We have to carry much of the same insurance as do physicians. Why? Because in the treatment of animals, sometimes the owners get in the way and get hurt by their own animals and the owners sue us for large amounts. We also have malpractice claims that can run into large amounts, especially on racehorses. As for our education, until around the 1980's there were only 27 veterinary colleges within the US and competition was keen; in my entering year out of 800 qualified applicants, 60 were admitted. Many of those that didn't get in went into dental and medical schools. Today the competition is easier and the pool of qualified and exemplary applicants is shallow and many graduates overall are no where near the quality they were 30 years ago.
The veterinary curriculum has also been diluted so more can graduate, so one encounters "average" veterinarians more often. I am amazed at the lack and depth of education of many of my younger colleagues in practice. There are exceptions though but they are few. Mississippi pumps out over 60 veterinarians a year in a state with a population of ~3million. New York graduates around a hundred and NYC alone has 8million people...do the math about the pool of applicants.