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To ensure you are fully protected in your occupation, it will depend on where you are at in your career as a veterinary professional. See below for a list of standard insurances that are recommended for an associate veterinarian versus a practice owner.

Veterinarian – Associate

1. Disability Income
2. Term Life
3. Malpractice

Veterinarian – Business Owner

1. Disability Income
2. Term Life
3. Malpractice
4. Business Personal Property
5. General Liability
6. Worker’s Compensation
7. Cyber Risk

We recommend an individual disability income insurance policy with a “pure own occupation” definition. This type of disability insurance policy protects your greatest asset, your ability to earn an income as a veterinarian.

In the event you are too sick or injured to perform the duties of your occupation, you will receive full benefits from your disability income policy, while simultaneously receiving an income from a second occupation you’ve started unrelated to veterinary medicine.

Some disability insurance carriers also offer an inexpensive rider that allows you to insure your student loans. This rider provides additional benefits in the event of a claim, so you don’t have to use the disability benefits designed to replace your income to pay back your student loans. Keeping more money in your pocket for you and your families’ needs at home.

We recommend a fixed “level-term” life insurance policy. It’s an inexpensive way to ensure those who love and depend on you are taken care of in the event of your premature death – or if you are borrowing money to buy a practice. Your lender may require life insurance in which the bank is collaterally assigned to as the Loss Payee.

Don’t overpay for complicated life insurance products that pay high commissions to agents. Pocket the difference in premium for yourself, your family, and your growing veterinary practice needs.

We recommend an “Occurrence” malpractice insurance policy with a minimum of $1,000,000 / $3,000,000 liability limits. This way you can avoid the unexpected, growing, lump sum “tail coverage” fee that is generally associated with a “Claims Made” malpractice insurance policy.

If you already have a “Claims Made” malpractice policy, and are looking to change your malpractice carrier, it is best to go with a “Claims Made with Prior Acts” policy to avoid having to pay a tail fee during the transition. Your new malpractice carrier will pick up all prior risk for services rendered.

Each lender has a different set of minimum insurance requirements to satisfy their practice loans. However, see below for a list of standard insurances that are recommended to you as the borrower to ensure you are fully protected from the bank.

Practice Loans

1. Business Overhead Expense
2. Term Life
3. Malpractice
4. Business Personal Property
5. General Liability

If you are a practice owner, a business owner’s policy combines business personal property and general liability into one insurance policy. BOP insurance protects the physical assets of your practice, along with covering third party losses – think slip & fall.

BOP insurance can be tailored to help meet the unique needs of practice owners by adding optional coverages, like: (1) workers’ compensation, (2) cyber risk, and (3) other specialized policies.

If you are a practice owner, workers’ compensation insurance protects the practice and its employees from financial loss when a team member is hurt on the job, or sick from a work-related cause.

Workers’ compensation insurance is required in all states, except Texas.

If you are a practice owner, cyber risk insurance protects your practice from financial loss due to a data breach. This may include loss or damage, extortion, loss of income, and even damages to your reputation.

Cyber risk insurance is optional. However, given the growing percentage of business being conducted digitally, can you afford not to have it for the growing number of patient records your veterinary practice is responsible for, as well as protecting the business’ personal/financial information?