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Your Pet Business First

Pet business insurance is as important as taking good care of your pets.

Did you know that according to the Insurance Information Institute there are 85 million households in the U.S. that own a pet? It means that the pet service industry is vast and diverse, and you must consider multiple risks. Pets are unpredictable, and so are the risks of servicing them. Given these points, pet business insurance covers all possible risks that you might face in your pet services practice.

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What are the Risks in the Pet Service Business? 

Certainly, the most common risks the service providers can face are here. The following reasons are why you need pet business insurance:

  • Malpractice claims: If you work as a veterinarian or pet groomer, there are chances for errors or mistakes. Consequently, your client might file a lawsuit against you or your pet business.
  • Employee lawsuits: Any employee may sue your business for wrongful termination, harassment, or discrimination, inviting financial loss. Although this may not be common in the pet service industry.
  • Data breaches: All things considered, your business may have confidential information about your clients and employees stored electronically. A cyberattack could lead to data theft of this sensitive information.
  • Bodily injury: All of a sudden, your clients or employees may get injured on the job.
  • Property damage: Fire, natural disasters, or vandalism can damage your property.

So, as a pet service business, consider investing in pet business insurance and tailoring your coverage as per your needs.

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Who Needs Pet Business Insurance? 

By and large, pet businesses insurance include veterinary practices, pet groomers, dog walkers, and other miscellaneous pet care services. Each of these services has their own insurance needs.

Any business can suffer from property loss or damage. Pet business insurance can help you replace that property. Moreover, you can create a customizable pet business insurance plan.

What Policies Offer Pet Business Insurance? 

Business Owners Policy 

business owners policy is commercial insurance designed for small and medium-sized businesses. It protects your business in the same way as homeowner insurance does for your home. A BOP can provide affordable and comprehensive coverage for your pet business insurance needs. It includes:

  • General liability insurance protects your pet service business from third-party bodily injury or property damage claims. For example, if your client slips and gets injured on your business premises, your general liability and pet business insurance will bear the financial burden.
  • Commercial property insurance provides coverage for the damage of buildings or equipment used in business. The standard property coverage compensates losses caused by fire or acts of vandalism or theft. For instance, a fire can destroy your pet grooming equipment, or a hailstorm can break your building’s windows. In such cases, commercial property insurance will come in handy as it provides pet business insurance as well.
  • Business interruption insurance compensates for lost revenue owing to the temporary closure of your business from events such as fire, natural disasters, vandalism, or theft. Furthermore, it also pays for relocation expenses, if needed.
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    Professional Liability Insurance 

    Professional liability insurance aka malpractice insurance protects you if your clients file lawsuits against you for errors or mistakes in professional services. This policy is a must-have, especially for veterinarians, pet walkers, pet trainers, pet sitters, and pet groomers. Basically, if a pet unexpectedly jumps from your grooming table and gets injured, professional liability insurance will include pet business insurance which can cover your loss.

    Workers Compensation Insurance 

    Workers compensation insurance provides coverage if your employees suffer an injury or illness on the job.

    The U.S. Bureau of Labor Statistics states that employer costs for employee compensation for private industry workers averaged $36.23 per hour worked in December 2020. As a matter of fact, most small businesses cannot shoulder such an amount. Along with medical bills, this policy also covers legal fees if your employees or their family decides to sue you.

    If you have more than three employees, workers compensation is mandatory in all states except Texas. It’s best to make sure your insurance policy covers your employees in the event of an on-the-job accident, especially since animals can be unpredictable.

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    What Endorsements Can You Add to Your  Insurance Policy? 

    Along with the coverages mentioned above, you may want to consider adding other policies to your pet business insurance, such as:

    Animal bailee 

    This coverage protects your business from the death, loss, or injury of animals under your care. When getting pet business insurance , always include this coverage. Remember, pets placed under your care are the personal property of others. What’s more, bailee’s coverage may also pay for advertising or reward costs to search for any escaped animal.

    This coverage is different from professional liability coverage, as animal bailee coverage does not cover losses caused by professional errors or mistakes. You might want to consider animal bailee if you provide pet grooming, pet taxi, or dog walking services.

    Sewer and drain coverage 

    Pet groomers in particular may be interested in sewer and drain coverage. Animal fur can easily clog drains and clogged pipes can disrupt the drainage system of your building, costing you a lot of money to clean up. However, sewer and drain coverage can provide backup to cover costs related to clogged drains or water damages. This is a smart way to save money by incorporating it into your pet business insurance.

    Bonding 

    Pet sitting insurance and dog walking insurance may require bonding as an extra layer of protection to your coverage. Clients typically prefer pet sitters who are insured and bonded. Thus, adding bonds to your coverage provides evidence that you are a person of integrity. If your client’s personal property goes missing or is damaged under your watch, bonding can help replace those missing items.

    Home-based business solutions 

    If you store your business inventory or run a business from your home, a BOP provides coverage against any loss or damage that is not covered by homeowner’s insurance.

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    What is Not Covered? 

    Some exclusions in an pet business insurance policy are:

    • If you are training dogs for fighting or attack purposes, basic dog trainer insurance will not provide protection.
    • If you own a pet store, your policy will not cover the death or injury of the pets in your store.

    What Determines the Premiums? 

    The primary factor that determines the pet business insurance premium is the size of the business. Similarly, other aspects that determine the rates of pet business insurance are as follows:

    • Number of employees
    • Type of pet care business
    • Expected profit
    • Professional practices and key operation factors

    Find an agent near you and get started off on your insurance journey today!

    Has this article been helpful to you? Leave a comment below and share your thoughts with us.

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