Top Asset Protection Attorney Paul Deloughery Reveals Why Liability Insurance Alone Is Inadequate Asset Protection for Doctors – Scottsdale, AZ

Leading asset protection lawyer Paul Deloughery, founding partner at Paul Deloughery Asset Protection, PLC in Scottsdale, AZ, sheds light on the myths surrounding insurance and asset protection plans for doctors. For more information please visit https://delougherylaw.com

Scottsdale, AZ, United States – December 30, 2018 /MM-REB/ —

In a recent interview, leading asset protection lawyer Paul Deloughery, founding partner at Paul Deloughery Asset Protection, PLC in Scottsdale, AZ, revealed why liability insurance by itself is an inadequate asset protection plan for doctors.

For more information please visit https://delougherylaw.com/

When asked to comment, Deloughery said, “Successful healthcare professionals who are vulnerable to malpractice suits are often under the false impression that a liability insurance policy will protect their assets in all circumstances. However, liability insurance only makes up one part of a robust asset protection plan.”

Insurance companies work off a simple profit model, which doesn’t offer enough protection when making a claim.

“Insurance companies want to collect as much money as possible through premiums and avoid payouts for claims filed against premiums. This is unfortunately the cold, hard truth that could leave your assets exposed,” he commented.

Contrary to common belief, according to Deloughery, umbrella liability insurance plans aren’t a solid enough plan to shield assets either.

When asked to elaborate, Deloughery commented, “Many medical professionals are under the impression that umbrella liability insurance will provide protection no matter what. However, this is not the case.”

“Insurance companies don’t perceive umbrella liability insurance as asset protection, and neither should you. To them, it’s a plan that only covers specific occurrences, and several exclusions limit the coverage,” he said.

Deloughery added that a professional’s errors and omissions insurance used in medical malpractice cases is often inadequate, particularly for more substantial claims.

“For instance, the family of a patient who died of an unrelated complicated after treatment could sue the doctor for negligence and win in court. However, the chances are that liability insurance won’t protect the professional in this case,” he commented.

According to Deloughery, while the average liability policy in the US is worth $1 million, the value of a malpractice verdict is roughly $3.9 million, meaning that a physician who is being sued has to account for the rest of the $2.9 million.

While it’s nearly impossible to account for every eventuality when it comes to a medical malpractice suit, Deloughery said that there are ways to have better asset protection.

“Physicians and other successful medical professionals should still get a liability insurance plan that fits somewhere within their budget. But they should also make sure to shield their hard-earned assets through setting up an asset protection plan with the proper legal structures,” he said.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Paul Deloughery
Organization: Paul Deloughery Asset Protection, PLC
Address: 10617 N. Hayden Rd., Ste. B-100, Scottsdale, AZ 85260,
Phone: 602-443-4888
Website: https://delougherylaw.com

Source: MM-REB

Release ID: 464518