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Understanding veterinarian risks

As insurance agents, your role is crucial in helping veterinarians protect their assets and mitigate risks.

To effectively provide tailored insurance solutions for your veterinary clients, below are some key questions to ask your clients.

What type of veterinary services does your business provide? Understanding the range of services offered, from caring for household pets to large animals, routine check-ups to surgery, it is essential to know the clientele and services the veterinarian specializes in to determine specific coverage needs based on the nature of the business's services.  

What is the size of your veterinary practice? Knowing the number of employees (full-time, part-time & subcontractors), payroll, annual revenue, and the size, occupancy type and construction type of the facility will help determine appropriate coverage limits and eligibility.  

Do you offer any specialized services, such as surgery or diagnostic imaging? Are the services provided at the office or on location? It is crucial to identify any specialized equipment used in their services that need to be insured, along with specific risks related to professional liability.  

What types of animals are treated? Veterinarians handle a wide variety of animals, including cats, dogs, livestock, and exotic species. Understanding the types of animals treated will help assess associated risks.  

Do you offer additional services such as boarding, grooming, shelter or rescue? Some veterinarians provide additional services that may require extra coverage options. This question will help identify risks and ensure a tailored policy covers the entire business.  

What is your desired level of coverage and deductible? Understanding your client's budget and risk tolerance will enable you to tailor the insurance policy to meet their needs. It's important to remind them that cheaper coverage may lead to coverage gaps, which could cause financial strain on the business.  

Are there any regulatory requirements or industry-specific standards that need to be met? Some jurisdictions or professional associations may have specific insurance requirements for veterinarians. Complying with these standards is essential.  

Do you have cyber insurance? In today's digital age, cyber insurance is often overlooked. It is crucial to advise your veterinarian clients on the importance of cyber insurance and the potential costs of a cyber breach.  

Do you collect, process, store, transmit or have access to Personally Identifiable Information (PII)? Do you use Multi-Factor Authentication (MFA) for email services and supported admin accounts? Is two-step verification required before processing a request to change banking details? These additional details can shed light on the types of cyber incidents that could occur and what proactive risk measures they currently have in place that may help reduce their risk and the cost of a cyber policy.  

Do you have animal bailee coverage? When a pet owner leaves their pet in the veterinarian’s care, custody, and control, they become responsible for the animal’s well-being. This unique coverage is essential for scenarios such as the animal unexpectedly passing away, running away, or jumping off the exam table and getting injured. This coverage is available as an add on (optional endorsement) to a BOP.  

Remember, each veterinarian's business is unique, so taking the time to assess their needs and effectively communicate will build trust and foster long-term relationships.  

Get a quote for your veterinarian clients on Victor for Agents today!

Get a quote today!