Vets are still at risk of malpractice lawsuits. Although they only provide medical treatments to animals. More than 2,000 veterinarian malpractice cases are filed in the U.S. every year. In addition, practicing veterinary medicine comes with many risks as vets deal with animal lives. Moreover, the change in how people view pets resulted in the rise of veterinarian malpractice cases. Furthermore, with the number of animals veterinarians care for, the risks of lawsuits are always present. Besides, to transfer the risks of malpractice lawsuits, insurance companies offer pet malpractice insurance. Moreover, pet malpractice insurance protects vets against possible lawsuits for treating animals.
The Increasing Cases of Pet Malpractice
Pet malpractice lawsuits were not expected in the past, as court laws view pets as personal property. Also, changes in how pet owners view animals expose veterinarians to malpractice risks. As well as, pet owners now form meaningful emotional bonds with pets. In the same way, they often treat them as family members. In fact, 65% of households in the USA own a pet. Having malpractice claims is relatively high. In addition, it isn’t only malpractice risks veterinarians are at risk for. Also, some other risks come with running a vet clinic or hospital.
How to Minimize Veterinary Malpractice Risks
Veterinarians must provide standard animal care to all animal patients. Likewise, failure to follow standard protocols can result in malpractice. Here are some tips for cutting your malpractice risks and avoiding lawsuits.
- Medical malpractice comes from negligence. Moreover, adhering to standard vet practices is crucial to avoid this.
- Identify common types of malpractice claims and develop ways to prevent them from happening.
- Revalidate your professional practices to ensure you are up-to-date with the current veterinary practices and standards. Also, attend seminars to stay updated.
- Evaluate and update employees’ competency. Consequently, make sure employees are knowledgeable about standard protocols and preventive measures. Also, having competent employees lowers the risk of malpractice. Furthermore, always provide training to employees.
- Document all the patient’s information and treatments. Also, document everything on the patient’s chart. These are valuable evidence when it comes to malpractice lawsuits.
- Always check instruments and equipment used in the clinic. Also, ensure all equipment and instruments are properly maintained. Furthermore, working with outdated or damaged equipment affects the quality of care you give to your patients.
- Always inform clients about medical options they can choose from. Regardless of the costs, pet owners can decide which treatment they like.
- Listen to pet owners’ questions and concerns. Proper communication is vital in doctor-client treatments. Pet owners who feel ignored can file complaints, and this can lead to lawsuits.
- Have professional liability insurance on standby. You’ll never know when malpractice claims happen.
How Pet Malpractice Insurance Works
Veterinarians must secure pet malpractice insurance to protect them in case of allegations of malpractice. Malpractice insurance is a type of professional liability insurance to protect professionals. For instance, veterinarians are against malpractice liabilities. Malpractice claims may result from errors in animal care, treatments, and diagnosis. Failure to provide professional standard care and negligence can also put you on the court stand. Malpractice lawsuits can be pretty expensive. Even if you do nothing wrong, someone can always raise allegations. They can also put your license on the line. Securing malpractice insurance will save you a lot of money in case of malpractice claims made against you. This insurance covers the expenses of defending yourself in court in case of malpractice claims.
The Risks Associated with Veterinary Practice
Veterinarians often have their own animal hospitals or clinics. Running a clinic exposes vets to different legal liability and business risks. Here are some of the risks veterinarians are at risk for:
- Malpractice lawsuits
- Bodily injury and property damage claims
- Commercial property damages
- Loss of income
- Violation of workers’ compensation law
- Data breach
- Road accidents
- Loss of clinic use
- Spoilage of medicines and supplies
- Physical loss of animals under your care
Types of Insurance Coverage Animal Hospitals and Veterinarians Need
In business, it’s either you make it or you break it. Make sure you have protections in place. Secure business insurance suitable for your business needs. These coverages will protect your practice and business from various risks and liabilities.
Business Owners Policy BOP
All business comes with risks. These are not entirely preventable. Ensure you have a shield to protect your business from such. Secure business insurance policies to ensure the protection of your business. This coverage protects against liability claims and property damages.
General Liability Insurance
This coverage will help you if you get sued for inflicting harm or causing property damage. Furthermore, this covers the cost of defending yourself in court in case of a lawsuit.
