An Overview of the AVMA Trust for Practice Owners
As a veterinarian and practice owner, you are committed to promoting the health of your patients, serving the needs of your clients, and protecting the safety of your employees.
Just as you are dedicated to your calling, the AVMA Trust is committed to serving AVMA members and the veterinary profession. Most veterinarians know the AVMA Trust for professional liability insurance, but the AVMA Trust is designed by veterinarians for veterinarians to offer comprehensive insurance coverage and risk-mitigation resources for veterinarians at all stages of their careers – including practice owners like you.
We invite you to take a few minutes today to discover the Trust. Throughout 2021, we’ll reach out and encourage you to learn even more about the value the Trust adds to your AVMA membership, to vet your practice’s insurance policies, and to discover new ways to mitigate your risk.
Discover the Trust
Protecting a veterinary business means protecting its people, its property, its equipment, and its reputation. Knowing how – and with what coverages – to protect your life’s work is critical.
That’s why we encourage AVMA members to discover how the AVMA Trust, with its more than 55 years of passionate involvement with the veterinary profession, offers comprehensive business coverages for practice owners like you.
Protect Your Practice
- Business Owner’s Package. A key part of your business is your physical space: your building, medical equipment, furniture, computers, and more. Veterinary Business Property and Liability insurance – also known as a Business Owner’s Package – protects all that and more.
- Employment Practice Liability. As important to a practice owner as professional liability coverage, EPL coverage responds to allegations such as wrongful termination, discrimination, and sexual harassment.
- Group Professional Overhead Expense.1 If you are unable to run your business due to a covered disability, this coverage can help provide for operational expenses like rent, utilities, and employees’ salaries.
- Animal Bailee. If you hospitalize, board, or transport animals, you could be held responsible for the injury, loss, or death of an animal in your care. This coverage is even more of a must with curbside service during COVID-19.
- Data Breach. Every business is susceptible to cyberattacks and data breaches – and the average data-breach cost to a business owner is high: $214 per individual compromised record. Don’t get caught footing this bill yourself.
- Flood. A flood can quickly cause thousands of dollars of damage to floors, medical equipment, and biologicals. Without a flood insurance policy, all flood-related expenses must be paid out of your pocket.
- Commercial Auto. Just as with personal vehicles, it is against the law to drive a commercial vehicle without insurance to cover injuries or damage to others that an employee causes as a result of a car accident.
Protect and Support Your Team
- Workers’ Compensation.2 Your business is more than just property. Workers’ Compensation protects your team members financially if they are injured on the job. A good program also can provide strategies for avoiding injuries in the first place.
- Association Health Plan. Healthy employees are happy employees. Finally, veterinary practices of all sizes have access to an affordable group health plan for their teams. Plans are available in Arizona, Arkansas, Florida, Georgia, Illinois, Michigan, Montana, Nebraska, North Dakota, Oklahoma, West Virginia, and Wisconsin.
- Employee Benefits Program.3 Give your employees extra peace of mind by providing them with a variety of group insurance products and value-added services, including life insurance, short- and long-term disability insurance, an employee assistance program, estate guidance, and more.
- Association Retirement Plan.4 The AVMA Trust plan – available to practice owners and their teams – was designed with the unique needs of the profession in mind, while offering cost efficiencies, simplified administration, and reduced fiduciary burden.
Protect Yourself and the Ones You Love
- Professional Liability. Also known as malpractice insurance, this coverage responds when you are accused of veterinary malpractice. Even if a claim of malpractice is unfounded, the cost of defending yourself and your business can be devastating.
- Veterinary License Defense. This coverage offers protection against complaints on your veterinary license, including frivolous accusations that could cost you time and thousands of dollars to defend. It can offset the cost of legal fees to protect your ability to practice.
- Personal Insurance. Homeowner’s, renter’s, and auto insurance are available for you and all members of your practice (including non-veterinary staff). Add Personal Excess (commonly known as umbrella) coverage for an additional layer of protection over your individual primary policies, including homeowner’s, auto, watercraft, and RV policies.
- Group Disability Insurance.1 If a covered accident or illness keeps you from working, this coverage provides a cash benefit to help with everyday living expenses. Short- and long-term disability coverage is available.
- Group Life Insurance.1 Could your family maintain their quality of life if your life was lost? Provide protection for your loved ones for a potential day when you can’t be there to support them.
Protect Your Health and Wellbeing
- Group Hospital Indemnity Insurance.1 Traditional health insurance rarely covers all the expenses of an accident or illness – especially if hospitalization is involved. Help fill in the gaps with this coverage.
- Group Critical Illness Insurance.1 In the event of a health emergency, a cash benefit paid directly to you for a qualifying condition can help lessen the financial burden of a serious illness by helping cover medical bills, deductibles, or even day-to-day expenses.
- Dental and Vision. Take advantage of competitive rates on coverage through Delta Dental of Illinois.
Vetted by Professionals
Partnering with the AVMA Trust to protect your veterinary business isn’t like dealing with local insurance agents or large carriers. Our program is vetted by professionals – professionals who understand the challenges and rewards of being a veterinarian because they are veterinarians.
The Trust Veterinarians are your advocates. When you insure your business through the AVMA Trust, you not only combine your buying power with 65,000 other veterinarians to enjoy market leverage and tailored product offerings, you’re backed by a team of doctors advocating for you.
The Trust Veterinarians have many years of practice experience and they put that experience to work for you by:
- Speaking directly with veterinarians who call the Trust
- Reviewing every reported professional liability claim
- Referring the insurance carriers to qualified veterinary experts to assist in defense
- Providing professional guidance to the insurance carriers and their attorneys
- Attending veterinary conventions and association meetings to remain at the peak of their profession
- Visiting colleges and schools of veterinary medicine to educate students on veterinary insurance
- Providing educational content for an array of state and national publications
We know you won’t find a comparable resource through other insurance providers. It’s why we invite you to meet the Trust Veterinarians: