As a veterinarian, you are always at risk of legal action. Therefore, you should take the necessary steps to ensure that you and your practice remain protected. One option for protecting your practice is veterinary malpractice insurance. This kind of insurance can play a key role in defending you against specific types of allegations and legal challenges. In this article, we discuss whether you need veterinary malpractice insurance.
The Role of Insurance
Insurance can protect you and your practice in the aftermath of an unforeseen event. In addition, insurance can provide you with certain benefits before an incident occurs. For example, strong insurance coverage can provide you with peace of mind that you’ll be taken care of should something unexpected occur. This can allow you to allocate your time and energy towards growing your business instead of worrying about what may happen in the future.
What Is Veterinary Malpractice Insurance?
Veterinary malpractice insurance covers your legal costs if one of your clients asserts that you made a mistake that resulted in financial losses or damages. In addition, it can cover the cost of any damages you must pay if you lose your case. However, malpractice insurance doesn’t cover general liability claims, such as if a client slips and falls while at your clinic. Rather, general liability insurance would be required to cover you under this type of circumstance.
How Much Malpractice Coverage Do You Need?
As a veterinary practice owner, the amount of malpractice coverage you need will depend on several factors. However, a good rule of thumb when it comes to malpractice insurance is to always err on the side of caution. In other words, you shouldn’t skimp when it comes to veterinary malpractice insurance. Although you may be a careful and conscientious veterinary professional, we all make mistakes, and when you make a mistake, you must ensure that you are properly covered. Further, veterinary malpractice lawsuits have become increasingly common over the last several years.
In addition, the law used to consider pets as nothing more than pieces of property with specific monetary values. Today, however, most courts view pets as a special type of property with subjective emotional value to their owners. Thus, pet owners often make legal claims for much higher monetary amounts than they did in the past. Therefore, as a veterinary practice owner, it is usually advisable to purchase more coverage than you think you need.
Contact Our Experienced Veterinary Attorneys
At Mahan Law, our experienced veterinary attorneys are dedicated to helping veterinarians address the unique challenges faced by veterinary industry professionals. Whether you need assistance designing policies and procedures, defending your practice against litigation threats, or buying/selling a veterinary practice, our attorneys are here to help. Please contact us as soon as possible to schedule a free initial consultation with one of our talented veterinary attorneys.