Medical liability is a pervasive concern for physicians because of the potential effects of a settlement and the costs of fighting a prolonged and costly legal battle.
While laws capping tort damages have been effective in some states, physicians often are targeted in medical liability suits, especially in states where hospitals are protected under charitable immunity provisions.
There are many nonmedical liability sources, such as liability for employees’ actions or employee lawsuits, that can put you and your family at risk.
While medical liability insurance is designed to protect personal and business assets from malpractice claims, there are limits to your coverage. Many policies explicitly exclude coverage for suits arising from activities that aren’t directly related to the patient-physician relationship. Jury awards in liability cases often are unpredictable and may exceed your coverage limits. If your liability coverage isn’t enough, your personal assets could be at risk if they aren’t sufficiently protected. Even when physicians try to shield their assets by putting them in the name of a child or spouse—financial information may still become unshielded.
You’ve worked hard for what you own, and you want to keep it safe. While no asset-protection strategy is suitable for everyone, there are many tools at your disposal to help protect you and your family from costly litigation.
Some of the ways to protect your assets include the following:
- Umbrella insurance policies to expand your liability coverage
- Trusts and other ownership strategies
- Advanced risk-management techniques
- Investment diversification
Asset protection and protecting yourself from liability are two very big pieces of the healthcare industry’s wealth-creation puzzle. The better you can protect your assets from creditors, litigators, and malpractice claims, the more you’ll have to build a prosperous future for you and your family.
You’re busy with your practice, but you still need your portfolio to work just as hard as you do. One smart move is to seek the guidance of a financial professional that can help find coverage you need. Contact our office today at (540) 720-5656.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.