What type of cover would a veterinary practice likely require for protection against the death of its main vet?

A veterinary practice would likely require key person life cover to protect against the financial impact resulting from the death of its main vet. This type of insurance is specifically designed to help businesses manage the risk associated with the loss of a crucial member of staff whose skills, experience, or relationships are vital to the business’s operations.

In the case of a veterinary practice, the main vet plays a central role in providing services, maintaining client relationships, and generating revenue. The loss of this individual could jeopardize the practice's profitability and stability, therefore, key person life cover would provide a payout to the business, allowing it to manage expenses and potentially recruit or train a replacement.

The other types of insurance mentioned serve different purposes. Income protection insurance is typically for individuals to cover lost income due to long-term illness or disability, whereas critical illness cover provides a lump-sum payment upon diagnosis of a serious health condition. Business interruption insurance is intended to cover lost income as a result of an unforeseen event that disrupts the operation of the business, such as fire or flood, rather than the death of a key employee.