Financial Planning Through the Stages of a Veterinary Career – Key Insurance Protections Throughout Your Career

Posted by Joshua Ervasti on Fri, 03/24/2023 - 16:55

As a veterinarian, you are healthcare professional who plays a critical role in ensuring the health and wellbeing of animals. However, just like any other healthcare profession, there are risks associated with practicing veterinary medicine. From malpractice lawsuits to personal injuries, you need to protect yourself from these risks by having the right insurance coverages.

Here are some of the key insurance coverages that you should consider throughout your career:

Professional Liability and License Defense Coverage: Professional liability insurance, also known as malpractice insurance, provides protection in the event that a veterinarian is sued for malpractice or negligence. Additionally, license defense coverage can help cover the costs associated with defending a veterinarian's license in the event of a complaint or investigation.

Short Term Disability Insurance: While building emergency savings, you should consider short-term disability insurance to cover yourself in the event of a disability that prevents them from working for a short period of time. This coverage should include good maternity coverage, particularly for early-career veterinarians who may not have had time to build up savings yet.

Long-term Disability Insurance: Long-term disability insurance is essential to protect you against illness or injury that may prevent you from practicing veterinary medicine for an extended period of time. A good own-occupation rider is also important, as it would continue to pay as long as you are disabled from practicing as a veterinarian.

Student Loan Disability Protection: Veterinarians who have student loans should also consider disability protection to ensure you can continue to make payments in the event of a disability.

Life Insurance: Life insurance is critical for veterinarians with dependents who would suffer financially in the event of their death. It can help provide financial security for loved ones in the event of an unexpected death.

Property and Casualty Insurance: Proper property and casualty insurance is vital to protect your personal belongings, such as their home, car, and other valuables.

Umbrella Policy: An umbrella policy can provide extra protection against liabilities and lawsuits beyond the limits of a veterinarian's primary insurance policies.

Professional Overhead Expense Policies: Veterinarians who are practice owners should consider professional overhead expense policies to cover the costs associated with running a practice, such as rent, utilities, and employee salaries, in the event of a disability that prevents them from working.

Proper insurance coverage is critical for throughout your career to protect against the various risks associated with your practice and your everyday life. By having the right insurance policies in place, you can focus on providing the best care for your patients while protecting against unexpected financial risks. It is important for to work with an experienced financial professional to ensure you have the right coverage to meet your unique needs.