How To Document Property Damage Claims at Your Business or Medical Practice: Asset Protection

Slide1As we’ve seen across the United States over the last year, severe weather, disasters and even intentional acts of vandalism can cause financially devastsing  property damage. Below are tips on how to document and pursue claims with your insurance company to enforce your rights under your  property and casualty policy.

• Step One: Actually having adequate insurance

Check on your property damage dollar limits to make sure they are adequate for the actual value of the building (and its contents) and make sure you understand important policy details like the difference between replacement cost (the dollar amount needed to replace a damaged item with one of similar kind and quality, without depreciation) and actual cash value (which pays only the amount needed to replace the item at its current market value).

• Step Two: Document everything — this is now a legal issue

As is reasonably possible, document the damage to your structure including an inventory of any damaged items you can immediately spot, including medical equipment, fixtures, signage, and office equipment, as well as documenting any appointments that had to be cancelled and other loss of revenue opportunities related to the damage. Write it down at the time so your recollection is fresh and accurate, and support that writing with pictures, video, etc. If you have a smart phone you have the ability to do this at all times.

• Step Three: Protect the property

Most polices have language that requires you to take reasonable measures to prevent further damage after it has come to your attention. This may include addressing covering damage in roof, walls, doors, and windows with temporary shelter. Your insurance policy may exclude further damage to your property if you have not taken reasonable steps to secure the property. Your insurance company will generally reimburse you for all reasonable costs to protect your property, so document everything and keep receipts for all expenses. Avoid any possible permanent repairs and major expenses until your carrier’s claims adjuster has assessed the damage.

• Step Four: Report the claim

Call and report the damage to your insurance agent or representative to start the claim process. Get a claim number issued immediately so you are in the system and have something to refer to on all future calls and correspondence; without a claim number you do not exist. It is vital to document everything. Keep a written log of all phone calls and correspondence, including the names of the people you spoke to, their telephone extensions and e-mail addresses and make copies of all correspondence sent to or received from your insurance company. Many insurance carriers intentionally obfuscate contact numbers and provide an endless maze of dead-end fax and phone numbers, in an effort to delay timely processing of claims, or “paperwork you away.” So if an insurance company employee or adjuster gives you such numbers to use, try to get them in writing.

• Step Five: Demand an adjuster and complete any forms they require

Your insurance company may use a “proof of loss” form or will simply have you make a formal verbal statement on the phone that may be recorded. You are not a contractor; so don’t give opinions on the scope of the damage, costs, and etc. It will likely be used against you later, if you do. Report the damage you’ve been able to see, any remediation you’ve had to perform, and any help you need with further remediation. Inform them you’ve documented the claim with a list and photos. The adjuster should perform a thorough evaluation of the damage, so check their inspection report, when it happens, against your own list to make sure they haven’t intentionally or accidentally omitted any losses. If the adjuster is unable to complete a thorough inspection due to time constraints he may be forced to “scope the loss.” This is a brief inspection of the damage with a second visit necessary to complete the inspection.

If your carrier gives you the run around on any issues, does not timely respond, or most likely, fails to make you an adequate settlement offer, report the issue to a claims manager and support your case with documentation, estimates, and the photos you took. You have specific rights under the laws of the insurance codes of your state; know them. They are typically easy to find on every state’s department of insurance website and will spell out your rights and the carrier’s legal obligations in plain English.

This article originally appeared at www.physicianspractice.com where Ike Devji has written over 135 articles on buisness law, risk managment and asset protection for doctors. 

Arizona Asset Protection Attorneys Featured at 17th Annual Wealth Protection Conference, May 2014

Attorneys Charlie Davis and Ike Devji will be speaking at the 17th Annual Wealth Protection Conference on May 9 and 10 in Mesa Arizona.

From Left, Attorneys Charlie Davis and Ike Devji

From Left, Attorneys Charlie Davis and Ike Devji

Topics covered at the conference will include:

How To Protect Your Assets For Generations,   How to Safely and Legally Use Offshore Trusts and Banks,  Common Fatal Flaws and Misconceptions That Cost Successful People Everything,  Asset Protection Blueprint,   Estate Planning Tips,   Must Have Assets for 2014, Tools To Help You Put Your Business Into Hyper Growth Mode, Profiting During the Impending Dollar Collapse,   Where Energy is Headed & How to Profit, Taxpayers Rights and Abuse Prevention.

Take a look at the Conference website at www.wealthprotectionconf.com and sign up today to secure your spot. If you want to bring a colleague, spouse, child, or a friend the price of a second ticket is half price.

Charlie Davis is the founding partner of Davis Miles McGuire Gardner (DMMG) in Tempe Arizona and has decades of experience in dealing with business owners and other successful Americans on issues related to real estate, tax law and advanced business planning including Asset Protection.

