Put Your Pet Business First

Get Pet Business Insurance

Did you know that about 85 million households own a pet?  It means that the pet service industry is vast and diverse, hence multiple risks must be considered. Pets are unpredictable, and so are the risks of servicing them. Pet business insurance covers all possible risks that you might face in your pet services practice.

In this article

What are the Risks in Pet Business?

The most common risks that any pet service business can face are: 

  • Malpractice claims: If you work as a veterinarian or pet groomer, there are chances for errors or mistakes. 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. 
  • Data breaches: 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: Your clients or employees may get injured on the job. 
  • Property damage: Fire, natural disasters, or vandalism can damage your property. 

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

how much does pet business insurance cost

Who Needs Pet Business Insurance?

Pet businesses 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. Business insurance can help you replace that property. Moreover, you can create a customizable pet business insurance plan. 

Certain insurance coverage may be mandatory as per your state regulations. For example, workers compensation is compulsory in all states except Texas. 

If you are interested in getting pet business insurance, get in touch with us! 

Policies That Offer Relevant Coverage

Business Owners Policy

Business Owners Policy (BOP) is a commercial insurance 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 as well as comprehensive coverage for your pet business. It includes:  

  1. General liability insurance protects your pet service business from either third-party bodily injury or property damage claims. For example, if your client slips and gets injured on your business premises, your general liability insurance will bear the financial burden.
  2.  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.
what does pet business insurance cover

Business Interruption Insurance (BII)

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. The Insurance Information Institute states that fire and explosions were the leading causes of business interruption  loss between 2010–2014. Globally, these cost came to be about $1.9m on average per incident.    

While commercial property insurance will help cover property damage losses, business interruption insurance will help cover for lost income. 

Commercial Auto Insurance 

Commercial auto insurance provides coverage if you or an employee suffers from an auto accident while on the job. The policy may also cover personal vehicle damages if you are using it for business purposes. This insurance is mandatory for businesses who use commercial autos in all states, except New Hampshire and Virginia. 

The policy covers three parts: 

  • Physical damage insurance: It provides coverage to your vehicle(s) in case of an accident. Basically, the causes can be theft, flood, collision, or fire. 
  • Liability insurance: If you are at fault in an accident, then it pays for third-party bodily injury or property damage. 
  • Other coverage: It includes medical payments or rental reimbursement. 
what is pet business insurance

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. If a pet unexpectedly jumps from your grooming table and gets injured, professional liability insurance can cover your loss. 

Workers Compensation Insurance  

Workers compensation insurance provides coverage if your employees suffer an injury or illness on the job. Injury Facts states that the average costs of a workers compensation claim between 2017–2018 was $41,003 in 2017. Most small businesses cannot shoulder such an amount. Along with medical bills, this policy also covers legal fees if your employees or their family sues you.   

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

Employment Practices Liability Insurance 

Any employee can sue your company for wrongful termination, retaliation, discrimination, or harassment. Moreover, their lawsuit can be just or unjust. A simple misunderstanding with an employee can end up costing your business thousands of dollars in legal fees. Employment practices liability insurance can certainly indemnify legal costs to defend your business.   

Cyber Liability Insurance

As a business, you store confidential information about your clients, but can you guarantee that data is safe? If the answer is no, then cyber liability insurance can support you. 

Data thieves target businesses as well as go after client’s and employee’s personal information. Cyber liability insurance can cover costs explicitly associated with notifying impacted clients, identity protection services, and hiring a public relations firm to regain clients’ trust. It also includes third-party liability coverage. You may also add cyber insurance to your BOP as an endorsement. 

If you are interested in getting pet business insurance, get in touch with us! 

Related Articles

cyber liability insurance featured image

Cyber Liability Insurance

Don’t Get Infected, Stay Protected!

What Endorsements Can You Add to Your Pet Business Insurance Policy?

Along with the coverages mentioned above, you may consider adding other insurance coverages like: 

Animal bailee

This coverage protects your business from the death, loss, or injury of animals under your care. 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. Therefore, 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 as animal fur can clog drains. Animals, especially dogs and cats, shed a lot of furs, which can go down your sewers and clog the pipes. Clogged pipes generally disrupt the drainage systems of your building, which can cost 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.  

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 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 homeowners insurance.  

who needs pet business insurance

Exclusions in Pet Business Insurance

Some exclusions in an insurance policy for pet businesses 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 death or injury of the pets in your store.

What Determines Pet Business Insurance Premiums?

The primary factor that determines the 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

Afraid your pet business might face financial losses due to an unexpected event? Stay calm with our affordable pet business insurance quotes today! 

If you are interested in getting pet business insurance, get in touch with us! 

Related Articles

cyber liability insurance featured image

Cyber Liability Insurance

Don’t Get Infected, Stay Protected!