What we discussed previously are must-have veterinary insurance policies. However, there are other insurance products that, although not very essential, can still help a lot.  With that said, if you’re willing to invest more for insurance, consider getting:

  • Commercial auto insurance

  • Employment practices liability insurance

  • Employer’s liability insurance 

  • Workers compensation insurance

  • Cyber liability insurance


Commercial Auto Insurance

Does your veterinary clinic have its own pet ambulance? If so, consider getting commercial auto insurance. You can’t cover that vehicle using personal car insurance. And even if y ou manage to do so, know that premiums will be very expensive. 


Insuring a vehicle used for business purposes is better with commercial auto insurance because it’s cheaper and more comprehensive. The following are the coverages included in commercial auto insurance for vet:

  • Auto liability

  • Personal accident insurance

  • Physical damage coverage

  • Emergency roadside assistance


It’s common for a pet ambulance to rush. And while driving fast, the driver might get involved in an accident and cause injuries to third parties as well as property damage. Auto liability insurance covers costs if a claim is filed. Particularly, it will cover defense costs and settlements to injured parties


Of course, if a vehicular accident happens, the passengers inside the ambulance might get hurt. Note that auto liability insurance doesn’t cover them. And so, consider getting personal accident insurance. With personal accident insurance, you can pay for the emergency treatment and compensation of injured passengers. 


Physical damage coverage comes in two types - collision and comprehensive. Collision physical damage coverage can be claimed if your vet clinic’s pet ambulance got damaged after colliding with another vehicle or object on the road. However, there’s an exception. Physical damage coverage won’t cover damages the pet ambulance incurred after ramming a deer, cow, or any other animal. 


The second type - physical damage coverage can be claimed if your clinic’s pet ambulance got damaged because of extreme weather, fire, theft, vandalism, and other named perils. Physical damage coverage pays for the damage caused by colliding with an animal on the road too. 


The pet ambulance might experience issues on the road. And so, don’t think twice about getting emergency roadside assistance. By having emergency roadside assistance, there’s an insurance policy that will shoulder the cost of battery jump start, towing, and other types of services needed to get the pet ambulance running once again. 


Employment Practices Liability Insurance

Employment practices liability is a vet business insurance that’s surely helpful if you have assistants or any other employees. Sexual harassment, wrongful termination, and workplace discrimination are problems you’ll face regarding employees. And these are what employment practices liability insurance covers. With this policy, you can pay for attorney fees, other legal costs, and compensation to aggrieved parties. 


Workers Compensation Insurance 

While helping you treat animals, assistants might be bitten, kicked, and scratched. They might experience musculoskeletal injuries due to repetitive movements. But that’s not all. Animals might also cause zoonotic diseases that, once contracted by humans, will take long to heal. 


And so, decide to get workers compensation insurance for your employees. Workers compensation insurance helps you treat injured or sick employees. The policy also shoulders the cost of unemployment allowance, which is equal to two thirds of the employees’ average weekly wage. 


Are you required to get workers compensation insurance? If you’re a vet doing business in Texas, then there’s no need to. However, if you’re in another state, workers compensation is required. This insurance is a state-mandated policy. Meaning that failure to get covered by workers compensation will result in fines and penalties.

 

Employer’s Liability Insurance 

Injured employees might file a lawsuit accusing you of committing negligence. Lawsuits resulting from the occurrence of workplace accidents fall out of the scope of employment practices liability insurance. Instead, this is the job of employer’s liability insurance. Employer’s liability insurance’s function is the same. It provides money so that you can pay for lawyer fees, other legal costs, and settlements. 


Cyber Liability Insurance

Consider getting cyber liability insurance if your veterinary clinic is running a system that collects payments from clients via credit card, bank transfer, or e-wallets. Hackers can breach your system and cyber liability insurance will protect you from the costs. 


A data breach will steal sensitive client data such as credit card numbers, phone numbers, addresses, etc. As a result, concerned parties might file a lawsuit. One job of cyber liability insurance is to pay for defense costs and settlements if such a thing happens. 


Of course, you’ll have to notify customers about the breach. And so, the second job of cyber liability insurance is to pay for public relations expenses. 


Note that cyber liability insurance is just an optional policy. You don’t really need this except your vet clinic has a website or any other similar platform to collect payments and market services. 

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Veterinary Insurance Cost

The average cost of veterinary malpractice insurance is $66.66 per month or  $800 a year for a $1 million coverage. Factors that affect veterinary malpractice insurance cost are location, policy limits, deductibles, and claims history. 


Animal care professionals incur varied veterinary liability insurance cost because the rates vary based on the coverage limit you choose and the type of animals your practice cares for. But on average, the cost of general liability insurance for veterinarians is $92 a month or $1,104 a year.

 

Vets caring for small pets have reduced liability than facilities catering to large or exotic animals. The table below offers the estimated rates of other policies included in veterinarian insurance.


