The medications and devices you manufacture, import or distribute are vital for the health of pets, farm and food producing animals. Which means that as a veterinary products manufacturer and/or supplier, your activities and product offerings have an impact on millions of animals and Canadians every day. As a business owner, you’re no stranger to the potential risks and liabilities in supplying veterinary products. Veterinary product insurance can help protect your organization from those risks and liabilities.
Products Covered by Veterinary Product Insurance
These are just a few of the animal health products that can be covered by veterinary and animal product insurance:
- veterinary drugs, metabolic fluids, vitamin/minerals, and anti-inflammatories
- clinic equipment, diagnostic equipment, monitors
- critical care and orthopedic surgical equipment
- sterilization equipment and supplies
How Veterinary Product Insurance Can Help Protect You
Veterinary product insurance is a customizable plan of coverages that are tailored to meet the specific needs of each manufacturer or supplier. These are the coverages typically included in a veterinary and animal product insurance package:
Commercial General Liability Insurance which offers legal fee coverage for lawsuits alleging personal injury (that take place on your premises, not including injuries to workers), property damage, libel & slander and false advertising. Legal fee coverage includes defence costs, settlements and awards for damages.
Product Liability Insurance is the extension of CGL that covers your veterinary product liability.
Product Recall Insurance can cover the costs of issuing a recall including testing, lost profits, replacements, disposal fees and brand rehabilitation expense.
Pollution Liability Insurance can provide coverage for litigation fees, fines and cleanup expense.
Trademark / Intellectual Property Insurance is protection from claims of IP infringement and the legal fees to defend your trademarked veterinary products.
Cargo Insurance provides comprehensive, end-to-end coverage for your shipments.
Property Insurance protects building and contents including equipment, supplies, and assets in case of perils such as fires, floods, bad weather incidents, etc. You may also need to extend coverage to include Business Interruption insurance to replace income lost to an insured peril and Extra Expense coverage for the costs to set up a temporary location.
Boiler & Machinery Insurance / Equipment Breakdown Insurance that protects you from losses attributable to manufacturing and other equipment failures due to perils including electrical arcing and power outages.
Crime Insurance / Fidelity Insurance covers losses due to employee theft or cyber fraud.
Directors & Officers (D&O) / Board Insurance protects your board members from the personal liability they face from lawsuits alleging ‘wrongful acts’ such as misleading statements, conflict of interest, mismanagement and negligence.
Commercial Auto Insurance / Commercial Vehicle Insurance for delivery vehicles and company vehicles used in the course of business.
Get ALIGNED with Veterinary Product Insurance Brokered by Commercial Insurance Specialists
When you choose ALIGNED, you get brokers that are not only commercial insurance specialists, we’re advocates too. We work with Canada’s top insurance companies to get you the best insurance products and coverages you need at competitive rates. Get a quote online or contact us to discuss veterinary product insurance needs.
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