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Securing Your Practice with Professional Liability Insurance for Veterinarians

Author: Kimberlee | January 13, 2025

Edited by: Kimberlee and Reviewed: Kimberlee

While being a veterinarian can be a rewarding profession, there are a lot of risks that put veterinarians at risk. This is why having a professional liability insurance policy is important. It protects you from professional mistakes and accusations. This article will dive deeper into what professional liability insurance covers and how you can go about buying a policy. 

Understanding Professional Liability Insurance

Here’s a closer look at what professional liability is and what common risks are for your veterinarian practice. 

What is Professional Liability Insurance?

Professional liability insurance is a type of commercial policy that pays claims where there is a professional mistake. It is often referred to as errors and omissions (E&O) insurance. Unlike general liability, which pays third-party claims that arise simply for the business operating, the professional liability policy arises from problems with the actual service provided. 

Common Risks for Vets

Some common risks for vets include:

  • Medical malpractice claims: Incidents that suggest you didn’t do the required job in the right way.
  • Breach of confidentiality: You have an obligation to maintain high confidentiality standards for your clients and their pets. 
  • Failure to diagnose or treat: If you send a pet back home without properly diagnosing the problem and devising a treatment plan. 
  • Prescription errors: Mistakes in medicines prescribed or dosages can lead to major problems for animals. 
  • Animal injury or death: If you accidentally hurt an animal or your work leads to their death, you could find yourself with a claim. 

Coverage Features of Professional Liability Insurance

There are three basic features of a professional liability insurance policy:

  • Legal defense costs: The policy will pay for you to have a legal defense of the accusations to fight for your reputation and avoid paying a claim. 
  • Settlements and judgments: Pays for the cost of a settlement or judgment up to the policy limits.
  • Coverage for veterinarian staff: This policy provides the same protection for your staff as it does for you in the event that a staff member makes an error.   

Benefits of Professional Liability Insurance for Veterinarians

Enjoy some of the benefits of having a professional liability insurance policy.

Financial Protection

The policy provides financial protection for veterinarians. Without it, the vet would have to pay claims directly from business or personal assets. This can be costly and lead to financial difficulties without a policy. 

Peace of Mind

When you have a policy, you have peace of mind. You know that your clients and their pets are protected, which allows you to focus more effectively on your job and do it professionally. 

Safeguarding Professional Reputation

When you have a professional liability insurance policy, you improve your reputation with clients who can now trust that you are a true professional who cares about their pets. Being able to legally defend yourself from claims also helps protect your reputation if you are falsely accused of an unprofessional act. 

Factors Influencing the Cost of Coverage

Several factors affect the cost of your veterinarian’s professional liability insurance policy.

Size and Type of Veterinary Practice

The bigger your practice is, the more your professional liability insurance policy will cost. This is because the more business you do, the higher the risk of something going wrong with a client. 

Location of the Practice

The cost of a professional liability policy will depend on where you practice. Some locations are more litigious than others and will see more claims. Insurance companies have this data and will price policies accordingly.

Claims History of the Practice

Veterinarians who are claims-free will see better rates than those with prior claims. Insurance companies see one claim as increasing the likelihood of another claim, putting you at bigger risk. 

How to Choose the Right Insurance Provider

Choosing the right insurance provider is important when getting a policy. You want to evaluate your coverage options and consider the provider’s reputation and experience. Look at AM Best ratings to ensure that the provider is financially sound, and check reviews to see what their claims history is like. Compare quotes with quality providers. 

Stay Covered with Professional Liability Insurance for Veterinarians

Get a professional liability policy for your veterinarian practice today. Shop among our best professional liability providers to get a policy that fits your needs and will provide you with the peace of mind that you deserve.

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