Even though you are a small animal veterinarian, you can be exposed to different risks that may injure you. Sufficient insurance covers daily living expenses and medical costs to help you live comfortably. Here are some reasons to purchase disability insurance for practicing veterinarians:
Protects Your Income
Disability insurance for practicing veterinarians covers different types of conditions, including physical injuries, mental illnesses, and more. Depending on your policy, the coverage replaces a significant portion of your income while you’re unable to work. With the payout, you can pay for student loans, living expenses, and business costs. Some conditions, such as chronic back pain or degenerative joint diseases, may not heal quickly, which means you may choose long-term disability coverage. Based on your policy, this type of coverage lasts for many years or up to retirement, replacing your earnings.
Covers Medical-related Risks
Small animal veterinarians handle cats, dogs, and rabbits, but they can be exposed to different types of risks. These professionals could sustain bites and scratches leading to puncture wounds that may require medical attention, stitches, or surgery. In severe cases, bites can cause serious infections and could result in time away from work for recovery or treatment. Disability insurance provides financial support for vets who sustain injuries from falls, like sprains or fractures at work. If you suffer burnout and depression due to the work environment, this form of coverage may offer financial assistance during recovery.
Safeguards Business Operations
If you own or co-own a practice as a vet, a disability may disrupt business operations and strain your resources. Disability coverage reduces the pressure on your practice’s finances by providing income so that you won’t use up the business’s funds. You can use the reimbursement to cover your salary and reduce the financial burden on partners or staff who may need to take on additional responsibilities in your absence. With additional financial support, the practice can maintain regular hours for clients to access services and bring their pets for treatment. You may also use the amount to pay employee salaries, rent, mortgage, and utilities to keep your business operational.
Offers Tailored Options
As a small animal veterinarian, you offer specialized services like surgery, dentistry, or advanced diagnostic procedures. An insurance agent can help you choose sufficient coverage that covers these specific duties, offering reliable protection. If you have a temporary disability that interferes with your work, you can choose short-term disability coverage for that period. During peak times, such as busier months, the policy can be adjusted to replace a higher percentage of income when you have fluctuating earnings. You may pick own-occupation coverage which allows you to receive benefits if you’re unable to perform your specific duties even if you can work in another profession.
Buy Disability Insurance for Practicing Veterinarians
Whether you own a practice or work for another organization, disability insurance is beneficial for protecting your finances. Depending on the types of risks you face, an insurance agent will help you choose the right policy. To learn more about your insurance needs, call a trusted company today.