Did you know that 57 percent of Canadian households own pets? That’s pretty impressive when you think about it. That’s literally over half of the population. And, given that the population is growing on a daily basis it only means that more and more people will own pets. While owning a pet might be a great and wonderful experience, it is one that comes with immense responsibilities. Unfortunately, as much as pet owners want to, it is completely impossible for them to care for their pets at all times. Unexpected illnesses in the family. Long business trips. Family vacations. Whatever the situation is, there are just times when pet owners find themselves in need of a helping hand.
This is where you can step in, offer that helping hand, and make a little money in the process. What makes pet boarding even more lucrative is that it is an industry that doesn’t really require any special degrees or certifications. You don’t have to spend years and years in school to get into a potentially lucrative field. That being said, there are risks associated with getting into such a field. Risks that could end up with you closing up shop and ending up in financial ruin. Luckily, the comprehensive pet care insurance policies can prevent these exact situations. What are the right policies and how can they help?
How General Liability Insurance Can Help
There is no denying that animals can be extremely resilient. They’ll be times when they take falls and injuries and walk away without a scratch. There also are times when the reverse is true. Just the slightest mishap will end up in immense injuries. Not only this, but animals can be finicky. This is especially true when it comes to people they aren’t familiar with. Sometimes they’ll even end up feeling threatened and attacked. Whatever the situation, these are all events that could lead to major lawsuits, injured employees, or injured pets. Luckily, general liability insurance can offer the protection you seek in some of these situations.
General liability insurance is one that offers protection when pets are on your property. Given that you’ll be boarding and storing pets for days and weeks at a time, you’ll want this policy in your arsenal. If a pet is injured while in your care, this policy will pay for medical-related expenses. It’ll also pay if the customer wants to sue over the incident, which they oftentimes do. This policy will also offer the same protection to your customers. If your customer is injured and dropping off a pet, this policy will cover their medical-related expenses as well.
Don’t think this can happen to you or your business? Well, isn’t it possible that a customer could slip and fall in the parking lot on ice? You’d be responsible for this. What if their car is damaged while sitting in your parking lot? You’d be responsible for this as well, and this is just another area where general liability insurance helps out. While the policy might sound great, and it is, it doesn’t offer all the protection that you need. Luckily, there are other policies.
How Workers’ Compensation Can Help
One other policy that can offer much-needed protection is workers’ compensation insurance. While it is entirely possible to run a pet boarding business all alone, you won’t be able to maximize your profits. The more employees you have, the more work you’ll be able to take on. Not only this, but extra employees are like having an extra set of eyes around at all times. They’ll be able to watch and tend to pets when you can’t. That being said, having employees comes along with its own set of risks. The biggest risk is that the employee could get injured on the job.
He or she could easily slip and fall. He or she could get attacked by one of the boarded animals. Whatever the situation, these are all events that could lead to major injuries. Major injuries that lead to thousands in medical expenses and time off work recovering. Workers’ comp policies were designed to help in these specific situations. It’ll not only cover your employee’s medical-related expenses, but it’ll cover their lost wages, rehab costs, and your court costs in the event that the customer wants to sue. And, there are a lot of times when they do.
That aside, you should be aware of the fact that this type of policy is required by Canadian law. Although it is required, it is something that you wouldn’t want to skimp on anyways. However, when working with insurance providers like ProfessionalsCoverage, you’ll find that there are different levels of this insurance available to you. If you are going to take on employee’s you’ll not want to skimp on this insurance coverage.
How Errors And Omissions Insurance Can Help Out
While no one likes to admit it, there are times when you make mistakes. It doesn’t matter how alert or vigilant you are, you’ll likely make a mistake while on the job. Unfortunately, some of these mistakes might lead to major incidents like a pet escaping or a pet getting injured. If either of these situations occurs, a client can claim negligence, which will eventually result in a major lawsuit. Even if a pet does escape or get injured while in your care and you aren’t at fault, these are situations that could lead to lawsuits.
If someone’s pet scratches a visiting customer, you can be blamed and sued. If a boarded pet injuries or damages someone’s property, you’ll be blamed and could end up sued. Whatever the situation, these are all events where errors and omissions insurance will offer the protection your business needs. It’ll cover any of the court-related expenses. There are some policies offered by some providers that will even cover some of all of the settlement. It really depends on the provider and the type of coverage that you get.
How Much Will Pet Boarding Insurance Cost You?
It doesn’t take a professional insurance agent to see that insurance coverage is essential for pet boarding businesses. Given this information, you are likely wondering how much these policies will cost you. Unfortunately, this is a hard question to answer because there are so many factors that will determine this answer. The cost of your insurance coverage can vary based not only on the provider that you go with, but the type of services you offer, the number of employees you have, the past claims filed against you and your business, the total amount of revenue that you bring in, and more.
When getting quotes, you’ll discover that each different provider offers different prices for the same coverage. And, this is because they base their prices on different factors. Some insurance providers might base their rates on the number of employees and the types of services that you offer. Other providers might focus more on the total amount of revenue that you bring in.
Reduce Your Costs By Bundling
The above policies are imperative if you want to protect your boarding business to the fullest. However, that doesn’t mean that they’ll be cheap. In fact, if you want the most protection, you’ll end up having to pay for it. Luckily, there are ways that you can reduce the overall costs. One of those ways is by bundling policies. Bundle business owner’s insurance with general liability insurance from the same provider, and you’ll end up saving yourself money. Limit the number of claims that you have and you’ll also end up saving money.
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Other Types of Pet Care Insurance We Provide:
If your business is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of pet care industries.