Medical Malpractice Insurance - Not the Magic Cure for Liability Risk
The prospect of a lawsuit is something many, if not all, physicians think of at some point during their career. One way many think to cover and protect themselves is through medical liability insurance. While knowing you have a policy in place may bring a sense of relief, we cannot stress enough this will not protect you from all liability. Medical liability insurance provides limited protection from the full range of tort liability a physician may encounter.
Medical liability insurance does not typically cover liability arising from the activities involved in maintaining and operating a medical practice, outside of those directly related to the doctor-patient relationship. Imagine, you have employees, and one
happens to file a suit against you for violation of employment law, or a patron happens to injure themselves on the office premises. Even in situations where a patient brings suit against you for medical malpractice, jury awards may exceed your policy coverage limits. When this happens, your personal assets and revenue are open to collection through judgment.
When a judgment is issued against you, for amounts beyond the coverage limit, a plaintiff’s attorney will search state and county records to uncover real estate, business interests and other assets held in your individual name. Sometimes they will even search records for assets held in your spouse’s name. The attorney is working to determine just how deep your pockets are. Of course, you do not want anyone to take what you have worked so hard to obtain.
The best means of ensuring complete coverage is to maintain not only your medical liability insurance, but to couple that with more advanced planning techniques involving asset protection.
Our esteemed attorneys can assist you with creating the best plan for your circumstances, regarding exposure to liability in your practice and everyday life. Don’t hesitate! Contact us today at (858) 755-6672 to schedule a free 30-minute consultation with one of our attorneys.