While medical malpractice is a known quantity, veterinary facilities may not be as aware that they too can be subject to malpractice suits. To protect your business from these potentially damaging costs, animal hospitals, clinics and doctors should look into veterinary malpractice insurance.
Rising Legal Costs
While at one time the damages won in most veterinary malpractice suits rarely exceeded the estimated value of the animal in question, these lawsuits now settle for substantially more money. In the 1990’s the average damages were from $5,000 to $10,000, and they have since risen even more.
Because of the close bonds owners feel with their pets, they may be more likely to sue on emotional grounds should their pet die in a veterinarian’s care. Though these malpractice suits often won’t win, they still incur legal charges.
Specialized Insurance Plans
Most veterinarians already have basic business insurance, as required by law in most states. However, these policies may not cover specific incidents of malpractice. Investing in a dedicated veterinary malpractice insurance program gives access to adjusters and lawyers with experience in veterinary medicine, who can offer a plan tailored to the particular business, whether a city vet clinic or a livestock veterinarian.
No matter how skilled or caring a professional you may be, you are still open to lawsuits. For all these reasons, veterinarians should invest in malpractice insurance.