In April, our family welcomed a new member—a delightful, energetic, and mischievous puppy named Catan. From the moment he arrived, Catan has brought immense joy and laughter into our home, quickly becoming a cherished part of our lives. Little did we know, that this adorable bundle of fur would soon teach us a profound lesson about risk management.

As a professional money and risk manager, you’d think I’d have all bases covered. However, even experts have their blind spots, and for us, it was pet insurance. Like many new pet owners, we didn’t prioritize it, thinking we had time to sort it out. That was until a routine procedure went awry, turning our lives upside down.

Catan’s journey began with a botched neutering procedure, leading to complications that landed him in the hospital. The veterinarian responsible for the error promptly filed an insurance claim, covering the costs. However, the expenses were staggering. What started as a simple procedure quickly escalated into a $10,000 vet bill (as of this writing), with the possibility of additional surgery pushing the total to over $20,000.

This financial hit, while not catastrophic, was a significant and unexpected out-of-pocket expense. It was a wake-up call for Susan and me, highlighting a glaring gap in our risk management strategy. It wasn’t just about the money; it was about the peace of mind that comes with being prepared for life’s uncertainties.

Catan’s ordeal underscored the importance of constantly reassessing and updating our risk management plans. Our lives are ever-changing, with new responsibilities and challenges emerging at every turn. From homeownership and business ventures to healthcare and family dynamics, the risks we face evolve, requiring ongoing vigilance and adaptation.

Our experience with Catan is a vivid reminder that risk management isn’t a one-time task but a continuous process. It’s about smart, observation-based assessments and proactive measures to mitigate potential setbacks. The $20,000 financial setback we narrowly avoided with Catan could have been a nightmare had we not had some safety nets in place. That amount of money is a great vacation, a year of college, or a down payment on a car, and we get to keep that in our financial plan. 

This journey with our beloved puppy has taught us that while risk management might seem like a chore, it’s essential for protecting what we hold dear. Whether it’s our finances, our health, or our family’s well-being, being prepared for the unexpected is crucial.

In the end, Catan’s story is more than just a cautionary tale about pet insurance. It’s a broader lesson in staying vigilant and adaptable, ensuring that as our lives evolve, so does our approach to managing risks. Catan may have come into our lives as a playful puppy, but he leaves a lasting impact as a teacher, reminding us of the importance of being prepared for whatever life throws our way.

So, as you navigate your own life’s changes, remember the tale of Catan. Embrace the lessons learned, and make sure you’re ready to manage the risks that come with the joys and challenges of life. After all, being prepared is the key to maintaining peace of mind and protecting the ones we love.