The Importance of Asset Protection for Health Care Professionals
Health Care Professionals are at Great Risk
Members of the medical profession are at high risk for medical malpractice and other legal claims that can have serious and long-lasting financial consequences. Unfortunately, doctors and healthcare providers are often plagued by meritless lawsuits because plaintiffs perceive them as “deep-pocket” defendants. Physicians and other health care professionals need to make certain that their personal and business assets, including their private medical practices, are protected from all such claims to the fullest extent possible under the law. While physicians practicing without malpractice insurance are at the greatest risk for loss, asset protection is important for all doctors to consider. Most physicians typically have sufficient malpractice coverage to protect themselves against potential lawsuits, but in certain circumstances a legal claim may not be covered under a malpractice insurance policy or the judgment in a suit may exceed coverage limits. In these situations, a strong asset protection plan, prepared in advance of the lawsuit, can serve as an invaluable tool to protect business and personal assets.