Business Insurance

The PLIT-sponsored package policy has been developed specifically to meet the unique practice insurance needs of veterinarians. The policy is designed to help keep your practice open so you can serve your clients.

In addition to property and general liability coverages, the package policy also includes enhanced protection for damage to:

• Accounts receivable records
• Other valuable records and papers, such as your medical records
• Exterior signs
• Computers and media
• Property off-premises and in-transit
• Perishables, such as biologicals
• Exterior building glass.

Also provided is protection against:

• Loss due to employee dishonesty
• Loss of income from off-premises power interruption
• Damage caused by backup of water through sewers and drains
• Damage to buildings and contents caused by animals in your care, custody or control.

Valuable Coverages

What you need to know

Flood Coverage
Did You Know that Your Location May Qualify You for a Preferred Risk Flood Policy? If you’re not covered for flood exposures, your insurance portfolio is not adequate. Water is powerful—just an inch can cause costly damage to your practice. Consider that floods and flash floods happen in all 50 states. For example, flash floods often bring walls of water 10 to 20 feet high, and flooding can be caused not only from hurricanes, but also from winter storms and snow melting. Your location may qualify you for a preferred risk policy: annual non-residential flood premiums start at $500 and for contents only coverage, premiums start at $121. IMPORTANT NOTE: A standard business owners policy, including those placed through the PLIT-sponsored program, does not provide coverage in the event of flood damage. A separate policy is necessary. Please also note that a flood policy does not provide loss of income coverage.

Mechanical Breakdown
Mechanical breakdown coverage protects you from losses due to the accidental breakdown and resulting property damage from mechanical and electrical systems such as: heating and cooling, telephone, fax machines, copiers, and surgical and medical equipment. And because computers are often vital to the efficiency of veterinary practices, the PLIT-sponsored package policy protects you in the event of mechanical breakdown, headcrash or impairment of electrical imaging in your computer system.

Business Interruption
Business interruption insurance protects your profit dollar when physical damage to your property causes an interruption of operations.

Some typical expenses that can be covered by business interruption insurance include:

• Normal payroll expenses
• Overtime
• The cost of transferring operations to another site, including rent
• The cost of outside services
• Lease payments on premises and equipment
• Lost income as a result of your business interruption
• Extended business income after your property is restored.

Business interruption coverage is automatically included in all PLIT-sponsored package policies.

Mobile Loss of Income and Extra Expense
If you are like many veterinarians, your vehicle is your means to provide professional services. Should your auto be damaged, your practice could be severely compromised. That’s why the PLIT’s broker has worked with insurance providers to develop the mobile loss of income and extra expense endorsement. This coverage responds when the insured vehicle is out of service due to a covered loss, such as a collision, and reimburses the veterinarian for income lost while the vehicle is being repaired or replaced. Only veterinarians who are insured through the PLIT-sponsored commercial automobile program have access to this coverage.

Builders Risk
For many successful practice owners, there comes a time when you outgrow your current facility. As your business expands you may be faced with the option of either building a new facility or expanding your existing location. Whether you choose to build from the ground up or renovate, a builders risk insurance policy is essential to protect your financial interests during the course of construction. PLIT-sponsored builders risk coverage meets the needs of a wide range of projects from multi-million dollar new construction to cosmetic remodeling of existing buildings. Builders risk protects your project from start to finish, so your building materials and other property are covered from the time they are delivered to the job site until the structure is completed and can be covered under permanent property insurance coverage. The PLIT-sponsored policy also provides coverage for theft of building materials, materials in transit or at temporary locations, certain landscaping, and much more.  The PLIT understands that you have a business to run, so we provide you peace of mind knowing that your job site is insured by leading insurance companies. Plus, your builders risk policy is backed by a dedicated claims team that is committed to getting your project back underway as soon as possible in the event of a covered loss.

Umbrella Liability
Enhance your protection against catastrophic lawsuits by purchasing umbrella liability insurance, available in one million dollar increments. As your business and assets grow, so will your potential exposure to larger lawsuits. Higher limits provided by an umbrella policy will give you greater peace of mind (some restrictions apply).

Commercial Automobile
Hired/non-owned auto liability is a must if employees use their personal vehicles for business-related errands or house calls. Uninsured and underinsured motorist coverages are available by endorsement.

Download the PLIT business insurance application and apply for coverage today. Enjoy a free coverage evaluation and quotation.