See more on Charlie here: http://www.davismiles.com/attorney/charles-e-davis/

Ike Devji has over a decade of national legal practice devoted solely to Asset Protection and Wealth Preservation and helps protects billions of dollars in personal assets for client base that includes thousands of businesses owners and physicians among others. Ike joined Davis Miles McGuire Gardner earlier this year to help create formal practice groups in theses areas.

See more on Ike here: http://www.davismiles.com/attorney/ike-z-devji-j-d/

About the DMMG Asset Protection Practice group:

http://www.davismiles.com/practice-areas/asset-protection/

 

 

 

Lawsuits Against Doctors Are For More Than Just Medical Care Delivered

PHYSICIAN AND HEALTHCARE EXECUTIVE LIABILITYGetting back to the asset protection roots of our discussions, today we examine a variety of liabilities for doctors that are not strictly related to the “standard of care” at the center of most malpractice claims.

If you joined us last week, we discussed so-called “defensive medicine” and the idea that limiting diagnostics based on what third parties want to pay for can lead to tragic results for patients and their doctors. There’s a logical nexus between the most common cause of medical malpractice lawsuits and the issue of what is subjectively enough diagnostics and testing. Approximately 35 percent of all such claims are related to “failure to diagnose” including the closely related claim of “misdiagnosis,” according to a 2013 medical malpractice study.

RELATED:  So-called “Defensive Medicine” is often Good Medicine and “Best Practice” for Doctors http://www.proassetprotection.com/2014/03/defensive-medicine-is-often-good-medicine-and-best-practice-for-doctors/

As serious and obvious as this exposure is to doctors, the actual care delivered is only one of many reasons that patients sue doctors. Below we examine some recent examples that range from shocking to arguable, but in most cases, it is actually the doctor’s fault.

In one recent case that displays a shocking lapse of judgment, a California anesthesiologist put stickers on a patient’s face to make a mustache, gang tears, and etc., during surgery. Upon being shown the photo, the patient sued and her lawsuit seeks damages from the hospital, the anesthesiologist, and his entire medical group for violation of privacy, infliction of emotional distress, and other allegations. Her attorney said the plaintiff was forced to leave her job ordering and maintaining supplies for the hospital’s operating rooms because she was “ridiculed and humiliated while under anesthesia.” While this may seem funny, I know plenty of attorneys that would use an incident like this as de facto evidence of the surgical team’s ineptitude in the event of any adverse patient outcome (fortunately, not a claim here) and I’d bet plenty of courts would agree.

An even more egregious case is a $1.5 million suit in Cook County, Ill., that names Dr. V. Puppala, the Feinberg School of Medicine, and the Northwestern Memorial Hospital. A patient is claiming invasion of privacy and infliction of emotional distress according to court documents. The patient was allegedly admitted to the hospital in extremely intoxicated condition and was then allegedly photographed by the attending ER physician who photographed her crying, passed out, with an IV, etc., and then not only posted her pictures on social media but later refused to take them down when requested to do so by hospital security. The plaintiff patient is a Northwestern student that had the “potential to someday work for Fortune 500 companies, which may now not occur because of said photographs,” according to the complaint.

In perhaps a more defensible case, a New York physician was sued by a patient for testing her for HIV and telling her she had it without her express consent. The treating physician was concerned about her white blood cell count after her condition failed to improve despite continued treatment and he had blood drawn and had the test done, presumably to protect her health. Unfortunately, this is a case of “strict liability” as New York law requires specific informed consent, counseling after testing, patient education, and a litany of other conditions that control how this testing is administered, regardless of the doctor’s actual intent. Given the patient’s history of non-compliance, the idea that she would have gone through all the required steps is frankly ludicrous, but I imagine a “failure to diagnose” claim would have followed in the future had he not acted and had her condition continued undiagnosed. What’s the right answer? Hard to say in case like this, perhaps having her sign a strongly written (i.e. by a healthcare lawyer) waiver of the test would have helped.

No compliance plan can protect doctors where shocking conduct, lack of common sense, or a failure to follow state law controls the claim. As always, effective asset protection for doctors involves doing the right thing in terms of policies, best practices, insurance and legal structures, and compliance for all medical personnel in the chain of care including staff and enforcing the same for your physician partners, who hold the future of your practice in their hands as well every time they see a patient.

Asset Protection Attorney Ike Devji featured on Esq. Resource Radio

Slide1Attorney Ike Devji was a featured guest for a 60 minute interview on Esq. Resource Radio in Scottsdale, Arizona with host Frank Lopo recently.

The interview introduced the idea of Asset Protection, common Asset Protection mistakes and misconceptions, the role of liability insurance and a number of other issues that successful individuals like doctors and business owners should consider in their own legal and financial planning.

