Veterinary Business Insurance Terms

We know it can be tough getting through all of the insurance jargon, so we’ve included some definitions to help you understand. Read through the terms you don’t understand and skip the ones you do.

Business auto coverage

Protects your investment in your vehicle(s), damage to the property of others, injury to those involved in an accident, and the future of your business – in case you become the target of a lawsuit.

Equipment breakdown coverage

Protects against damage caused by power surges, mechanical breakdown, motor burnout, and boiler damage.

General liability insurance

Can cover medical expenses, attorney fees and damages when you’re legally responsible.

Inland marine insurance

Provides coverage for items such as tools and equipment that are mobile and may be taken off-site from your place of business.

Live animals in transit coverage

Provides protection for loss or damage to animals from events like collision/overturn or theft while the animal is being transported.

Loss to client's animals legal liability

Covers sums a veterinarian becomes legally obligated to pay for damage to a customer's animal while it is in the vet's care, custody and control.

Medical payments insurance

Can help cover the medical bills of people injured on your property or as result of your operations – and payment is issued immediately, regardless of fault.

Property coverage

For your building and personal property from fire and many other causes of losss.  Personal Property of Others coverage is also included.

Spoilage coverage

Reimburses you for the lost perishables in your refrigeration units.

Utility services

Can cover damage to your office and stock due to a disruption of a utility, like electric, gas or water services.

Stop gap

Provides coverages that state funded Workers Compensation policies do not include. Such coverages are normally included in the private Workers Compensation policies offered in other states.

Valuable papers coverage

Protects your valuable papers and records in case they are damaged. It can also cover the cost of reproducing them.

Workers compensation coverage

Insures against claims for work-related injuries, diseases or death suffered by employees.