4 questions to ask about professional indemnity insurance 

Starting any small business takes a lot of time and effort. You put hard work and long hours into getting set up, finding clients, and providing them with the best services for them and their pets. No doubt you want to protect all this effort. Professional Indemnity insurance is one way to do this.

Professional Indemnity explained

Professional Indemnity insurance* protects you against losses claimed by a third party due to alleged or actual negligence or errors in your professional services or advice.  Your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).

This type of insurance can help give you and your customers peace of mind. But how do pet professionals know when they’ve found the right policy? Here are four questions you might want to ask yourself as you search for a Professional Indemnity policy.

1. Do I need Professional Indemnity insurance?

While, unlike vets, pet professionals may not be required by law to have Professional Indemnity insurance, you may need a policy to meet other obligations. Pet pros who own a franchise may need this type of insurance to meet a contractual requirement with the franchisor. They might even set a minimum amount of cover that they expect you to have.

Even if you’re not required to have Professional Indemnity insurance, your customers might expect you to have it. Pet owners put their trust in you to do what’s best for their furry family members. Professional Indemnity insurance can help give you peace of mind knowing that if something does go wrong while their pet is in your care, you have cover in the event a claim is brought against you.

2. Will I be fully covered?

Every small business is unique, and insurers offer various Professional Indemnity policies to suit the wide variety of businesses out there. Carefully checking the policy wording can help you decide if your pet professional business will be fully covered by a policy.

Exclusions, policy conditions and endorsements make up the fine print of what is covered—and what isn’t—for any given policy. If all your business activities are not covered, you may want to consider other options for your Professional Indemnity cover. Otherwise, your pet pro business could be left open to potential risks.

3. Do I have enough cover?

When you buy any insurance policy, you’ll be asked to choose the amount of cover your policy will have. It’s important to think about how much Professional Indemnity cover will be enough to protect your business from potential claims.

The amount of cover you choose is one factor used to determine your Professional Indemnity policy premium. It may be tempting to pick the lowest premium to save on costs, particularly if you’re just getting your pet professional business off the ground. However, the cheapest option may not represent a true savings if the policy doesn’t give your business enough coverage.

4. Am I taking steps to minimise risks?

Professional Indemnity insurance can provide an important safety net for your pet pro business. Still, many small business owners prefer not to make a claim if they don’t have to. Claims history can impact premium pricing when it’s time to renew your policy.

Minimising common risks to your business could help keep your Professional Indemnity policy in the “just in case” bucket. Many pet businesses do this by taking steps such as ongoing staff training, asking detailed questions to be sure they understand each customer’s needs, and not overpromising what they can do for their clients.

Pet professionals provide important services to pet owners, and Professional Indemnity insurance is one way to protect your business and your customers. Head to the BizCover website to get  quotes from a range of leading insurers on your insurance and use promo code WWG at checkout for a discount on the cost of your Professional Indemnity insurance.

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.