Today’s Veterinary Business provides information and resources designed to help veterinarians and office management improve the financial performance of their practices, allowing them to increase the level of patient care and client service.
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Protect & Defend columnist Dr. Ed Branam is veterinary and animal services program manager for Safehold Special Risk Inc., a division of Wells Fargo Insurance. He serves on the American Veterinary Medical Association's Legis- lative Advisory Committee. (carprofen) ® work with an insurance professional who has expertise in the veterinary industry to assist with identifying and addressing your business's spe- cific insurance needs. Likewise, have them review the insurance require- ment section of your contracts to confirm that you have appropriate coverage for the legal liability you are agreeing to assume. In another case, I received a call from a veterinarian who thought he was paying too much for his property and liability insurance. I asked him to do three things. First, complete a short application describing his property and business operation. Second, let me review his current policies. Last, schedule a few minutes for us to discuss his exposures and liabilities. As I compared his application to his current business policy I noticed a number of discrepancies. One was that his 3,200-square-foot hospital was listed as a trailer on his current policy. He explained that he started as a solo large animal ambulatory practitioner and had used the trailer as an office. It was not until three years ago, after receiving a sizable inheritance, that he decided to expand his practice and build an actual hospital. When asked where the insurance was for the new building, he noted, "Guess I haven't talked to my insurance company since I built it to let them know." One thing was certain: His insurance company may have raised his rates over the years, but it did not raise his limits to cover a freestanding building. If he had experienced a total loss to his build- ing, the insurance company would have replaced it with a trailer! Step 2: Do not buy an insur- ance policy and forget about it. It is a living docu- ment that requires ongoing attention. You should talk to your insurance agent before every policy renewal and conduct a global insurance and risk-manage- ment review of your business. Likewise, do this anytime you are considering a major purchase or change to your practice. Discuss not only what you have done but also any impending or anticipated changes and pur- chases. Your agent can assist you with providing the appropriate coverage at the appropriate time. The time will be well spent. No Mumbo Jumbo In my experience, I have found far more of my colleagues to be underinsured than overinsured. Only after you have identified your exposures and liabilities with the assistance of an insurance profes- sional who understands the unique needs of the veterinary industry and your practice should you begin to consider cost as a part of your decision-making process. Future articles will dive deeper into each topic noted above, among others. My goal is to avoid insurance mumbo jumbo and help you under- stand in simple terms the unique exposures you may face as well as how to mitigate potential risks. If you have specific questions or topics you'd like me to address, please email edward.branam@safehold.com. While some clients will be more forgiving than others, it is important to understand how to protect yourself and your practice against those that are not so accepting.