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Excess malpractice insurance worth buying?

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  • Excess malpractice insurance worth buying?

    I was wondering if anyone had any experience with buying excess malpractice insurance as a form of asset protection?  I didn't know what companies offered it for physicians and what usual amounts of coverage or premiums were.  Do people think it's overkill to help protect your assets or is it part of a sound plan? I stumbled upon an article that said it can act as an a form of umbrella insurance in case you have a judgement against you that exceeds your malpractice insurance maximums. Thanks for your thoughts!

  • #2
    Seriously doubt it. That is a very low risk probability, and it likely comes at a very high cost as far as insurances go. First step is to make sure you are in a state with tort reform, and if even luckier, one that has great asset protection laws.

    Take it from there first. Yes, its highly likely a doctor will have a claim against them over their career, but it is highly unlikely anything will come of it. While you do hear of some outrageous claims every now and then, people also win the lottery, although I wouldnt recommend you play it as a reasonable value tradeoff.

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    • #3
      The deeper your pockets are, the more attractive you are as a target.

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      • #4
        I am insured personally and the PA is as well. It is  not expensive. For a mere 10 % of my personal malpractice, my PA (Professional Association)  is insured  for the same amount as well.

         

        Does it give me a feeling of security? No. I rather go bare. I can not in the state I practice in.

         

        Your post will be a call of action for me to see if I can save money to drop my PA insurance if my lawyer and accountant agree.

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