You can hear the entire interview at the link below.

 

Attorney Ike Devji Joins Davis Miles Mcguire Gardner to Create Asset Protection & Wealth Preservation Law Group

Press Release 

Asset Protection Attorney Ike Devji joins multi-state law firm of Davis Miles McGuire Gardner, PLLC – expanding needed legal services to high net worth clients and their advisors.

Asset Protection Lawyer Ike Devji

Phoenix, February 10, 2014:  

Noted Asset Protection Attorney Ike Devji has joined the law firm of Davis Miles McGuire Gardner, PLLC (DMMG) and its multi-state legal practice in an of-counsel capacity.

Lawyer Devji is in his 11th year of focused Asset Protection legal practice and has helped protect over $5 Billion in personal assets for a national client base of several thousand physicians and private business owners, c-level executives and a small but growing group of professional athletes and entertainers for over a decade. Devji formerly acted as the managing attorney of one of the nation’s leading asset protection only law firms and remains of counsel with that firm as well.

“This new relationship does not distract from my practice focus, which remains centered on Asset Protection, Wealth Transfer and Risk Management for successful individuals”, said Devji in a recent interview.

What this new partnership achieves is the creation of a focused asset protection practice group at DMMG and an expansion of the level of service I can bring my clients and the financial advisors, CPAs and medical practice management groups that refer their most cherished clients to me. I now have the additional legal expertise of some 70 odd attorneys with a high degree of skill and experience in 17 additional legal practice areas ranging from real estate to estate planning. This allows me to focus on what I’m best at and help coordinate my clients’ other complex planning and litigation needs in the holistic way they increasingly want and need”.

The timing of this new partnership is key for several reasons, not the least of which is the vulnerable state of the wealth of many of the Southwest’s most successful business people. The last 6 years in particular has shown that there is a substantial disconnect between the needs of many Arizona residents and the relatively low level of asset protection and defensive risk management planning they have in place. “The fact so many people in Arizona and across the U.S. lost a lifetime’s worth of work by relying on insurance and traditional estate planning alone speaks for itself” says Devji. “My new associates and I are going to work hard to increase not only the level of service and protection these folks have in place, but also the level of awareness of the needs of successful entrepreneurs of all types with public at large and legal and advisory communities in particular”.

Devji and his new associates will be hosting a variety of educational events for both the public and advisors which will continue the focus of Devji’s national speaking and educational activities and expend them by adding the expertise of DMMG’s other attorneys in other areas of the law. Devji is a popular and in-demand national speaker and has taught on this issue to literally thousands of advisors and consumers nationally. His scheduled speaking engagements include presentations at the request of the Financial Planning Association of Greater Phoenix, The Arizona State Physicians Association, a private surgery group and private presentation for professional athletes at the request of a boutique wealth management firm in Atlanta. This is in addition to video teaching presentations for NBI and The American Educational Institute (AEI), which will be shown to physicians across the United States over 1000 times in AEI’s classrooms.

Ike Devji’s work as an author has appeared in print and online in countless medical journals including Physicians Practice, Worth Magazine, Advisor Today, Public Accountant, Life Insurance Selling, Financial Consultant, Best Thinking. Expert Beacon and many other sources in additional to his being a contributing author to the book Optimal Financial Health, The Doctor’s Essential Wealth Management and Preservation Handbook. Devji is has been rated “10.0 Superb” by AVVO for the years 2013, 2012 and 2011 in addition to being named a WORTH magazine “Leading Wealth and Legal Advisor” and among North Valley magazine’s “Top Lawyers” in 2013.  He is a 30 year plus Arizona resident and a double ASU Alumni.

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Contact: IKE DEVJIPro Asset ProtectionPhone: (602) 808-5540Fax: (602) 808-5553 3131 E. Camelback   Road, Suite 350Phoenix, AZ 85016www.ProAssetProtection.com

pro asset protection

Common Mistakes Some Smart Women Still Make With Money, Estate and Legal Planning

WOMEN AND WEALTH
I’m fortunate to deal with a number of successful women across the U.S. Whether they are C.E.O.s, doctors, some other kind of professional or business owner or simply the stay at home family C.E.O. that helps manage the family’s wealth and success.

Over the last ten we’ve seen both positive and negative behavior patterns among different demographics, including women, repeated on a consistent basis. While these issues certainly aren’t exclusively things that women do, they seem to be at he forefront of many of the problems that we have to help them through.

