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As with most professions, insurance for veterinarians in Australia has become an industry-specific deal. As the Australian Veterinarians’ Association (www.ava.com.au) accredits all vets in Australia, and the AVA has worked with Guild insurance to tailor insurance packages to meet their specific needs, it seems insurance for vets is a one-stop shop.
As with many professional insurance packages, there are different policies available for students and professionals.
What does professional indemnity cover?
Professional indemnity insurance for qualified vets includes cover for:
- professional liability - breach of professional duty as a veterinarian
- public liability - liability for accidental bodily injury or damage to property arising from work as a veterinarian
- product liability - liability arising from goods sold or supplied
- legal expenses arising from the defence of claims brought against the veterinarian
It’s important to note that this is not all the cover your business may need and additional insurance for premises, contents, inability to work and so forth may also be worthwhile.
Student vet indemnity cover
For students, there are two free master policies, one for professional negligence, the other for bodily harm sustained to the student. The professional negligence cover includes claims of $10 million for bodily injury or damage to property of others, or $250,000 for injury to animals. The policy provides cover for:
- Breach of professional duty
- Advice, libel and slander
- Goods sold and / or supplied
The bodily injury policy covers students for any loss of parts of the body or faculties, or loss of use of parts of the body and faculties. These injuries, however, have a specific definition, and do not include such injuries as illness or repetitive strain. The amount insured is up to $20,000 for one injury.
What it doesn’t cover
As for any other professional running a business, while insurance against possible negligence is a must, comprehensive insurance for your business is also necessary. Damage to property, including work vehicles and equipment, need a separate cover, as do both technical and support staff.
Insurance cover may also vary depending on fields of expertise. Equine veterinarians, for instance, often work with animals worth thousands of dollars, and so may need to take out extra cover. For more information about this field see the Equine Veterinarians’ Association’s website www.eva.org.au.
It would be wise for any vet running their own practice to review your business needs and make sure your insurance is relevant to your needs – and includes possible loss of income.
