Insurance is always an important topic, but if you are hoping to finance the purchase of a new veterinary practice, insurance becomes an imperative part of your loan as well. Given the high risk associated with funding a loan of this type, lenders may require proof of contents coverage, liability, life, disability, or medical insurance in place before they will close on the loan. This veterinary practice insurance protects them from loss, but it also protects you, your family, and your business. As you search for a veterinary insurance agent and policy, look for these five items:
- Member's association referrals. Most veterinarians are members of both national and local professional associations. These associations may provide value to their members by working out special deals with some insurance agencies in your area. It is always worth contacting your association to see if they have any information.
- Personal referrals. If you have other friends in the business, now is a good time to ask for their recommendations as well. They may be able to give you more specifics about particular agents and their experiences.
- Familiarity. As you search for an agent, you want to be sure that they are familiar with the type of loan you are getting, and the structure of the loan. They need to know what kind of policies are best suited to your situation and be able to provide adequate proof of insurance in time for your loan to close.
- Communication. You need to start shopping for an insurance policy well in advance of your loan closing. As you make phone calls, make sure you are choosing an agent who responds in a timely manner and answers your questions directly. As with the point above, you want your agent to be able to direct you toward a policy that fits your needs. If you have past health issues, they will need to guide you through the required medical tests and approvals to make the policy is underwritten. You definitely don't want to be left in the dark as your closing date approaches.
- Cost. Finally, you should always be looking for a veterinary insurance agent who can get you competitive rates on your policy. Policy prices can vary drastically from one company to the next, and you need to be sure that you are getting quality coverage for the premiums you pay. Don't assume that the cheapest policy will save you the most money, because it may not cover what you really need.
Choosing a reliable veterinary insurance agent is a huge part of bringing your loan to closing. They make the overall insurance process easier. As you search for an agent near you, use these five items to determine which agent will best serve your needs and get you a great insurance policy to protect you and your business.
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