Pets are more than just property for most people. In most cases, they are treasured members of the family, and many owners would spare no expense for the health and happiness of their beloved pet.
Because of this, businesses that cater directly to the needs of family pets continue to spring up around the country. In fact, according to IBISWorld, veterinary services will be one of the safest industries in Australia this year – a sign of how much Australians care about the animals they live with.
“Rising household disposable income and continued population growth are combining to contribute to steady demand in these largely stable industries,” concluded IBISWorld Senior Industry Analyst Lauren Magner.
Growth in the pet services is why companies in this industry are increasingly taking out a specialised form of business insurance that deals with the risks of working with animals.
Pet industry businesses like retail pet shops, groomers, dog walkers and boarding kennels able to operate in the same business environment as everyone else, however they are also responsible for the safe care of people’s beloved animals.
Many insurance companies now offer cover for a number of common risks that apply to businesses in general and with additional cover for animal-related risks. These include standard business cover for fire damage or public liability, but also injury, theft and damage caused by the animal while in the care of the company.
Like in an industry, minimising the risk of accidents is the best way to ensure the continued success of a pet services business. Taking out cover with a specialised pet industry insurance policy is one way to ensure you have greater peace of mind if something does go wrong.
For more advice on whether pet industry insurance is right for your business, contact MGA Insurance Brokers, the insurers with the expertise in the field to guide you through the process.