When selecting an option for business insurance*, many practice owners are given the opportunity to have their professional liability insurance rolled into their business coverage. While this option might make sense at first glance, having a standalone malpractice policy that's designed specifically to meet your unique needs as a veterinarian is crucial. Consider the items below before making a malpractice coverage decision.
- Malpractice coverage premiums that are tacked on to a business policy can increase based on claims that may not be attributable to you. This can affect your ability to continue coverage if claim experience is unfavorable. For example, if your colleague has a big claim, annual premiums could increase and affect you and the practice.
- Since Business Owner's Policies (BOP) policies provide coverage for all veterinarians employed by the business, you do not have any control over the loss experience for the practice. This can negatively affect you should you ever leave that practice.
- Having a carrier that understands the negative repercussions of paying frivolous claims is important. BOP carriers are not normally experts in this area. The Trust program insurance carrier has defended thousands of your colleagues against malpractice allegations and protected the reputation of countless veterinarians.
- Most BOP policies are limited to actions arising out of the entity (where you practice). This means that any volunteer work or part-time work may not be covered. The Trust malpractice coverage protects you wherever you can legally practice.
- You wouldn’t want to rely on legal representation that may have never defended a veterinary malpractice case. Thanks to over 57 years of experience, the Trust program insurer has established a network of attorneys who are well-versed in veterinary medicine.
- When malpractice coverage is tied to a business policy, the plan limits are shared by all veterinarians employed by the practice. One large claim could exhaust those limits, leaving the rest of the practice’s veterinarians at risk of an additional claim were to occur.
- Maintaining your veterinary license may be the single most important need in order to practice your passion. This critical coverage is available through the Trust program. BOP policies do not always offer this endorsement.
1. Advice on Client Management: One of the key features of the AVMA Trust program is the support provided by the Trust Veterinarians. You have a colleague ready and able to provide guidance on difficult client interactions, provide resources for education, trained in QRC through the AVMA, and ready to be a sounding board if and when you need them.
2. Claims Review by Qualified Veterinarians: AVMA Trust Veterinarians review every potential or actual claim and are able to communicate with you during the process if needed. If frivolous malpractice claims are not rigorously defended, it could have a lasting effect on the profession and your future premiums.
3. Supporting your Association: By purchasing a policy through the Trust, you are supporting the legislative advocacy of the AVMA, ensuring that the veterinary profession is protected and valued throughout the US.
4. Committed Carrier Partnership: The insurer for the Trust program has over 15 years of experience in this field and has contributed to legislative actions in support of the mission of AVMA.
To sign up for coverage, visit avmaplit.com/PL.
View the full suite of Trust program offerings at avmaplit.com and avmalife.org. To contact us directly, email firstname.lastname@example.org or call 800-228-PLIT (7548).
**For policies outside of the AVMA Trust program.