Cost per Month  Cost per Year
Commercial Property Insurance $75 $900
Vet Malpractice Insurance $66.66 $800
Workers' Compensation $375 $4,500
Commercial Auto Insurance $61 $732

 

Here’s another table providing more idea about the cost of vet insurance by showing the best companies and their pricing:


Cost per Month  Cost per Year Best for 
CoverWallet  $89 $1,068 Veterinary insurance quotes comparison online 
AVMA $159 $1,908 AVMA members
Safehold  $162 $1,944 Insurance for all kinds of veterinarians

Compare Cheap Veterinarian Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Best Veterinary Insurance Companies

As mentioned earlier, it's critical to find an insurance company that provides personalized vet insurance coverage to cover your unique needs. While there are various options of companies you can partner with, CoverWallet is perhaps the best insurance provider for veterinarians. And so, here's a review of the company as well as two others that many recommend. Know their pros, cons, and pricing for a $1 million general liability coverage.

CoverWallet Veterinary Insurance


Pros

  • Get covered online

  • Online certificate of insurance

  • Cancel a coverage anytime

  • Stable rates

  • Get the quotes of different carriers and compare pricing

Cons

  • Vet insurance is underwritten by third-party carriers


You have four coverage options with CoverWallet. If you don’t need a lot of protection, then the company can insure you with general liability insurance only. On the other hand, if you need to get covered against workplace mistakes too, then it’s possible to purchase general liability insurance with malpractice insurance.


Nonetheless, the best protection is through CoverWallet’s pro coverage that bundles commercial property insurance with general liability insurance and professional liability insurance. But if you think that best isn’t enough, you can also decide to get a custom coverage that allows you to choose and get all the available business insurance needed.


Best for: Veterinary insurance quotes comparison online

Average cost: $89 per month

Our rating: 10/10

AVMA PLIT Insurance


Pros

  • Provides professional, business, and personal veterinarian-focused coverage

  • Experienced insurance services (over 60 years)

Cons

  • Coverage available to members only


AVMA understands everything that happens in a veterinarian clinic. Therefore, the association's insurance policies provide the best protection for veterinary risks, from malpractices and disability to liabilities. With AVMA coverage, you can protect your practice, workforce, and the people you love.

AVMA provides two types of coverage policies:

  • AVMA PLIT

  • AVMA Life

AVMA PLIT has provided coverage for veterinarians and their practices for more than 60 years. AVMA malpractice insurance and other veterinary insurance policies are combined to satisfy the unique risks each customer faces. The organization offers two insurance options to members through the AVMA Trust, which combines the AVMA PLIT and AVMA Life policies.

AVMA PLIT cost starts at $159. AVMA PLIT provides three types of coverage. They include:

  • Professional protection – This protection offers AVMA liability insurance, which covers defense expenses and settlements

  • Business protection – This protection offers AVMA business insurance policies such as employment practices liability, commercial auto coverage, workers' compensation, cyber liability, flood coverage, and mobile vet insurance

  • Personal coverage – This policy encompasses all personal coverage, such as homeowner's insurance, car insurance, and renter's insurance.

AVMA Life provides veterinarian-inspired protection for members (and their families) at every stage of life. This policy offers wide-ranging coverage policies, including:

  • Life insurance

  • Dental and vision coverage

  • Short- and long-term disability

  • Long-term care

  • Hospital indemnity

  • Basic protection for veterinarians and veterinary doctors, including rabies prophylaxis

The association also provides group benefits for veterinarians to help them remain competitive in attracting and retaining employees. Some of these benefits include:

  • Practice Healthcare Solutions

  • Association Retirement Benefits

  • AVMA Disability Insurance Plan

  • Small-Group Employee Benefit Plans (supplementary life and disability insurance)

Best for : AVMA members

Average cost : $159 per month

Our rating : 8/10


Safehold Veterinary Insurance


Pros

  • Provides veterinary business insurance for a wide range of risks

  • Seasoned vet insurance provider (over 55 years)

  • Available to all veterinarians

Cons

  • May not offer disability coverage


The Safehold Special Risk Veterinary & Animal Services coverage program protects against virtually all risks involved in the daily veterinarian operations: lost animals, bites, malpractice claims, data breaches, and employee management.

Established in 1965, the program offers insurance for veterinarians across the industry's sub-sectors, including single or national multi-location practices, specialty veterinary clinics, pet groomers, veterinary behaviorists, small and exotic animal practices, pet trainers, etc.

Safehold specialty risk insurance policies cover you for the following risks:

  • Professional liability

  • License defenses

  • Animal bailee

  • Workers' compensation

  • Business Auto

  • Excess liability

  • Kennel cough coverage

Best for: Insurance for all kinds of veterinarians

Average cost: $162 per month

Our rating : 8/10


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