Confused, frustrated by insurance? You’re not alone.

 

Whether you are an established owner of a veterinary practice looking to ensure appropriate coverage, or a new graduate looking for insurance and student loan guidance, we can help you find the right solution for your needs.

 

No more:

  1. Choosing the wrong carrier.
  2. Paying too much.
  3. Getting lost in the fine print.

 

Compare different options. Understand your policies. Streamlined and transparent. Loyall has you covered. Giving you peace of mind.

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Loyall Group’s 3-step process.

 

Insurance for veterinarians and veterinary specialists made simple and easy.

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Request a Quote

Designed for your specific occupation. Fast, efficient, painless.

1

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Connect with Loyall

Our industry experts walk you through our simple, seamless process. All in a short 15-minute phone call.

2

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Electronic Application

No more hurdles, hassles, or delays. Electronically sign, and your application goes straight to underwriting with the ideal carrier for you.

3

Frequently asked questions by veterinarians.

1. What types of insurance do veterinarians need to be fully protected?

To ensure you are fully protected in your occupation, it will depend on where you are at in your career as a veterinary professional. See below for a list of standard insurances that are recommended for an associate veterinarian versus a practice owner.

Veterinarian – Associate

  1. Disability Income
  2. Term Life
  3. Malpractice


Veterinarian – Business Owner

  1. Disability Income
  2. Term Life
  3. Malpractice
  4. Business Personal Property
  5. General Liability
  6. Worker’s Compensation
  7. Cyber Risk

2. What type of disability insurance is best for veterinarians?

We recommend an individual disability income insurance policy with a “pure own occupation” definition. This type of disability insurance policy protects your greatest asset, your ability to earn an income as a veterinarian.

 

In the event you are too sick or injured to perform the duties of your occupation, you will receive full benefits from your disability income policy, while simultaneously receiving an income from a second occupation you’ve started unrelated to veterinary medicine.

 

Some disability insurance carriers also offer an inexpensive rider that allows you to insure your student loans. This rider provides additional benefits in the event of a claim, so you don’t have to use the disability benefits designed to replace your income to pay back your student loans. Keeping more money in your pocket for you and your families’ needs at home.

3. What type of life insurance is best for veterinarians?

We recommend a fixed “level-term” life insurance policy. It’s an inexpensive way to ensure those who love and depend on you are taken care of in the event of your premature death – or if you are borrowing money to buy a practice. Your lender may require life insurance in which the bank is collaterally assigned to as the Loss Payee.

 

Don’t overpay for complicated life insurance products that pay high commissions to agents. Pocket the difference in premium for yourself, your family, and your growing veterinary practice needs.

4. What type of malpractice insurance is best for veterinarians?

We recommend an “Occurrence” malpractice insurance policy with a minimum of $1,000,000 / $3,000,000 liability limits. This way you can avoid the unexpected, growing, lump sum “tail coverage” fee that is generally associated with a “Claims Made” malpractice insurance policy.

 

If you already have a “Claims Made” malpractice policy, and are looking to change your malpractice carrier, it is best to go with a “Claims Made with Prior Acts” policy to avoid having to pay a tail fee during the transition. Your new malpractice carrier will pick up all prior risk for services rendered.

5. What types of insurance do veterinarians need to satisfy a practice loan?

Each lender has a different set of minimum insurance requirements to satisfy their practice loans. However, see below for a list of standard insurances that are recommended to you as the borrower to ensure you are fully protected from the bank.

Practice Loans

  1. Business Overhead Expense
  2. Term Life
  3. Malpractice
  4. Business Personal Property
  5. General Liability

6. Why do I need a Business Owner’s policy (BOP) as a veterinarian?

If you are a practice owner, a business owner’s policy combines business personal property and general liability into one insurance policy. BOP insurance protects the physical assets of your practice, along with covering third party losses – think slip & fall.

 

BOP insurance can be tailored to help meet the unique needs of practice owners by adding optional coverages, like: (1) workers’ compensation, (2) cyber risk, and (3) other specialized policies.

7. Why do I need workers’ compensation insurance as a veterinarian?

If you are a practice owner, workers’ compensation insurance protects the practice and its employees from financial loss when a team member is hurt on the job, or sick from a work-related cause.

 

Workers’ compensation insurance is required in all states, except Texas.

8. Why do I need cyber risk insurance as a veterinarian?

If you are a practice owner, cyber risk insurance protects your practice from financial loss due to a data breach. This may include loss or damage, extortion, loss of income, and even damages to your reputation.

 

Cyber risk insurance is optional. However, given the growing percentage of business being conducted digitally, can you afford not to have it for the growing number of patient records your veterinary practice is responsible for, as well as protecting the business’ personal/financial information?

Working with veterinarians like you since 2004.

 

Since we began serving veterinarians, it has given us insight into the opportunities and concerns that matter most. As well as areas that many often neglect.

At Loyall, we specialize in insurance for veterinarians, veterinary specialists, and their practices, to provide advice that they can trust.

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Are you a CPA for veterinarians?

 

Ensure your clients are protected with the best insurance policies for their occupation.

 

Loyall Group is an insurance firm for veterinarians, veterinary practices, and the advisors who serve them.

Are you a broker for veterinarian practices?

 

Learn how to get your buyers into practice ownership seamlessly.

 

Loyall Group is an insurance firm for veterinarians, veterinary practices, and the advisors who serve them.

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Are you a banker for veterinarian practices?

 

Learn how to get insurance policies for your borrowers approved faster.

 

Loyall Group is an insurance firm for veterinarians, veterinary practices, and the advisors who serve them.

Are you a fee-based planner for veterinarians?

 

Ensure your clients are protected with the best insurance policies for their occupation.

 

Loyall Group is an insurance firm for veterinarians, veterinary practices, and the advisors who serve them.

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