Executives face a broad range of risks in carrying out their duties, including lawsuits from investors, employees and regulators
There are risks associated with every business, no matter what the field. While insurance policies can help keep your veterinary practice covered under many different circumstances, your business will always have some executive risk.
Executive risk is difficult to determine because its many facets involve your decision-making, supervision, direction, and employee interactions. Executive risk is too complicated for standard policies to cover, but when you have employees, you need that coverage if they become exposed to these risks.
Employment Practices Liability (EPL)
The costs associated with employment practice-related claims can be staggering and are on the rise. Employers may face many claims and lawsuits over wrongful termination, discrimination, workplace harassment and retaliation. And a business owner doesn’t even have to be in the wrong to be sued. The right insurance to cover defense costs and damages related to various employment-related claims can be critically important to help protect business assets.
Cyber Risk
When you run a small business, you face many physical risks, like property damage and injuries. However, your business also faces risks that come from using technology. These include everything from data breaches to hacking.
Many businesses add cyber insurance to their business insurance policies to protect against those risks. Cyber insurance can offer broad coverages to help protect businesses from various technology-related risks.
Directors and Officers Liability (D&O)
Directors & Officers (D&O) Liability insurance protects the people who serve as directors or officers of a company from personal losses if they are sued by the organization’s employees, vendors, customers, or other parties. D&O insurance can cover defense costs, settlements, and other costs associated with wrongful acts, allegations, and lawsuits. Directors & Officers insurance is essential to a corporate risk management strategy and can help your company attract and retain qualified executives and board members.
Crime
Veterinary practices are not devoid of crime. Crime happens in every business and can stem from a lack of security or employee dishonesty. Many crimes can be avoided by conducting proper background checks on all employees to minimize your company’s risk.
Regularly making money deposits would be best to prevent collecting a large amount of money at your location, which a dishonest person may be tempted to skim from on occasion. As a medical facility, your veterinary practice may be more susceptible to crime, especially because of your medical inventory.
Kidnap and Ransom (K&R)
While it is unlikely and less widely known in the veterinary world, kidnapping, ransom, and extortion are all real business concerns. However, the larger your organization, the more attractive you become to nefarious people. This specific type of coverage can help protect your practice from threats against you or your employees. You might also gain access to risk management protocols to lessen the chance of extortion.
Vetinsure Helps You Find Coverage
When you begin your practice, there is a lot of ground to cover to ensure that you and your business have all of the insurance that you will need. To speak with an advisor about other coverage that you may need to add to your policy, contact Vetinsure. A representative can help you find everything from a foundational policy to one that covers executive risk. To help insure your practice against certain liability risks, check out our professional liability insurance for veterinarians.
Vetinsure is a veterinarian-focused company that seeks to save you money on your insurance policy while getting you coverage that matches the needs of for your business. Call Vetinsure today at 800-272-1249 to speak to our knowledgeable staff and begin your business’s new executive risk policy.