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Medical malpractice insurance is expensive. In fact, insurance premiums in some parts of the country have become so high, that many doctors have simply decided to skip buying insurance altogether in a phenomenon called “going bare.” Other doctors are choosing to increase their coverage, in order to protect their assets when, and if, they are sued. So, does buying more medical malpractice insurance help you protect your assets when a verdict goes against you?

The advantage of getting more medical malpractice insurance is that some of your personal assets may be protected from liability as a result of a fatter policy. However, we have noted that the higher the medical malpractice insurance, the higher the likelihood that you may be sued. Having a higher limit policy could actually increase the risk of being sued, because plaintiffs and their lawyers know that they have a substantial size of liquid assets that will be readily available to them.

Lawyers don’t take on medical malpractice cases on an upfront fee. Rather, they try these cases on a contingency fee basis. That means that a plaintiff doesn’t have to pay his lawyer at the very outset. He only has to pay his attorney a percentage of the damages that he receives. When a doctor has a high medical malpractice insurance policy, it can act as an incentive for an attorney to push his client towards a lawsuit. If your policy amount is high, the attorney is likely to push his client to sue you, because of the possibility that he (the lawyer) will be well compensated for all his litigation efforts. That may not happen if you have a low policy amount.

The bottom line therefore, is that buying more medical malpractice insurance could actually place you at a higher risk of litigation, without really being worthwhile as an asset protection tool. For solid ways to protect wealth, doctors need to look at asset protection.

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  1. Business insurance is one area where many small and meduim size Pinoy Bizmen, specially the single prop in the countryside, overlook, fail or simply disregard and end up self insuring or taking the risk by themselves. Sometimes, it is treated as the last priority or may not be considered in the budget planning at all. They start to appreciate the significance of it only when they of know of another trader who never recovered or resumed operations after experiencing a fire or liability loss. Being in this industry, we looked at it as our responsibility to share with them the importance of insurance in their growth or survival when uncertainties do happen. In our own little way, we have contributed something to the biz community and the local economy as well.

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Pashmina Lalchandani

CEO & Co-Founder, Bar & Cocoa / Owner, Flow Simple
December 9, 2010, Douglass was a client of Pashmina’s

I’ve known Doug in many contexts, as a friend, as a client and as a business partner and he impresses me on all levels. He’s dependable, smart, generous and I wouldn’t hesitate recommending him and his law firm to anyone.
He’s the best and most ethical lawyers providing asset protection with rock solid strategies to give you peace of mind about your wealth. Straight forward, and straight talk. Doug is exactly the lawyer I want on my side. If I send someone to Doug, I know they’ll thank me for it!

Social & Solar Entrepreneur, Pan Afrikan Theorist, Translator/Interpreter,
Founder & Visionary Leader @ Afrikanpride.
March 12, 2011, Marlon E. D. J. worked with Douglass but at different companies

Doug is one of the most powerful thinker i have came across. During the short time that i have known Doug he has been a great source of inspiration. He has a simplistic yet effective and accurate way to analyze anything you bring to his attention, and then by asking you key questions he gets you to see the light at the end of the tunnel. Besides being extremely bright, he is a genuine and caring individual which is why I feel fortunate to know him. I can say without a doubt that he his the person you would want to talk to if you were in need of a person with his expertise.
Most of the lawyers out there will probably meet your needs, but if you are looking for someone to exceed your expectations and give you that wow factor, look no more he is the person for the job.

Patricia Salter

Associate Dentist at Smileology
December 1, 2010, Patricia was a client of Douglass’

I have been a client of Douglas Lodmell’s since 2001. My main concern was asset protection in this litigious society. I can sleep alot better at night knowing I have the instruments in place to protect the fruits of my labor, and that they will not end up in the hands of a slick trial attorney.

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