Insurance
A Deep Dive Into Business Owners Policy Exclusions to Avoid Surprises
January 27, 2025
| January 13, 2025
Author: KimberleeEdited 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.
Here’s a closer look at what professional liability is and what common risks are for your veterinarian practice.
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.
Some common risks for vets include:
There are three basic features of a professional liability insurance policy:
Enjoy some of the benefits of having a professional liability insurance policy.
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.
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.
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.
Several factors affect the cost of your veterinarian’s professional liability insurance policy.
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.
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.
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.
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.
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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