WHAT SHOULD MEDICAL PROFESSIONALS KNOW ABOUT ASSET PROTECTION?
Are you a doctor who has heard horror stories from colleagues about being sued by an upset former patient? And do you sometimes worry about what would happen if this happened to you and all your business and personal assets were at risk? Worse yet, are you having trouble finding affordable professional liability insurance in your specialty? We help a lot of medical professionals. And here’s the problem we see: You and a lot of other doctors have devoted years, sometimes decades, of your life to learning the skills you need to help many people. You heal many people. Thousands per year. And you know, and I know, that for every thousand people that you help, two or three of those people are not going to be able to understand how much you’ve done for them. And that you did everything you could for them, and they will be upset. And you don’t want to always be looking over your shoulder at those two or three people and worrying about what will happen if you keep helping the thousands and keep building your life. Am I going to be chased by these people? You don’t want to worry about what will happen to your family, the life you’ve built for your family, and you want some protection. And what’s more, you now have a team of nurses and other assistants who are outstanding medical professionals in their own right and they rely on you for their livelihood. And so while you and your team are conscientiously taking
care of your patients, the more conscientious you are, the less time you have to worry about things like financial protection for you and your family. And so, you need help making sure that your family is secure. A really important point I want to touch on right now is liability insurance. You know that there are certain specialties for which it is really difficult to get professional liability insurance at all. And there are other specialties where you can get liability insurance, but it is prohibitively expensive. And there are some doctors who are deciding not to buy professional liability insurance. Or they’re not going to carry as much professional liability insurance as they would like. If you or any of your colleagues are in that situation, you definitely need to be concerned about what you are doing to protect your assets in the event you get sued. Because now you won’t have that insurance company protecting you or fully protecting you.
You’re responsible so you need to put together your plan.
So, doctor, what do you need to do to protect your business assets, your family’s assets, and your personal assets? The keyword here is layers. Here in Northern Nevada, if I’m going for a hike in the mountains in the early spring, I know that I need to wear layers because anything can happen.
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