Several factors contribute to the cost of pet care business insurance, including the type of work you do with pets. Cost estimates are sourced from policies purchased by Insureon customers.
General liability insurance costs for pet care businesses
Pet care businesses pay a median premium of about $40 per month, or $480 per year, for general liability insurance. This policy provides protection for accidental injuries to customers and their pets. It also covers slander, copyright infringement, and other advertising injuries.
Insureon’s licensed agents typically recommend a business owner’s policy over a standalone general liability policy. A BOP combines general liability insurance with commercial property insurance to protect your animal hospital, grooming shop, or other pet care facility, and costs less than purchasing each policy separately.
Business size determines the cost of general liability for pet professionals
Among pet care businesses that purchase general liability with Insureon, 39% pay less than $400 per year and 42% pay between $400 and $800 per year. The cost depends on the size of your business and the amount of risk involved.
Common general liability policy limits for pet care businesses
Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year. Higher limits cost more – and provide better coverage.
Nearly all pet care companies (98%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.
Workers’ compensation insurance costs for pet care businesses
To meet your state’s requirements and avoid penalties, pet care businesses with employees typically must purchase workers’ compensation insurance. This policy helps cover medical bills and partial lost wages when an employee suffers a work-related injury or illness. Pet care businesses pay a median premium of $120 per month, or $1,440 per year, for workers’ comp.
Workers’ comp costs depend on your pet care employees
Among pet care companies that purchase workers’ compensation insurance with Insureon, 38% pay less than $1,000 per year, and another 28% pay between $1,000 and $2,000 per year. The policy cost is determined by the number of employees and their occupational risk, among other factors.
Business owner’s policy costs for pet care businesses
Boarders, groomers, and other pet care professionals pay a median premium of about $45 per month, or $550 per year, for a business owner’s policy. This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.
A BOP protects against customer and pet injuries and property damage, along with damage to your own business property. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s licensed agents.
BOP costs are driven by the value of your business property
Among pet care companies that purchase a business owner’s policy with Insureon, 53% pay less than $600 per year, and another 33% pay between $600 and $1,200 per year. The cost depends primarily on the value of the property owned by your pet care business.
Which business owner’s policy limits do pet care professionals choose?
Most pet care professionals choose a business owner’s policy with a $1 million per-occurrence limit and a $2 million aggregate limit.
Your industry affects the cost of BOP coverage for pet care businesses
The cost of a BOP depends on your type of pet care business and its size. Businesses with large premises, such as animal hospitals, typically pay more for a business owner’s policy than smaller businesses like pet sitters. Your building maintenance, years in operation, and your location will also affect your premium.
The annual median premium for an animal hospital is $985, while the median for a pet sitter is $500 – or less than $45 a month. As you can see, the cost can vary quite a bit across industries.
Errors and omissions insurance costs for pet care businesses
This policy, also known as professional liability insurance, can protect your business from claims that you made a mistake or oversight, such as a veterinary misdiagnosis. The policy cost depends on your type of pet care business and other key operations factors. Veterinarians and other pet specialists whose work depends on their expertise and advice typically pay more for errors and omissions insurance.
Compare quotes from trusted carriers with Insureon
Insureon’s pet care business insurance agents work with top-rated U.S. carriers to find affordable coverage that fits your business. Apply today to compare multiple quotes with one free online application. Work with an account manager specializing in the unique risks of veterinarians, pet boarders, and dog walkers.