To add, labcoats don't just mitigate splash hazards. When walking around lab and working at the bench, you can brush up againt all kinds of surfaces that, despite people's best efforts (or less-than-best if in school), may not be perfectly clean. The coat guards against contamination of your skin, yes, but also of your other clothing, which may transfer the contamination to skin, eyes, or mouth by inadvertent contact later. I've got a sweater with a lovely nitric acid stain (read: a small charred hole) from such a scenario, though that was partially due to a poor coat fit.

Also, I see you premeds. Button up your damn labcoats and do not leave the lab with them on. This ain't TV.