The Importance of Insurance for Your Dog Daycare
Last Updated: April 27, 2023 • Visit Blog Homepage
Not having insurance can have grave consequences on your business, so it's best to have a good policy in place before your open your place up for business. This post isn't going to be about where to buy insurance, that's something you'll have to figure out on your own. This post is going to highlight some of the main reasons why it's a good idea to have insurance at your business. What follows is not legal advice. Talk to your lawyer for that. This is just a post talking about possibilities. Let's get started!
Protect Your Business from LawsuitsUnfortunately, accidents can happen, and if someone's dog is injured while under your care, they could sue you. Having insurance in place will help protect you from the financial burden of a lawsuit. You're going to need to talk to your insurance broker about the different types of coverage that you're going to need for your business. Each business is different and most brokers will be able to find or create a policy that works for your specific needs. Should a pet get injured or killed while in your care, having a solid insurance policy could help you from having to deal with a lawsuit from the angered pet owner.
Covering Medical Expenses for DogsInjuries or illnesses can occur at any time, and if a dog in your care requires medical attention, you'll need to be able to cover those costs. Having insurance in place can help ensure that you're able to provide the necessary care for the dogs in your care. Let's imagine that one of your dogs bites another dog while they're outside in the play area. After taking the dog to the emergency room, you're given a bill for $2000 from the pet hospital. With a good insurance plan, you might be able to forward this bill to your insurance provider instead of having to foot the bill yourself. Once again, we're not giving legal advice here. You'll want to talk to your insurance broker about the finer details involved.
Protection for Your PropertyYour dog daycare or kennel will likely be equipped with a variety of items, such as kennels, toys, and furniture. In the event of a natural disaster or theft, you'll need to have insurance in place to protect your property. Recently a massive tornado went through Little Rock Arkansas and did an incredible amount of damage. The businesses that were not protected with a good insurance policy are going to be out tens of thousands of dollars, whereas the business that had a policy in place before the tornado will hopefully be able to recoup most of their losses and rebuilding fees.
Peace of MindOwning a dog daycare can be stressful, and the last thing you need to worry about is a lawsuit or a costly medical expense. Having insurance in place will give you peace of mind, knowing that you're protected in the event of an unexpected situation. Running a doggie daycare is already stressful enough. You're constantly putting out various fires throughout the day, just trying to make it to the end of the business day. Having a nice insurance policy in place can give you the peace of mind that, should something happen, you're prepared for it and it won't be the end of your business.
Protecting Your Personal AssetsIf you're sued, you could be at risk of losing your personal assets, such as your home or savings. Having insurance in place will protect your personal assets and ensure that you're able to keep your business running smoothly. Something you should talk to your lawyer about is the different types of legal protection that different business incorporation strategies give you. Sometimes having an LLC might be enough to protect your personal property, other times, not so much. Talk with your lawyer to figure out how an insurance policy could help protect your personal life from your business life.
Meeting Legal RequirementsIn many states, it is a legal requirement for dog daycare and kennel owners to have liability insurance. Failing to have insurance in place could result in fines or even legal action. When you're thinking about starting your business, make sure you include "search for insurance requirements" on your list of things that you need to figure out. This can even be part of your business plan, both including the pros and cons of each plan, as well as incorporating the monthly cost of your insurance into your financial forecasting spreadsheets.
Having insurance in place for your dog daycare or kennel business is essential for protecting your business and personal assets. It provides peace of mind, protects your property, and ensures that you're able to provide necessary care for the dogs in your care. Investing in insurance is a small price to pay for the protection it provides, and it's one less thing to worry about in the day-to-day running of your business. There are more than enough stories about the times when having insurance saved the day, and, unfortunately, the stories that highlight the losses people have to go through because they didn't have insurance in place. Make sure that you're one of those insurance success stories.
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