Running a veterinary practice presents physical demands that could cause career-threatening injuries or illnesses. Practitioners of modern veterinary medicine must exercise precision in motor skills for surgical operations. A practice owner also needs disability insurance for practicing veterinarians to experience enhanced safety and security. Here is more information about the risks you may face and a few ways veterinarian disability insurance protects your practice:
Understanding Veterinary Practice-specific Risks
Injury risks for big-animal veterinarians are unique as horses and livestock are unpredictable, and the environment can be dangerous. Small-animal practitioners perform detailed procedures, causing repetitive strain injuries. Exposure to zoonotic disease, which may result in prolonged disability periods, is experienced by exotic animal specialists. Mobile veterinarians carry the risk of physical demands of equipment and varied environmental conditions.
Learning About the Coverage Types
Disability insurance for practicing veterinarians replaces part of your income if you cannot perform your regular veterinary duties. A policy’s own occupation coverage means you will still be paid if you can work in other healthcare specialties. Veterinarians can receive benefits for long-term disability when injuries have kept them from being able to perform their normal duties for years or until retirement. Short-term disability coverage gives short-term financial protection when you are away from work on short-term medical leave for several weeks or months.
Business overhead expense insurance pays for everyday expenses, such as staff salaries and rent, when a business owner is disabled. Benefits for the period veterinarians can work only reduced hours while recovering are paid under residual disability coverage. Insurance companies address specific needs through custom benefit coverages, including student loan payments during periods of disability.
Providing Practice Continuation Options
When disabilities cause you or your regular hired veterinarian to stop working temporarily, funds are available to cover locum tenens or temporary replacement veterinarians. For practices, key-person disability insurance is to keep key staff around when they are out on medical leave for longer periods. If the practitioner has a disability, specialized coverage options protect revenue from particular high-value procedures.
Understanding Claims and Coverage Details
If you are continuously disabled from a covered condition or injury, most policies begin paying benefits after a certain number of days. The time before you receive benefits will depend on your specific policy. You can set the limit period to match your practice’s financial reserves against premium costs. Benefits increase automatically to keep pace with rising practice income and inflation. Rehabilitation benefits are awarded to cover the costs of returning to your practice after only partially recovering from the disability.
Get Disability Insurance for Practicing Veterinarians
Disability insurance provides income protection that standard health insurance cannot. Specific disability insurance policies will cover the unique risks involved in animal medical care. Insurance providers will review coverage so it adapts to the needs of growing or changing practices and income levels. Specialty-specific policies vary to meet the differing demands of various veterinary practice types. Don’t risk the impact a disability will have on your practice’s finances, and speak with a specialized insurance advisor who will discuss comprehensive coverage available to veterinary professionals today.
