Insurance is sometimes seen as shrouded in mystery, difficult for many people to understand. We want you to understand the jargon used in the industry, your policy and coverages, and alternatives to bonding. You won’t need an insurance license to understand pet sitter insurance with this handy guide.
Breaking down the Jargon:
Liability
The words “liable” and “liability” are used a lot in insurance. In short, being liable means that you are responsible for something. For example, if a dog you’re watching becomes ill because of your negligence and starts throwing up, you may be held responsible simply because you’re caring for the pet.
Claims
A claim is a request made by the insured to the insurance company to pay for a covered loss. In the example used above, filing a claim is what you would do after you have taken the sick dog to the vet so that you may be reimbursed for the expenses.
Insured
That’s you! An insured is someone who buys and is covered by an insurance policy.
Insurer
That’s the insurance company.
Limits
This is the maximum amount of money that an insurance company may pay in a policy year. There are two limits on your policy:
- Each Occurrence Limit
- This is the maximum amount an insurance company will pay per incident
- Aggregate Limit
- Maximum amount an insurance company will pay out during the length of your policy
Pet Care Insurance Pet Sitter Policy
The pet sitter insurance from PCI is designed to protect you from the most common risks that pet care professionals face on a daily basis.
General Liability Coverage
This coverage offers you protection against the cost of third-party claims that you become legally responsible for due to injuries or damages. If a dog you’re watching bites someone and causes a serious injury, you could be held liable. This type of coverage may cover legal and medical expenses resulting from the accident.
Damage to Premises Rented to You
If you’re staying overnight at a client’s house to watch their pets then you could be held responsible if something were to happen to their house, such as a fire. If the unthinkable happened and there was a serious fire damage to the house, you could be responsible for paying thousands of dollars in damage and that could bankrupt your business.
Pet sitter insurance through PCI provides up to $100,000 that may help you pay for the damages.
Pet Protection (Animal Bailee)
If you need to rush the pet you’re caring for to the vet, the bill won’t be the most welcome sight. This coverage may protect you from paying thousands in the event the pet gets injured or becomes ill. It comes with $2,500 per occurrence limit and a $5,000 aggregate limit.
Lost Key Liability Coverage
Have you ever locked yourself out of a client’s house because you lost the key? We understand that sinking feeling, especially if the key was lost in a park or public area which means someone else could have access to the house of your pet owner. You could be held liable for rekeying the entire house and that could cost you over a thousand dollars.
Our pet sitter insurance policy has you covered for lost key liability with $2,000 of coverage.
Employee Dishonesty Coverage vs Bonding
A lot of pet care businesses are getting bonded in order to instill confidence in potential customers in their business. Bonding helps clients feel safer because if something is stolen from a house then they can get money back. However, bonding has a couple key disadvantages because they:
- Check your credit during the application process
- Won’t pay on claims unless there is a conviction
- Require reimbursement after claim is paid
Instead of bonding we offer employee dishonesty coverage which is much easier to purchase, does not require a conviction to payout, and you never have to pay it back. Keep in mind that it doesn’t cover the owner of the company.
Wrapping Up
One of the biggest concerns when it comes to any insurance is how much it costs. It doesn’t make much sense to pay a ton for something that you’re hoping you’ll never use. Pet sitter insurance from PCI starts at $229 per year. Making it an affordable, no-brainer move to protect your business.
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