Pet Hospital & Vet Insurance

There is no better feeling than being able to help someone. Whether you are helping them physically or helping someone that they care about, putting a smile on someone’s face, and making them feel good is one of the best feelings in the world. Not only is it extremely rewarding, but it can be lucrative. This is especially true when it comes to animals. Canadian’s are avid about their pets, and although Canadian healthcare insurance is top-notch, Canadian citizens will spend more and take more time caring for their pets than they will themselves. Couple this with the fact that 57% of households own pets, and you can see how big of a market there is for helping sick pets.

Vets and doctors know that lawsuits are just lingering right around the corner. And, given the propensity for mistakes or misdiagnoses, it is easy to see how many vets and animal hospitals end up getting sued. Lawsuits that, unfortunately, lead to the closing of some of these Canadian businesses. Don’t let this happen to you or your business. Protect yourself, your employees, and your family with the right veterinarian insurance policies. Which are the right policies?


Save Money By Comparing Quotes

Everything above aside, you already likely know that you are at risk of a lawsuit and other potential disasters. This doesn’t, however, mean that you should just run out and blindly invest in policies. No, you need to take the time to make sure you are investing in the right policies with the right pet care insurance providers. While there are tons of professional providers like ProessfionalsCoverage that offer outstanding rates and policies, it doesn’t necessarily mean that they’ll be perfect for you and your business.

You’ll always want to make sure that you are dealing with providers that understand the field you are in. Each Canadian industry, whether it be animal care or animal surgery, is at unique and specific risks. Understanding these specific risks and how they can lead to the downfall of your business will help you protect your business to the fullest. Work with an insurance provider that understands and knows these risks. People love their pets and are willing to pay an immense amount of money to make sure they are properly cared for. They are also willing to go to the ends of the earth to rectify the situation when they feel like their pets are wronged or injured.

Nonetheless, you can see the importance of vet insurance already. You can likely see the importance of going with the right provider and comparing quotes. Comparing quotes will not only ensure that you get the best rates possible, but it’ll ensure that you end up working with a provider that innately understands your industry and risks. Thankfully, the Internet has made it easier than ever to compare quotes. All it takes is one simple online application and you can get quotes from local providers in your area.


Know The Type Of Policies You Need

So, you already know that you need vet insurance as a vet or animal hospital owner. You also know that you need to get quotes to ensure that you are working with the best provider possible. Unfortunately, this still doesn’t answer the question of which policies you need. Each animal hospital or vet is at unique risks. Some of these risks might have to do with the types of surgeries you perform. Some of these risks might have to do with the types of clients that you have. Whatever the situation is, you’ll need to make sure that you have specific policies in place to protect you in all of these potential situations. Which policies are these and what risks are Canadian vets exposed to on a daily basis?


Understanding General Liability Insurance

One of the biggest risks that vets and animal hospitals are exposed to are pet injuries. Given that you are a medical professional that deals with these injuries, you might think that these are things you’d be able to prevent and treat. You’ll likely have the skill and knowledge to treat injuries, but you will certainly not be able to prevent all of them. Heck, it is entirely possible that you or your employees might be the cause of some of these injuries.

Isn’t it possible that you might make a mistake and end up injuring a pet while trying to help them? While trying to pop a fractured arm or leg back in place, you might end up just during further damage. These are all viable possibilities and they happen more often than you’d imagine. While these situations are treatable and you can likely treat them yourself, it doesn’t mean that it’ll be enough. Some customers might see incidents like this as oversight or negligence.

Whatever the situation, this is where general liability insurance will offer the protection needed. This policy will protect both you and your employees in the event that a pet is injured while in your care/ It’ll also cover you in the event that a customer is injured while on your property. Slips and falls are always a real possibility. Maybe it is an equipment malfunction that injures the customer. Whatever the situation, these are also events that can lead to lawsuits and medical expenses. General liability will protect against these situations. It is also a policy that will protect you in the event that your client’s property is damaged while on your property.


Understanding Errors And Omissions Insurance

Going back to negligence, this is something that a customer can claim even when you aren’t at fault. Whether you are at fault or not, these are claims that can end up with you in the court system. A lawsuit is something that your business will want to avoid at all costs. Not only because it can hurt the name of your business, but because it’ll end up costing you thousands and potentially millions if the animal has died in the event. When claims like these get tied up in the court system, they end up staying there for months and years before they are resolved.

The longer they linger, the more money they’ll end up costing you. Deposition fees, consultation costs, court fees, and attorney retainers. Whatever the charges, they’ll all cost you and your business money. This is where E&O or professional liability insurance helps out. It’ll pay for any court-related costs. There are some policies that will even come some or all of the settlement in the event that you are actually found at fault.


Understanding Workers’ Compensation Insurance

You’ll likely be taking on employees. It can be nearly impossible to operate an animal hospital by yourself. Especially if you want to maximize your potential profits. The more employees you have, the more work you’ll be able to take on, which will just eventually lead to more profits. However, more profits mean more risks. Not only are you at risk of your employees making mistakes and hurting a pet or customer, but you are at risk of the employee getting injured. As you just learned errors and omissions insurance will protect you in the event that your customer makes a medical mistake or oversight.

If your employees are injured on the job, workers’ comp will offer the protection needed. It’ll cover their medical-related expenses, missed wages, rehab costs, and any court-related costs in the event that they want to sue. These policies will be pertinent if you are going to take on employees. In fact, some form of workers’ comp will be required by Canadian law.





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