5 REASONS TO GET INSURANCE FOR YOUR PET CARE BUSINESS
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Does Your Pet Care Services Business Stand A Chance?
The Pet Care Services Industry Is Thriving
There are currently 28,927 businesses specializing in providing pet care services to the estimated 187 million pets living in United States’ homes. The pet services industry is a fast-developing market. It is estimated to grow by 3.5 percent between now and 2025. People are taking a more human-centered approach to their furry friends than before. This creates a ripple effect throughout the pet services market as competition rises and so do the needs of pet owners.
Pet Care Is Becoming Big Business. What Does This Mean For Your Small Business?
Service offerings range from grooming to pet sitting to pet insurance. The list is endless with constant room for expansion. As of 2018, the industry was estimated to be valued at $55,763 million. Consumer brands which previously focused on serving human needs are now expanding their target market to cater for pets’ needs, as well. An example of this is Colgate-Palmolive and Nestle who have started on their line of grooming products and food products for pets, respectively. Yes, this means lots more opportunities for small businesses in the pet care market. But, of course, the industry is attracting new small businesses each day.
Business Opportunities Are Natural
A general boom in the pet service industry is foreseen in the near future. Specific target areas with the most growth include the natural pet products industry and dog training. The movement towards healthy living and using organic products has spread into the pet market, too. Pet owners are not only conscious about their own health and well-being, but that of their beloved pets. Natural pet products include healthier food options and parasite repellents containing fewer chemicals. The drive to reduce plastic worldwide has filtered into the pet toy market where manufacturers are finding ways to use natural fibers in toy manufacturing. Even hotels are changing policies so as to become pet friendly. The pet services industry holds potential and investors are jumping on the doggy bandwagon. Insurance companies are extending coverage into specialty insurance for pets.
Insurance For Pet Care Businesses Is Vital
USA's Favorite Pets
Business Insider reports that dogs are indeed our best friend, while cats place second in line.
Ranking high in popularity, pet fish can be found in nearly 12 percent of American homes. Fish appear to be more popular as a hobby and for easy maintenance.
Next in line are birds, ranking specifically for their interesting conversation and beautiful appearance. Rabbits follow as a common specialty pet, especially among children.
Rural households are likely to adopt chickens as pets where they are seen as part of the family. Other rodent species such as hamsters and guinea pigs follow in popularity.
Reptiles such as lizards are less popular but are common among millennials, especially.
When Pets Are A Problem
Every year the pet service industry deals with an influx of pet insurance claims. The top-ranking pet-related claims include where:
- a pet has ingested a foreign item,
- third party claims where a dog has bitten another, and
- mistakes made by a pet sitter or house sitter in respect of the pet or home of the pet owner.
A pet service business may also face Workman’s Compensation claims where a pet attacks an employee or third party, or where an employee is injured by the actions of a pet. For example, if a client’s dog runs your employee off his feet, you may face a claim for Workman’s Compensation to cover the medical expenses in treating your employee’s injury.
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