6 nuanced things you should be insuring as a vet
In your veterinary role, you have probably come across some abstract things. When you qualify as a vet, there is an array of areas where you can strengthen and utilise your skills within the industry. From avian’s to sheep and cattle or household favourites – such as cats and dogs. Let’s all agree, animals come in all shapes and sizes. All with different care and requirements.
As a vet, your role requires you to cater to those requirements. Hopefully, you have the standard insurance covered (if not, let us check), but have you thought about the nuanced things that need insurance within your profession. This is a brief checklist for the, perhaps, more unusual things to think about when it comes to insurance as a practicing vet.
1. Vaccinations and Fridge’s
Fridges in which a vet might keep any chilled contents can and should be insured. The can be said for vaccines outside of a chilled environment. You’d be surprised at the number of claims that are made because of faulty fridges or theft meaning they had lost contents as a result. Give yourself solidarity and prevent yourself from financial loss if anything were to happen.
If you are with Lloyd & Whyte, this cover should be within your practice insurance policy already.
2. Absence through accident and sickness
Injury, leave for mental health and maternity cover can all be insured in case of staff absence. Locum, or otherwise known as Business Overheads insurance, is designed to cover your business overheads during these circumstances.
If something were to happen to you either at work or outside of work, this policy would look to reimburse the costs of you missing work for an elected period of time. Particularly if a key player within the business has to take time off, this cover would be particularly useful to help ensure your practice continues to run smoothy.
3. Animals in Custody Care
Unforeseen events happen. Animals placed in your custody care at your practice are equally as exposed to risks as your other contents within a practice. For instance if a flood, fire or break in attempt were to happen, that brings problems to an animal in your custody care, a patient could warrant action against you. Actions against equine vets can be especially costly due to the value of horses in the current market.
Animals in Custody Care is typically covered within your practice insurance, if you have chosen us as your holding broker. This cover may also support you in legal defences in the event of a claim. Protecting the vet’s reputation and financial interests.
4. Semen and Embryo
This could seem like an odd thing to insure as a vet from an outside perspective. Thanks to the rise of reproductive technologies, genetic material is becoming more popular amongst breeders. Sometimes, the safeguarding of this genetic material may fall into the hands of a veterinarian. When in your responsibility, Semen and Embryo cover can bring valued peace of mind.
If responsibility of animal semen and embryo’s falls into one of your avenues of work, it can be a simple addition to your current practice insurance in a discussion with one of our Lloyd & Whyte insurance advisors.
5. Guns
Depending on which expertise of veterinarian you might be, you may also have access to firearms. If this is the case, whether for humane euthanasia or wildlife control, Lloyd & Whyte can tailor to your needs, depending on the type of firearm and its usage.
6. Cyber
Animals and cyber? Most could question why a vet would even need cyber insurance. However, like other professions, vet’s too are becoming more and more reliant on digital systems. With adequate cyber insurance you can help mitigate risks in these key areas:
- Ransomware Threats
- Business Interruption
- Data breaches
- Reputation loss
- Invoice manipulation
- Data reinstatement
Moreover, our policies can offer tailored risk assessments highlighting threats and offering crisis management assistance including legal and regulatory support. It may be beneficial to remember that our cyber policies are not a part of your practice insurance cover but this can be resolved with a quick phone call with an insurance advisor.
In conclusion, practicing vets might need insurance for some very unusual things. If there is something that you’ve come across, which you are not sure should be insured, speak to us so we can find the answer for you. Best practice is to review your risks with an advisor at every renewal.
