Why Toronto Veterinarians Need Liability Insurance
You could face an accusation of negligence, a dog owner could slip and fall, or cyber criminals could hack your computer system at your veterinary clinic. Business liability insurance for Toronto veterinarians helps protect you financially against lawsuits, third-party injuries, and cyber-attacks.
Business liability insurance is a key part of your business insurance package for veterinarians.
Western Financial Group, a 100% Canadian company, can help you navigate your business, car, home, and boat insurance during this period of economic uncertainty.
Wherever your small business is located in Toronto, the Greater Toronto Area (GTA), or elsewhere in Ontario, a Western Financial Group business insurance broker will get you commercial coverage that uniquely protects what you do.
Western is a trusted, national insurance brokerage that has partnered with Canada’s top insurance companies to provide commercial insurance. We’ll work with our insurance partners to find the best business coverage rates for your Toronto vet business.
We make the process easy by getting insurance quotes for you to choose from and giving you policy coverage options that suit your Toronto business’s specific needs.
What is business liability insurance for Toronto veterinarians?
Business liability insurance for Toronto veterinarians includes professional liability insurance, also known as malpractice insurance or errors and omissions insurance, commercial general liability (CGL) insurance, and cyber liability insurance. Liability insurance financially protects you against lawsuits and legal claims as a veterinarian.
Do you know about the CVMA Insurance Program? Western Financial Group worked in partnership with the Canadian Veterinary Medical Association (CVMA) to develop the CVMA Insurance Program, which provides various insurance options that are tailored to CVMA members. Our program offers complete in-house services, including claims and risk management services.
Why is business liability insurance so important for Toronto vets?
Liability insurance can offer financial protection if your Toronto veterinary business is sued for unintentional harm to a third party (animal client, supplier, or member of the public). It typically helps cover legal fees or court-ordered settlements or awards.
A lawsuit can be financially damaging to a veterinarian without business liability insurance coverage.
Here are the liability insurance coverages that Toronto vets need
Professional liability insurance
Professional liability insurance, also called malpractice insurance or errors and omissions insurance, protects you against claims from your clients that allege negligence, misconduct, and failure to deliver services as promised for clients’ pets. Malpractice insurance can help protect vets against an error in diagnosis, treatment in surgery, or prescribing medication for an animal.
Toronto veterinarians can be sued for negligence or malpractice if an animal suffers an injury or death during treatment.
Malpractice insurance offers you coverage if you make a mistake in your professional service as a veterinarian. If you don’t have this type of insurance coverage you will be paying out of pocket for a lawyer, court fees and other related expenses.
Commercial general liability (CGL) insurance
CGL insurance is also a type of business liability insurance for Toronto veterinarians.
Accidents can happen and commercial general liability insurance protects you from claims such as third-party bodily injury and property damage related to your veterinarian business.
A pet owner could be injured when they slip and fall on a wet floor or an employee could damage a customer’s property.
This type of insurance helps cover the expenses associated with these types of accidents and many others. It pays for medical and legal expenses and for replacing damaged property. Without this type of insurance, you would be responsible for paying those costs on your own.
CGL insurance covers:
- Medical bills if someone is injured on your business property
- Property damage caused by your business
- Settlements
- Legal expenses
- Damage to property that your veterinary practice is renting
- Libel, defamation, slander, and false advertising
Cyber insurance
If you store online financial data for your Toronto veterinary business or you take credit card payments, you must protect this information and can be held liable if you don’t.
If your computer system is hacked, cybercriminals can sell the information. Without cyber insurance, you will have to pay out of your pocket for the cost of restoring your system. You may also be liable for damages to third parties whose information has been stolen and you may have to pay for notification expenses to inform clients affected by a breach.
Advantages of Western’s CVMA program for veterinarians
- Industry-leading coverage and limits tailored to the industry
- Long-term rate stability generated by spreading claims over the entire pool of participating CVMA members.
- Flexibility that allows CVMA members to tailor their policy with various coverage options
- Each member has a dedicated Commercial Insurance Advisor to assist them.
- Our risk management team collaborates with you to assess your business and identify areas for improvement.
- The CVMA Employee Benefits Program is a nationwide benefits program
Did you know? The Registered Veterinary Technologists and Technicians of Canada (RVTTC) has partnered with the Canadian Veterinary Medical Association (CVMA), to provide its members with access to professional liability coverage through the CVMA Insurance Program.
What other types of insurance do Toronto veterinarians need?
Legal expense insurance
Legal expense insurance covers expenses that may arise from an unforeseen legal matter, such as employment disputes, allegations of malpractice, or if you need to defend your veterinary license in front of a disciplinary board.
Commercial property insurance
Whether you rent or own your location for your Toronto veterinary business, commercial property insurance can provide financial coverage in the case of a fire that destroys or damages your business property and its contents.
Commercial property insurance also protects your place of business or office and its contents from damage or loss related to severe weather, theft, and vandalism.
You should consider adding sewer backup or overland flood coverages, which standard business insurance policies typically don’t include.
Equipment breakdown insurance
Your Toronto veterinary practice can have ultrasound equipment, anesthetic machines, oxygen tanks and heart monitors. Equipment breakdown insurance provides coverage for property damage from the sudden and accidental breakdown of insured equipment not automatically covered by a standard commercial property policy.
Business interruption insurance
Business interruption insurance supports you when your Toronto veterinary practice can’t operate due to a covered loss. This type of insurance can be the difference between recovering from a loss and closing permanently.
There are many losses that can force your vet business to shut down. Some examples include:
- Damage to your equipment from fire or vandalism
- A major reduction in revenue due to a client/supplier facing losses of their own
- A disruption in your supply chain
Business interruption insurance can help with expenses such as:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
Commercial vehicle insurance
Your personal car or truck insurance usually won’t cover your Toronto veterinary business. If you have a business car, truck, or van that you use as part of your practice, it needs commercial coverage as part of your plumbing insurance package.
How much veterinary insurance do I need and how much will it cost?
It will depend on the size of your Toronto vet business and the kind work that you do.
That means it’s unlikely that all veterinary practices would pay the same monthly or annually for their coverage.
For example, small animal veterinarians would not have the same amount of insurance as veterinarians working in herd management or with high-value animals.
What do I do if my Toronto veterinary business has an insurance claim?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Western Insurance has licensed BUSINESS INSURANCE EXPERTS to get your Toronto veterinary business the right insurance package. Our experts are available now to help you navigate the business insurance journey to protect your business.
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5 FAQs about veterinarians and insurance
Can veterinarians customize their insurance to fit their specific needs?
Each veterinary clinic is different. Some treat only small pets and others focus on large animals or specialty services. Insurance packages can be tailored according to your type of practice and services offered.
Can a veterinarian get sued?
Yes. Veterinarians can be sued for malpractice, among other reasons. Veterinarians are held to a standard of care and if they fail to meet that standard and cause harm to an animal, the animal’s owner can sue them.
Why do vets need liability insurance?
Veterinarians need insurance, especially professional liability insurance, also called malpractice insurance, to protect themselves and their practices from potential financial losses due to malpractice claims or legal disputes.
Does pet insurance cover a visit to the vet?
Medical bills from licensed vets can be submitted to your pet insurance provider, but you will need to know what your pet insurance does and does not cover.
How do I find out if a veterinarian has been sued in Canada?
In Canada, information about disciplinary actions against veterinarians is available through provincial licensing bodies.