Discover Business Owner's Package


Discover Business Owner’s Package

Successfully managing business operations is just as important as practicing good veterinary medicine. Your practice and your employees’ livelihoods depend on a well-run business. And a key part of your business is the physical space—your buildings, medical equipment, furniture, computers, and more. Veterinary Business Property and Liability—also known as a Business Owner’s Package policy (BOP)—protects all of that and also provides coverage if a third-party is injured or suffers a loss on your property.

The AVMA Trust program was created by experienced veterinarians with veterinary risks in mind. Discover why so many of your colleagues protect their practice with BOP coverage through the AVMA Trust.

Why BOP?

To put it simply, if any of your property is damaged or destroyed, you can’t properly conduct your business. Handling animals on business property also presents unique risks for practice owners. A business owner’s package helps you replace or repair valuable assets—and protects you against covered claims by customers, vendors, and others.

What's protected?

Every practice is different, and the level of coverage you need will depend on your practice’s operations. BOP coverage offered through the AVMA Trust program is designed specifically for you and can include the following essential protections for veterinary practices:

Still reading? It’s a lot of information! Our team can explain it all and answer your questions over the phone, too.” - Dr. Linda Ellis

  • Building and Business Property Insurance. The property section of a business owner’s package provides coverage for damage to:

    • Buildings and contents
    • Furniture
    • Outdoor signage
    • Landscaping
    • Accounts receivable records
    • Valuable papers
    • Computers and media
    • Personal property of others
    • Property stored off-premises and in-transit
    • Inventory
    • Autos owned, hired, and non-owned
  • Business Liability Insurance. Similar to your professional liability (malpractice) insurance, business liability (also called general liability) insurance provides crucial protection against claims of loss or injury by clients, vendors, and other third parties. Please note: business liability insurance is not related to the treatment of animals and is separate from your professional liability policy. This part of a BOP includes the following features:
    • Bodily injury covers your practice if it is found legally responsible for the illness, injury, or death of a third party.
    • Personal and advertising injury covers you for legal defense costs and damages from lawsuits that claim false, malicious, or misleading statements in advertisements, promotional flyers, brochures, or websites.
    • Defense pays the legal expenses for certain liability claims brought against your practice, regardless of who’s at fault.
    • Medical expenses (Med-Pay) pays the applicable medical costs if a third party seeks treatment for an injury that occurs on your premises.
    • Premises and operations provides coverage for bodily injury and property damage sustained by others as a result of your practice’s operations.
    • Products and completed operations protects you against injuries or damages suffered by a third party that were caused by the products you sell or by the work you perform.
    • Tenant’s liability protects you if you are found responsible for physical damage to space you rent.

  • Business Interruption Insurance. This coverage helps replace lost business income when direct physical damage to your property causes a suspension of operations. This protection can provide coverage for:
    • Normal payroll expenses
    • Overtime
    • The cost of transferring operations to another site, including rent
    • Lease payments on premises and equipment
    • Lost income as a result of your business interruption
    • The cost of outside services
    • Extended business income after your property is restored
  • Business Income from Dependent Properties. BOP also can include protection when another business you count on is damaged or destroyed. Does your practice depend on another business or supplier—a racetrack, humane shelter, or neighboring anchor store—for traffic and income? What would you do if the other business closed because of a fire or other adverse event? This important coverage pays for your loss of business income due to the dependent property being damaged or destroyed.
  • Mobile Loss of Income and Extra Expense. For many veterinarians, your vehicle is your means to providing professional services. The mobile loss of income and extra expense endorsement responds when an insured vehicle is out of service (due to a covered loss), suspending your business operations. This endorsement covers the physical loss of or damage to your mobile veterinary equipment or the physical loss of or damage to an auto to which the veterinary equipment is permanently mounted. You can be reimbursed for income lost while the vehicle is being repaired or replaced.

Why AVMA Trust?

  1. Other BOP providers don’t protect you against one of the most common causes of damage at veterinary practices—your patients. Whether it’s a dog chewing through an ultrasound cord or a large animal stepping on equipment, our BOP policies provide the coverage you need—because the AVMA Trust program is designed by veterinarians for veterinarians.

  2. Policies provided through the Trust program include replacement cost coverage. This benefit ensures that if covered property is damaged or destroyed, the policy would repair or replace it at the current market price—what it would actually cost you to fix or replace the equipment. BOP provided by other insurers typically only covers actual cash value (replacement cost minus depreciation and obsolescence), so you’re stuck paying the difference.

  3. Experience counts. Our team of more than 40 insurance professionals works exclusively with veterinarians and veterinary staff every day. When compared to other brokers and insurers, the AVMA Trust program is more aligned with the daily risks that an average veterinary practice faces. This knowledge allows us to offer one-of-a-kind protection, support, and peace of mind through our carriers.

  4. Claims may not seem like a big deal—until you have to file one. At the AVMA Trust, we make sure you are properly covered to ensure you don’t face costly coverage gaps. And our team of dedicated Trust veterinarians are here to review your claims and offer advice during difficult practice situations.

Want to learn more?

More to Discover

In addition to specialized BOP coverage for veterinary practices, the AVMA Trust now offers several group plans to help practice owners protect and support their employees:

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.

Association Retirement Plan*

The AVMA Trust retirement 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.

*The AVMA Trust Association Retirement Plan is offered through Transamerica, in partnership with TAG Resources and Envestnet Retirement Solutions.

Employee Benefits Program*

Give your employees extra peace of mind by providing them with a variety of group insurance plans and value-added services, including life insurance, short- and long-term disability insurance, an employee assistance program, estate guidance, and more.

*This program is offered in partnership with The Hartford. All benefits are subject to the terms and conditions of the policy. Services are offered through vendors which are not affiliated with The Hartford and these services are not insurance. The Hartford is not responsible and assumes no liability for the goods and services described in this material and reserves the right to discontinue any of these services at any time. Service may vary and may not be available in all states.

Want to see everything the Trust program has to offer?

Discover all the benefits offered through the Trust to AVMA members.