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Buying A Veterinary Practice

Everything You Need to Know About Insuring Your Veterinary Practice

Oct 17, 2017 12:45:17 PM

shutterstock_503254801.jpgThe subject of veterinary practice insurance has been hotly debated in just about every industry in America. However, it's an unescapable truth that your veterinary practice needs to be properly insured to protect you, your business and your clients. If you're new to business ownership, where do you even begin shopping for insurance? This guide will walk you through the most important parts of the puzzle.

What the Process Looks Like

Normally, if you're in good health, you can simply apply for a life insurance policy once you get your new practice under contract. Your lender will require proof of insurance before they will close on the loan. Ideally, you will obtain proof of insurance within about 15 days of initiating the contract.

However, if you have health concerns, the insurance company may request that you undergo a number of health evaluations before they provide you with a real quote and proof of your policy. This insurance process could take up to 90 days to verify, which could put your contract in a bad state. Thus, if you expect to need extra time for health considerations, it is best to research insurance options well before you ever make an offer on a practice.

What to Insure For

First and foremost, you need to make sure your life insurance is enough to take care of your practice if you were to pass away or become unable to work. You need to make sure that the insurance payout will be enough to handle any debt obligations related to running the business and the real estate that the business resides in. You will also need to look into liability insurance to protect your customers, worker's compensation and hazard insurance to protect your employees and any insurance coverage that you want to offer as a benefit to your staff.

Shopping Around

Naturally, you will want to shop around before you make a final decision on which insurance to buy. You should begin by checking with local and national professional organizations to determine whether or not they offer any special discounts or deals for their members. Then contact veterinary insurance agent to choose your policy. You should also remember that it is possible to change policies if you find a better deal later on, so you can continue to shop even after you've gotten through closing. This is also important because your personal and professional insurance needs will change as you age and your practice grows, so you should make a point of reassessing your insurance coverage at least annually.

Insurance is an issue that often catches new practice owners off guard. The sooner you begin researching insurance options, the easier it will be to present your information to the lender and push the contract closer to the closing table.

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