Commercial Property Insurance
This coverage protects various properties your business owns, leases, or rents. It also protects commercial properties like buildings, furniture, equipment, fixation, and inventory. This also protects accounts receivables, relevant papers, and records. It protects your properties from theft, fire, vandalism, and wind damage.
Business Income Insurance
This policy kicks in when your business suddenly stops due to a covered loss. This also provides financial support to sustain financial obligations related to your business. It covers the following:
- Payroll costs
- Monthly rental or mortgage fees
- Taxes
- Utilities
- Loan payments
- Other related financial expenses
Workers Compensation Coverage
Workers’ compensation insurance is a legal requirement for every business. State laws require every business to have workers’ compensation for their employees. Workers’ compensation laws differ according to state. In Colorado, all businesses must provide a workers comp policy. This policy provides medical and income benefits to employees suffering from work-related injuries and illnesses. As vet employees deal with animals, the chances of getting injured are high. The state government imposes penalties and fines for violations of workers’ compensation laws. This policy protects both employees and employers from work-related risks and hazards.
More Kinds of Insurance Coverage that Animal Hospitals and Veterinarians Need
Commercial Auto Insurance
Vet clinics rendering professional services like transporting animals and mobile spay or neutering clinics are at risk of road accidents. Ensure you have commercial auto insurance for vehicles you use for business purposes. Personal auto insurance does not cover vehicles used for business activities. The commercial auto policy protects commercial vehicles, including their passengers. It covers the costs of bodily injuries and property damages sustained during the accident.
Data Breach Coverage
Dealing with pet patients involves private customer information and pet medical records. It is vital in every business to keep private customer information confidential and safe. Cases of cybercrime are common nowadays. This coverage will help you if your business suffers from a data breach. In the event of a data breach, it will cover the costs of the following:
- Notifying affected clients
- Credit monitoring services, if needed
- Public relations services
- Replacement of income in case of business interruption due to data breach
- Ransom or extortion payments
- Defense and settlement payments in case of a lawsuit
Animal Bailee Coverage
Sometimes, pets need to stay in vet clinics or animal hospitals. Having pets under your care means responsibility, whether for treatment or pet boarding. This coverage covers all expenses related to recovering lost animals under your care. This policy covers all types of hazards except exclusions stated in the policy.
Backup of Sewers and Drain Coverage
Aside from preventive medicine and treatment, some vet clinics offer grooming services. Grooming involves a lot of hair and fur, which can potentially cause plumbing issues. This policy benefits vet clinics as the commercial property policy doesn’t cover sewer or drain backups. Fixing sewer or drain backups is pretty expensive as it may damage other parts of the property.
Who Needs Veterinarian Insurance?
- Pet veterinarians
- Veterinary laboratories
- Animal hospitals
- Specialized animal veterinarians
- Veterinary therapists
- Livestock veterinarians
- Veterinary acupuncturist
- Veterinary neurologist
How Much Does Veterinarian Insurance Cost?
The cost of veterinarian insurance varies according to insurance policy type. Some factors also influence the cost of veterinarian insurance. Most animal clinics spend around $6000 annually for the combination of a wide range of insurance policies. It typically includes malpractice insurance, workers’ comp, and business owners’ policy coverage.
Factors Affecting the Cost of Veterinary Insurance
- Amount of Coverage
- Types of coverage included in the policy
- Size of the clinic
- Types of animals the clinic caters
- Numbers of employees
Small Business Insurance and Veterinary Insurance Providers
- The Hartford
- Nationwide
- Travelers
- Liberty Mutual
- Progressive Commercial
Putting up your own clinic involves a lot of money and hard work. Don’t let risks ruin the business you have worked so hard to establish. Lessen your malpractice risks by getting malpractice insurance. Purchase adequate business insurance to protect your veterinary practice and business against risks associated with your business.
Advantage Insurance Solutions in Denver, CO, offers a range of business insurance coverage you can trust. We partner with reputable, trusted insurance carriers offering quality insurance coverage to protect business owners like you. Call us now, and we will help you choose the right insurance coverage for your business needs.