Why Do You Need Asset Protection?
You may think that the answer to the question above is obvious. After all, it’s not a matter of whether you need protection but a matter of how much and what kind. In fact, it has become almost unthinkable to practice medicine without paying sky-high malpractice insurance premiums.
As you know only too well, the odds are against you. Depending on which publication you read, the statistics range from one out of every four physicians being sued each year to six out of ten physicians being sued at least once during their careers. Clearly, those kinds of statistics show that physicians get sued a lot.
And if you are a surgeon, an anesthesiologist or a radiologist, the odds are even worse. In fact, the likelihood of you being sued sometime in your career is almost 100%. Why would I say that? Because surgery is inherently risky and outcomes are rarely perfect, which always leaves the door open to potential lawsuits. Just do the math: as a surgeon, you do hundreds of surgeries a year, during a career that lasts several decades: you’ll have to be incredibly lucky to escape the law of averages.
While more than 70% of malpractice suits are actually without merit, and doctors who go to trial win 80% of the time, such suits are still bad news. They cost you time and money as you have to defend yourself, and your reputation is on the line too.
Attorneys know how to use the legal system to their benefit and that of their clients. Most personal injury attorneys know that if a case can get past summary disposition, there is a good chance the insurance company representing the physician will settle the case at some point. The settlement might not be for a huge amount, but the fact that a settlement is often available gives such attorneys an incentive to seek out and file medical malpractice cases against physicians.
And that’s just the tip of the iceberg. You’ll find a lot more information in The Doctor’s Wealth Preservation Guide. You can also watch this voiced over powerpoint on why you need asset protection.
