Work-related injuries or illnesses can lead to temporary or permanent disability that impacts your capacity to earn money. Purchasing disability insurance protects your earning ability and veterinarian practice by covering the specific risks you may face.
You can work with an insurance company to customize a plan that covers physical and mental health damage, business overhead expenses, and other costs. Here’s how to enroll for disability insurance for practicing veterinarians, soon-to-be graduates, partners, and owners:
Find the Right Coverage
Insurance companies offer policies for various medical professionals, including veterinarians, nurses, and assistants. Look for providers specializing in disability insurance for practicing veterinarians. Insurers with veterinarian-specific policies focus on the particular challenges and risks you face in your practice, including physical injuries. You might get a direct physical injury from a bite, scratch, or kick by an agitated animal. Injuries could also occur in a traffic accident on your way to a client’s firm. Repetitive injuries, such as back problems, stem from wear and tear. Back injuries are often caused by frequent bending, lifting equipment, and twisting movements involved in your veterinarian practice.
Other injuries occur when dealing with needles during animal immunization and treatment. Disability insurance also covers bacterial infections and other zoonotic diseases and exposures like radiation. Choose plans with enough coverage for the potential risks, including stress-related mental health issues like post-traumatic stress disorder and anxiety. Mental disorders might occur after going through a traumatic experience, like a road accident or attack by an animal. Find out what’s covered and what is excluded, and then ask the insurance provider about specific add-ons that can enhance your coverage.
Understand the Policy
Veterinarian insurance policies are customizable but usually come with standard coverage for specific groups. If you’re in your final year in a veterinary school, start with insurance plans for soon-to-be veterinarians. These plans offer lower rates and premiums and flexible payment options. If you’re a practicing veterinarian, find a policy designed for your specialty and the risks associated with it. Compare the coverage options, premiums, and waiting periods and how they could affect your finances. Review the benefits duration, riders, and other terms to fully understand the policy.
You can choose short-term or long-term coverage, depending on your needs. Short-term policies are flexible and cancellable, while long-term coverage offers stability and locked-in rates. If you own or co-own the practice, look for policies covering rent, utilities, employee salaries, and other business overhead expenses. You can also choose your own occupation coverage to give you more flexibility in the event of a disability. Own occupation policies pay a portion of the salary you get from your veterinary specialty while allowing you to work in other positions. Review the eligibility requirements for each plan and ask your provider to clear up any ambiguous terms and conditions.
File the Application
Enrolling for veterinarian disability insurance involves submitting various documents, including personal identification, veterinary license, and proof of income. If you own the practice, gather proof of business ownership, employee list and pay slips, and other documents the provider requests. Prepare your medical records and statements of your monthly income, expenses, and debt. If you have a family, make copies of your marriage certificate, spouse’s identification documentation, and birth certificates for your children. You can ask the insurance provider to give you a list of all necessary documentation during the initial consultation.
Disability insurance providers offer online and in-person applications. You can complete the online enrollment by visiting the provider’s official website and selecting a plan. Each plan has a unique form that allows you to enter the details directly using your computer keyboard or phone. You can also download and print the form for offline filling and mailing. The personal and practice information in the enrollment form should match what’s in the supporting documents. Review the policy information and terms in the enrollment documents and seek clarification for anything you don’t understand. If everything is in order, submit the application, wait for approval, and pay the initial premium to activate your insurance.
Get Disability Insurance For Practicing Veterinarians
An injury or illness that leads to disability may affect your income and finances and requires proactive measures like purchasing insurance. If you’re a practicing or soon-to-be veterinarian, consult an insurance provider as soon as possible to begin customizing your plan. Purchase disability insurance for practicing veterinarians today to protect your income and practice.
