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A Closer look at Insuring Your Pet Business
March 7th, 2013 | Posted in blog
Whether you’re a groomer, dog trainer, or veterinarian office, choosing the right insurance policy at the right price is essential to protect your business and your employees.
As families continue the trend towards a pet within every household, many individuals are looking for a way that they can make a career out of caring for and being around these animals. Whether it is starting up as a local dog sitter or entrepreneurs looking to enter into the world of pet stores, there are a few key points that everyone should understand to keep themselves and their businesses protected.
One of the most important things to consider in this field is a well-constructed insurance plan that fits the style of business as well as those running it. Unlike many other types of companies, those that are related to pets are going to require their own unique features. The first aspect is going to come down to the size and type of the business. An example of this would be the varying insurance needs of a pet groomer compared to those of veterinarians in animal hospitals.
For smaller businesses, cheap insurance plans are a must. This is especially true in those first few years. Unfortunately, due to the slim margins of profit for most new businesses, many owners opt out of purchasing insurance. This could turn into a dangerous gamble down the road, especially for companies involving animals. A single scratch, bite, or wounded animal could quickly put a halt to adoption organizations or even pet rescues.
Once a company has decided to go with a custom insurance plan to protect itself, the two main concerns are price and coverage. Finding a good balance between these two aspects will result in the best possible policy. Smaller businesses, such as a pet sitter or dog walker, will want to begin with general liability insurance.
General liability insurance covers many of the basic needs for companies of any size. This includes any damages to people or property if it is related to a business, its clients, or its employees. Many of these policies will also include coverage for most legal costs that can be accrued via accidents or injuries. These types of policies are critical for those that deal with unpredictable animals, such as a dog trainer.
Pet care professionals that are going to be working with a larger base of employees are also going to want to consider worker’s compensation insurance. Many business owners would wish that this type of insurance is no longer necessary, but even a single case of worker’s compensation could devastate a company’s financial situation.
Companies that are going to involve longer stays with the animals themselves should consider umbrella insurance as a protection against any unforeseen future scenarios. These are going to include animal shelters, a pet day care, and even the work of a dedicated pet trainer.
Umbrella policies are also a good choice for any pet related businesses that are going to utilize a larger facility, machinery, or vehicles. A mobile groomer can be a very lucrative business, but it also comes with its own inherent set of risks. Any damage to vehicles or property could potentially become the responsibility of the company itself. Umbrella policies will also generally cover most suits against the employees and management themselves.
On top of both price and coverage, most individuals are going to want to look for reputable and knowledgeable insurance carriers that have experience within the field of animals. Insuring any business that deals closely with domestic animals requires expertise above and beyond what most basic insurance companies have the ability to provide.
For those that want to become a dog trainer or start up a new local pet shop, working with animals can be both rewarding and lucrative. It is important to protect the hard work that it takes to develop these businesses with an insurance policy that perfectly matches the budget and coverage that is needed in this market.