Those in the medical profession, especially physicians, are among the most sued medical professionals. OB/GYNs are only a fraction of all physicians (approximately 5%), however make up 14% of malpractice insurance claims totaling 25% of plan losses. Not only are OB/GYNs sued more frequently, but those suits pay the highest claims. Over a quarter of the claims are over $250,000. A recent study showed that more than 75% of OB/GYNs have been sued during their careers – most being sued more than once.
More and more lawsuits result in judgments that far exceed the limits of malpractice insurance. The mental stress of being sued or worrying about being sued is well-known by many physicians. Insurance policies are not enough to guarantee the security of assets in the event of a malpractice lawsuit.
OB/GYNs face medical malpractice lawsuit risks and could benefit from a strong asset protection strategy that protects their personal assets from resulting judgments. For less than the cost of one year’s insurance premiums a complete protection strategy could be established that shields assets from malpractice lawsuits.
Property, investments, business interest and future income can all be insulated from a judgment.
Just as an insurance policy is purchased for the likelihood of future liability, so is an asset protection strategy put into place. For medical professionals who wish to augment their financial planning with asset protection, the time to act is before a suit is filed.
There are protection measures that can be implemented that can greatly improve one’s position in settlement litigation, however those tactics and costs are outweighed by the benefits of a strategy put into place prior to cause of action.
The risks medical professionals face are big settlements. In the event that a malpractice claim exceeds policy coverage or a claim is denied coverage by an insurance carrier, the dollar amounts are typically large sums. Risk such as this warrants a strong financial protection strategy.
With protected personal assets a physician’s financial future can be insulated from a malpractice judgment.