I am a physician in Florida, where the statutory minimum malpractice policy is $250K/$750K per incident/annum. This seems to be the amount carried by most of my colleagues. I realize that malpractice awards may easily exceed this limit, so I am wary about my own personal exposure. I could afford to carry higher limits (say, $500K/$1.5M), which would give me some peace of mind, but I am concerned about becoming the "deep pockets" in a suit that might involve other physicians or corporations, and therefore increasing my chance to be the focus of litigation in the first place. Are there any opinions how these competing factors balance out?
As for asset protection, my accounts are appropriately titled, etc, but my wage stream would be vulnerable to garnishment -- no kids, so I can't claim head of household, which would otherwise exempt wages.
As for asset protection, my accounts are appropriately titled, etc, but my wage stream would be vulnerable to garnishment -- no kids, so I can't claim head of household, which would otherwise exempt wages.
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