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More at Risk than Your Medical Practice

In medicine, we hear a lot about preventative care.   In matters of asset protection, doctors would do well to follow their own advice.  Physicians should prevent their assets from becoming vulnerable to a frivolous lawsuit.  Being sued leaves much more at risk than a medical practice. Injured parties are seeking compensation for injuries received and in many cases a civil action against the physician to prevent further malpractice by the medical professional. Personal assets of the physicians are always looked at as a possible means of receiving compensation.

Personal assets come into play in one of two ways:

  • If a judgment exceeds your medical policy limit
  • If the action in question falls under one of the policy exclusions

In the first case, physicians are perceived as wealthy, therefore a lot of people try to go after the physician’s personal assets when suing for damages.  In the second situation, policies often exclude coverage for professional acts outside of your office or regular hours.  If you have offered advice or reacted to an emergency situation, you could be vulnerable.  Many policies also generally do not protect you from sexual harassment claims, slip and fall claims, or breach of contract, or even a breach of security situation.

In any of these situations, your assets if unprotected can become vulnerable.   Don’t make the mistake of thinking possessions in your spouse’s name are safe either.   All personal assets such as real estate, corporations, etc., are vulnerable whether in your name or your spouse’s.

So, what’s to be done if you can’t depend on your medical insurance to protect you? Talk to an XINSURANCE agent first. An agent will review your asset situation and vulnerabilities in detail and then provide a policy that will offer the coverage you are lacking.

Many legal websites out there are eager to educate patients on how and why to sue their doctor for injuries received. In many cases, they are going after more than damages.  They are often after your medical practice and your hard-earned assets.  Most professionals believe their medical liability insurance will protect their business and personal assets but need to be aware of areas of vulnerability. Practicing wise, preventative care by talking to an XINSURANCE agent may prevent substantial loss in the future.


Rick LindseyAuthored by Rick J. Lindsey, President, Chairman, and CEO of XINSURANCE

Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Rick J. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick J. Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick J. Lindsey discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Rick J. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick J. Lindsey to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. XINSURANCE also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are XINSURANCE can help.