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Every business needs to get the basics right in order to be successful. From employing people with the correct skill set and having the necessary systems in place to organising your finances and ensuring you have appropriate insurance, getting things in order from the get-go, is going to make life a lot easier in the long run.
Certainly, vet practices like most businesses are required to have insurance in place to protect their practice. However, having insurance that is appropriate for a veterinary practice not only protects your business, it can also help safeguard your reputation and assets.
Whether you have your own veterinary practice or you intend to work as a consultant vet, there is a whole gamut of things that could potentially go wrong. Unfortunately, not only do accidents and unexpected events happen, they can also result in a claim being made against you or your practice.
Understanding the type of protection you need to shield your business, not to mention your reputation, against a damage claim or financial loss is vital.
Of course, first things first, it’s essential to recognise that every business is different. As such, it’s important to consider (and ideally write down) the nature of your business and the scope of your practices. This will help you decide which type of veterinary insurance you might require.
In order to make an informed decision on the best insurance for you or your business, it’s important to know which types of policies are available and what they cover. Here’s an overview.
Vets can work with animals in a wide range of settings, which can expose you to greater risks. A key insurance policy for all veterinarians is Professional Indemnity.
This can help protect you against claims of negligence relating to advice given or action taken. Considerations include failing to diagnose or correctly treat an illness or injury, providing incorrect or misleading advice or information, administering inappropriate medicine or failing to advise on or provide protective measures. While none of these actions may be intentional, an alleged or actual breach of your duty of care could result in a client making a claim against you. Having Professional Indemnity insurance in place offers protection against legal action.
Alongside Professional Indemnity insurance, Public Liability will reduce the risks associated with claims for third-party personal injury and/or property damage. It provides cover against financial liability when someone is injured or has their property damaged and you or your business is at fault.
Business insurance can be personalised to meet your individual needs. Typically, this type of policy will provide protection against damage or theft of office contents or stock, damage to the building, as well as the breakdown of machinery or equipment. Essentially, it gives you peace of mind that your important contents and equipment are safe and that in the event of theft, loss or damage you will avoid financial stress.
While other policies offer protection against property damage and the financial strain of claims being made against you, what happens if a flood or fire devastates your practice? Business Interruption insurance can help cover the cost of lost income due to an interruption to your business. In some instances, it might pay for the relocation and set up of a temporary practice facility.
Having Management Liability insurance in place allows you to run your business without the worry of financial loss from allegations of wrongdoing. It offers protection against legal costs associated with allegations of mismanagement, misconduct or legislative breaches.
Any business that has ever endured a tax audit will know the financial burden it can bring. After all, having to employ the services of accountants, bookkeepers, lawyers and other financial advisors can result in hefty fees. Tax Audit insurance covers the expenses incurred during an audit to help lessen the financial stress.
Having the right insurance in place is paramount. It will help protect your business and safeguard its future success. However, before taking out an insurance policy it’s important to take the following actions.
When taking out an insurance policy it’s likely that you’re going to be asked about your business. Be geared up by having a description of your business and a thorough list of your services. Being prepared will help ensure you end up with the right insurance plan and the greatest protection.
It’s important to be honest with yourself when taking out insurance to protect your business. What could you potentially be held liable for? What events or disasters could strike and who or what might be affected? It’s vital to ask yourself these questions to fully understand the type of insurance cover you need.
Here you might consider the likelihood of the risk occurring, the potential extent of damage and associated costs, as well as the bigger-picture financial damage it could pose to your business operations.
Before deciding on an insurance policy it’s essential to compare plans. After all, you want the best veterinary insurance cover at the right price. Aside from the premium and what is covered, make certain you look at what is excluded too. Note the sum of money insured, any limits, as well as the claim process. Also, don’t forget to check the excess amount you will need to pay in the event of making a claim.
Leanne is a professional writer who works alongside her fur pal Chewie, delivering information that is accurate and relevant to the readers of the Pet Professional Blog.
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