Doctors, physicians, surgeons, anesthesiologists, and medical professionals, in general, face significant risks and liability by simply doing what they love. It is not uncommon for a professional’s personal assets and investments to be threatened by a malpractice claim against them or a staff member. The good news is that Asset Protection strategies are available to help protect the things in life you have worked so hard to earn.
Areas of Risk for Medical Professionals
Despite the efforts of associations and federal agencies to highly regulate and protect healthcare workers, the areas of exposure and risk remain a vast and vague landscape. Risk and exposure include but are not limited to equipment and drug liability, employee/staff lawsuits, sexual harassment, family member automotive liability for a company or personal use vehicle, and the standard risks of owning a business.
The Financial Impact of a Malpractice Lawsuit
The average medical malpractice award in America is nearly $4,000,000, and sexual harassment lawsuits average over $500,000. What’s more important to note is that even if you carry a medical malpractice policy, you could still be liable for the determined award. When compared to the net worth of the average doctor, it’s easy to see that one legal decision in the other party’s favor could devastate a family’s financial situation and derail a growing practice.
Where to Start
In one meeting, we will help identify the potential risks associated with your current standing and long-term considerations for asset protection. Afterward, we will provide you with possible strategies to help:
- Create a wealth strategy that includes creditor protections
- Protect your personal residences and property
- Determine a plan for long-term tax exposure
- Isolate your exposure to employee lawsuits
- Identify gaps in your liability insurance
- Protect your future business income
In Summary
The pandemic changed the world as we know it. Medical professionals have been held to task under immeasurably difficult circumstances while risks skyrocketed simultaneously. It is now necessary for doctors to take a proactive role in their risk protection strategy. Insurance alone doesn’t cut it anymore. It only takes one serious claim to undo years of hard work and sacrifice. Take the first step towards protecting your personal and financial future by scheduling a consultation today.
