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APPRECIATING THE RISKS
By J. Chris Miller JD cmiller@northfultonwills.com
Physicians and medical professionals share a unique disadvantage when it comes to asset protection. They are constantly haunted by the prospect of being sued for malpractice.
Most have solid malpractice insurance coverage in force, but if that pool runs dry, the courts may look to the professional individually to compensate patients for injuries suffered while under the professional’s care.
Malpractice insurance itself may not be sufficient to completely protect a physician against professional liability claims. As verdicts increase in size, policy limits may become inadequate.
Likewise, insurance companies have a strong incentive to deny coverage by arguing that a claim falls outside the scope of coverage. Preparing for these possibilities will leave you much more financially sound than if you had not planned ahead.
The Risks
Aside from the professional risks you take merely by agreeing to examine and treat a patient, dangers to your assets surround you. As discomforting as it may sound, your practice partners, your family, and even your neighbors are in fact potential adversaries. Unfortunately, your position as a medical professional in today’s society subjects you to elevated risks of a nasty lawsuit if you are negligent in your personal conduct.
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An accident while driving to the hospital in response to a call, or a simple slip-and-fall incident on your home’s sidewalk, will more likely find its way into a courtroom because plaintiffs (and their lawyers) perceive you as a deep pocket.
Personal Risks
On a more personal level, there may come a time when your marriage fails, and you are faced with equitably dividing property between you and your spouse. Asset protection strategies act differently in the context of a divorce, and family-oriented claims need to be treated differently in the scope of creating a plan.
Assessment
In the event that a claim arises from outside your professional activities, or if you find yourself swallowed by consumer debts, several asset protection methods will help you to prevent your assets from slipping away.
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Conclusion
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Filed under: Risk Management | Tagged: Asset Protection for Physicians, J. Christopher Miller | 3 Comments »
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