Veterinary services insurance

For more on this part of the insurance industry:

1. visit our animals insurance page for a look at all products in this sector
2. or focus in on all of the veterinary services insurance products available on IB Markets!

What is veterinary services insurance? 

Veterinary services insurance provides coverage tailored for veterinary professionals, safeguarding against risks inherent in animal healthcare. This insurance typically includes professional indemnity and public liability protection. In Australia, such coverage is vital due to the high standards expected in veterinary care. 

The Australian veterinary services industry was valued at approximately $5.6 billion in 2024. With a significant rise in pet ownership, especially post-pandemic, the demand for veterinary services has surged. Consequently, comprehensive insurance for veterinary practices has become increasingly important. 

Veterinary services insurance: industry trends and emerging risks 

Australia's veterinary services insurance industry is changing quickly due to new technology and growing customer needs. Tools like telemedicine and advanced diagnostics are increasing the range of veterinary care, requiring wider insurance coverage. Along with staff shortages and higher running costs, other key trends and risks include: 

• veterinary scholarships: new scholarships aim to attract young Australians to veterinary careers, easing workforce shortages 

• pet insurance expansion: the industry is set for major growth by 2033 as pet ownership and healthcare spending rise 

• higher vet care expenses: rising costs that exceed $3,000 annually for some pet owners are a growing concern 

With rising pet care costs and new rules, businesses need better veterinary services insurance coverage, including higher limits and legal protection. Cyber risks from digital records and telemedicine make adding cybersecurity insurance important. 

Veterinary services insurance FAQs 

Can you claim vet visits on pet insurance? 

Yes, many pet insurance policies in Australia cover vet visits, including consultations, treatments, and diagnostic tests. Coverage varies by policy; some may exclude routine care like vaccinations. 

Who can own a vet practice in Australia? 

In Australia, veterinarians and non-veterinarians can own veterinary practices. However, clinical decisions must be made by registered veterinarians to ensure professional standards. This separation maintains the quality and integrity of veterinary care. 

Are vaccinations covered in pet insurance? 

Many pet insurance policies in Australia offer optional routine care coverage for vaccinations. Key points include: 

• routine care add-ons: vaccinations are typically covered under optional wellness packages, not standard accident or illness policies 

• benefit limits: policies may include a fixed annual amount for vaccinations, often around $50 

• policy review: always check the Product Disclosure Statement (PDS) to understand coverage specifics and make sure that the pet's needs are met 

These options make routine care, including vaccinations, more affordable for pet owners. By selecting the right policy, one can guarantee the pet stays healthy and protected. 

Do vets have a duty of care in Australia? 

Yes, veterinarians in Australia have a legal duty of care toward animals under their supervision. This responsibility includes:  

• providing appropriate treatment 
• ensuring animal welfare 
• maintaining professional standards  

The duty of care persists until the animal's health issue is resolved or another veterinarian assumes responsibility.  

Duty of care for unowned animals 

In situations where an animal's owner is unknown, veterinarians who accept care of the animal assume a duty of care obligation. This responsibility continues until the animal's health issue is resolved or the animal comes under the care of another veterinarian. 

Why are vets so expensive in Australia? 

Veterinary care in Australia can be costly due to several factors: 

• lack of subsidies: veterinary services lack government funding, leaving pet owners to cover all costs 
• veterinary services insurance: limited uptake of insurance among pet owners increases out-of-pocket expenses 
• advanced treatments: modern diagnostics and treatments raise veterinary care expenses 
• high clinic costs: equipment, maintenance, and staff salaries add to operational fees 
• education costs: extensive training and education for vets influence their professional fees 

Can a vet refuse to treat an animal without payment? 

Yes, veterinarians can decline treatment if payment is not assured. However, many are willing to discuss payment options to make sure that animals receive necessary care. 

What do you do if you are not happy with your vet? 

If a client is dissatisfied with their veterinarian in Australia, they can take these steps: 

• communicate concerns: raise the issue directly with the veterinarian to seek clarification or resolution 

• seek a second opinion: consult another veterinarian for an alternative perspective on the pet’s care 

• file a formal complaint: if the issue remains unresolved, contact the relevant state veterinary board to lodge a formal complaint 

These steps help ensure that pet owners can address concerns effectively while maintaining their pet’s health. Brokers can highlight the importance of veterinary services insurance in supporting clients through unforeseen issues and promoting trust in veterinary care.