Insurance for Veterinarians

Insurance for veterinarians is a must since they are held responsible and liability for any item or animal within their clinic. Such items include:

  • Losses to Buildings
  • Losses to Vehicles or Clinic Equipment When Making House Calls
  • Losses of Animals in Clinic’s Care
  • Claims of Malpractice by Pet’s Owners
  • Death of Practice Owner

Along with veterinarian’s responsibility of items and animals, they are also held accountable for their workers and themselves.

Professional Liability Insurance for Veterinarians

This protects veterinarians from any personal legal liability and expenses that stem from claims of their professional conduct; along with protection against any injury or harm that arises out of an error or omission. Professional Liability Insurance is tailored to the particular needs of the veterinarian, including all of the areas of practice (clinical, own practice, research or government) as well.

Other Areas of Coverage Include:

  • Consulting
  • Instructing at a Clinic
  • Serving as a Member of a Veterinary Licensing Committee or Board
  • Provision of Emergency Care
  • Part-time Services
  • Working as a Volunteer
  • Legal Costs from Negligence Claims
  • Student/Staff Coverage
  • Injury or Property Damage

The Four Types of Policy Classes:

1) Exclusive Small-Animal Practitioners

  • These work with small animals (dogs, cats, birds, small mammals, and reptiles).
  • Annual Premium Limits: low-$173 annually for $100,000 of coverage per individual claim and $300,000 of annual aggregate per individual veterinarian; high-$222 annually for $1 million of coverage per individual claim and $3 million of annual aggregate per individual veterinarian.

2) Equine Practitioners

  • These practitioners work with horses, donkeys, and zebras.
  • Annual Premium Limits: low-$1,536 annually for $100,000 of coverage per individual claim and $300,000 of annual aggregate per individual veterinarian; high-$2,365 annually for $1 million of coverage per individual claim and $3 million of annual aggregate per individual veterinarian.

3) Food Animal or Mixed Practitioners

  • These types of animals include cows, chickens, pigs, and animals that are used for food yielding purposes.
  • Annual Premium Limits: low-$571 annually for $100,000 of coverage per individual claim and $300,000 of annual aggregate per individual veterinarian; high-$822 annually for $1 million of coverage per individual claim and $3 million of annual aggregate per individual veterinarian.

4) Veterinarians with a Predominately Small Animal Practice

  • This is different from exclusive small animal practitioners because they are able to work with larger animals, but work with small animals 70-89% of the time.
  • Annual Premium Limits: low-$244 annually for $100,000 of coverage per individual claim and $300,000 of annual aggregate per individual veterinarian; high-$330 annually for $1 million of coverage per individual claim and $3 million of annual aggregate per individual veterinarian.

What are Other Types of Coverage is Needed in Michigan?

Although Professional Liability covers a lot of veterinarian’s key responsibilities, it does not cover them fully. There are still other coverage options that need to be considered when searching for veterinary insurance.

  • Animal Bailee is protection against the loss or destruction of animals that are in the care, custody, transportation, and control of the veterinary. This covers damage that is done due to fire, wind, theft, escape, flood, vandalism, and attacks from other animals.
  • Veterinary License Defense and Excess Limits protects against any complaints against your license such as frivolous accusations.
  • Employment Practices Liability Insurance (EPLI) protects against employee allegations of sexual harassment or of wrongful terminations.
  • Worker’s Compensation is a state-regulated protection against claims of employee injury.
  • Equipment Breakdown Insurance is protection against any breakdowns that are caused by power surges, motor burnouts, operator errors or any type of malfunctions.
  • Valuable Papers and Records Insurance covers any loss of records that need to be recreated due to natural or accidental disasters or any electronic errors.

Veterinary Students

Although veterinary students can be covered under Professional Liability Insurance, it is important that they have coverage as well. The need for this insurance is due to protecting themselves against any malpractice or lawsuit; along with protecting your future. Student Liability Coverage follows you throughout your school year and the place of practice in which is chosen. There is a limit of $1 million per occurrence and $3 million annual aggregate.

Looking into Insurance Options to Match Your Specific Veterinary Needs?

Whether you are a student or licensed veterinarian, the need for insurance is a top priority to protect you and your business. At Compass Insurance Agency, we will work with you to get you the coverage options you need at the best price possible. To get started, click or call to get quotes from 15 carriers within 15 minutes.

 

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