Pet Business Insurance

1. Pet Business Insurance

2. Pet Business Insurance According to Forbes, 85 million households own a pet. It means  pet service industry is vast and diverse in nature, so multiple risks must be considered. As a business, you take care of your client's pets. But it is equally important to know your risks and to take necessary coverages.

4. Pet business insurance provides coverage for • Veterinary practice business • Pet grooming business • Dog walking business • Pet sitting business • Pet store

5. Pet Business Insurance Policies • Business Owner Policy • Business owner policy is designed for small and medium-sized business to cover losses from bodily injury or property damage. • It is mandatory in most states. • You can bundle BOP with commercial general liability insurance and commercial property insurance.

6. Commercial General Liability Insurance (CGLI) • It includes coverage for financial loss from third-party bodily injury or property damage claims. • For instance, if your client gets injury on your business premises, CGLI will cover the loss.

7. Commercial Property Insurance • It covers restoration or repair cost in case of property damage. • The perils include natural disaster, fire, explosions, and theft.

8. Business Income Insurance • Business Income insurance provides coverage if your business is unable to function as a result of catastrophic events • Hypothetical example, explosion of the building can temporarily shut down your business. So, business income insurance may compensate for lost income. 

9. Commercial Auto Insurance • It provides coverage for if your business vehicle suffers from auto accident. • It protects you from financial burden against • Physical damage • Third-party liability • Other coverage

10. Professional Liability Insurance • It is also known as malpractice insurance​ • It protects your business if your client sues you for errors in professional services.​ • Highly recommended, especially if your business includes veterinary service, pet sitting, pet grooming or pet training. ​ • E.g.: Suppose a pet jumps while you were grooming and breaks its foreleg. Professional liability insurance will compensate for necessary coverages. 

11. Workers Compensation Insurance • If your employees slip and get injured on the job, workers compensation insurance can help to cover the expenses. • Injury Facts mentions that the average costs for workers compensation were $40,051. • This policy is mandatory for dog walkers and pet sitters as animals exert unpredictable behavior. Similarly, this policy is must-have for business with more than three employees.

12. Employment Practice Liability Insurance (EPLI) • Employees can sue your business for wrongful termination, sexual harassment, or discrimination. • Even though you have strong human resource system or policies, simple misunderstanding can drag your business reputation. • EPLI can indemnify costs to defend your business in case of such lawsuits.

13. Cyber Liability Insurance • Despite strong data security system, your data may not be safe. • Clients or employees can file lawsuit for data breach as a result of your negligence. • Consider cyber liability insurance in such case as it covers cost to notify impacted clients, identify the cause of incident, crisis management and for legal defense (in case of lawsuit).

14. Add-On Coverages • Animal bailee coverage • Sewer and drain coverage • Bonding coverage  • Home-based business solutions

15. Exclusions • Malpractice insurance excludes cover if the pet under your care escapes or dies. • If you own pet store business, animal bailee does not cover your loss in case of injury or death of the pet. • If you are training pet for attack purpose, basic dog trainer insurance will not provide coverage.

16. Factors that determine the cost of insurance: • Size of business • Number of employees • Claim history • Professional practices and key operations factors