Veterinary Insurance BasicsKnow What Your Insurance Policy Covers

摘要

We are all familiar with Murphy's Law: "Whatever can go wrong will bite your employee and escape its cage." Knowing this, it's important to protect yourself, your assets and your business against these unavoidable losses. There are many different types of insurance policies and what you don't know about the coverage provided by your policy can end up costing you money if you assume something is covered and it turns out not to be.This article briefly explains the basic types of insurance to help you understand what to look for in your policies to ensure you have the coverage you need. However, this is general information, and your actual insurance policy is the formal contract between you and your insurer that sets out the exact terms and limits of your coverage, including perils, specific risks, duration of coverage, deductibles and amount of premium. It's important to be familiar with your insurance contract, even though it can be a tedious read. If you have questions, discuss them with your insurance agent or broker to make sure you are receiving the coverage that is right for you or your small business. It's also important to understand that policies can be written on a claims-made or an occurrence basis. Claims-made polices will pay for claims filed during the time the policy is in effect, regardless of when the event leading to the claim occurred. Occurrence-basis policies will pay claims only for damage or injury suffered while the policy is in force, regardless of when the claim is filed.