How to Protect Your Assets From Frivolous Lawsuits
What Are The Risk?
Medical professionals are sought after for treatments and preventive care. If the patient suffered injury or other health issues from a treatment or operation. They file lawsuits to claim compensation from the practitioner.
Being sued threatens much more than your medical practice. In most cases, injured parties are seeking compensation for injuries received through legal action to prevent the medical professional from continuing to practice.
How Are Assets Exploited?
To pay for this, the personal assets of the medical professional are looked at as a possible means of compensation. Thus, putting the personal assets of the practitioner at risk.
The personal assets come into play to lawsuits in two ways:
- If your medical policy amount limit is insufficient to compensate for a judgment. In this situation, people try to go after the medical professional’s assets to pay for damages. This happens most of the time when the practitioner is perceived as wealthy, therefore there is more value on their personal properties.
- If policy does not cover the action in question. An example to this is when the action was done outside the office or regular working hours. Like in emergency situations where you reacted or have given an advice. Most policies also do not cover claims for: slip and fall, sexual harassment, breach of contract or breach of security.
Your assets are vulnerable to any of these situations if they are left unprotected. Even your spouse’s personal possessions will not be safe. Personal assets such as: real-estate, corporations, and others. Are at risk whether it is in your name or your spouse’s.
What Can You Do About It?
Ask an insurance agent to evaluate your current assets in detail. Look at your vulnerabilities and find a suitable policy that would offer coverage for everything that you need. Review and study all limits of your policies to ensure that you have adequate protection.
Patients are turning to legal firms that are more than willing to educate them on why and how to make legal actions against their doctors for received injuries. In most cases, lawsuits target to make compensations for more than what the damage really is.
They are more interested in your personal assets than your medical practice. Take all the necessary precautions to protect your business, medical practice and personal assets. Prevent yourself from future loss by getting a Medical Professional Insurance. Look for the most trustworthy and dependable source.
At Professional Plans Insurance, we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (859) 543-8955.