Some Common Errors:

  1. Letting their husband/significant other mange the finances in a vacuum, this can be financially fatal in the event of a death, divorce or illegal act by the husband (think Mrs. Madoff);

  2. Being underinsured on their own life, disability and long term care insurance. I often see couples with millions in life insurance on the husband and only a courtesy $250K on the wife;

  3. Not protecting wealth and being proactive about risk. Many women are great earners and great spenders but overlook the exposures that could put everything they own at risk – they need to understand Asset Protection planning, at least at a basic level;

  4. Working on trust instead of with formal legal agreements like contracts;

  5. Being “too nice for their own good”  and not ending relationships that are negative and toxic, both personally and professionally with employees and partners.

  6. Paying themselves LAST. Many successful business women put the business, employees and family before themselves and their own savings and solvency, you can’t be generous if you’re broke, protect the source;

  7. Not getting a prenuptial agreement;

  8. Not getting what is owed to them out of pride, aversion to conflict or frustration, the old, “They owed me more but I was just mentally done with it and wanted to move on”. Great, move on with your money.

  9. Not knowing where key documents are and who the players in their financial and legal world are. you should be able to tell me the name of your lawyer and financial advisor without having to look it up.

I realize this may sound chauvinistic, it’s not. Take it as  the observation of someone who has dealt with these issues for a very diverse national client base for a decade. A list of issues and bad behavior specific to men would be even longer.

Essential Legal and Financial Documents, an Emergency Checklist

VITAL LEGAL DOCUMENTSFinding key documents can be trying and laborious under the best circumstances, even with plenty of notice, like at tax time every year. Finding them under stress or worse, having to have someone else sort through the entirety of the paperwork you have hoarded after an emergency, death or other crisis is often impossible. This is the list of the most essential legal and financial paperwork that you should be able to lay hands on or instruct others to easily find.

The bare-bare bones documents everyone should have available

  1. Passports. Make sure they are current and useable. If your kid is off on a summer abroad and gets hurt, it will certainly be the wrong time to discover that your passport is expired (true story) and that you have to wait for the government to reopen and for your passport to be processed.

  2. Copies of other identification. Driver’s license, social security card or other legal forms of ID including a birth certificate that is often required to obtain other documents.

  3. Insurance policies. Life, Property, Liability, and Health are four most basic key areas, we’ve covered many more in previous articles .  I’d hate to go on what Allstate (or any carrier) felt like paying me on my homeowner’s policy on good faith alone if my home was damaged or lost in a flood or hurricane. Having a copy of these actual policies is key in demanding service, coverage and in enforcing the actual contract if required. Similarly, health insurance cards are often kept in places that can be lost or stolen, like wallets and purses – if you’ve ever sat in an emergency room and seen who gets treated first and how well, you’ll get this.

  4. Essential Corporate and Business Document Including Bank Statements. If you have corporate documents that control chain of command, ownership, title, account balances and succession, you better

    know where they are. I am continually amazed that how many doctors don’t have copies of their corporate documents, adding stress delay and expense when they are needed, as in a lawsuit between partners in a medical practice. In that case, you may be stuck with copies that may or may not be accurate.

  5. Mortgages and deeds. These are perhaps the most overlooked, lost and disrespected documents we come across. Odd since it is the single largest asset of many doctors.

  6. Medical records and prescriptions. This is the most subjective, but if you or a family member have a complex medical history or require prescription drugs to function at a basic level, having copies of the prescriptions at issue is essential, especially during emergencies.

  7. Estate Plan. We assume you have one, whether a basic will or a more sophisticated series of trust of various types and that you’ve updated it  and that you have avoided common mistakes. It does no good if we can’t find it and don’t know who’s in charge.

How and Where should they be stored?

The conventional wisdom, and likely they safest bet, is the bank in a safety deposit box. That said, it may be impractical or subject you to delays based on their hours and a variety of other conditions including the substantial limits on access by third party agents you may want to have possession. Would the person you send be able to get into the box, including your own children?

Home and office Storage. Invest in a safe that is both waterproof and fire rated to withstand most common house fires. “Too big” or “too expensive” is not a valid excuse for almost anyone reading this. Costco, as one example, has large fire-rated safes that will hold guns, laptops, jewelry and documents for as little as six hundred dollars, entry level small safes are a fraction of that cost.

Consider which documents are sufficient if you have a copy, like an insurance policy and which require originals, like a passport. Consider keeping the original paperwork for which copies are an acceptable substitute in the bank and the reproduced copies at home. The most prepared also have copies of documents they actually keep on hand at home (like passports) saved somewhere else as most of us don’t have those details recorded or memorized. Do you know your passport number by heart?

All my personal clients from this month forward will receive electronic copies of their documents, instructions, filings and signature pages on an encrypted “key drive” to help in this process. That drive also allows other documents to be added to it and is encrypted to a high security level.  Don’t make electronic copies the primary source; it limits you to times when you have power and computer/internet access, a significant variable for folks in a natural disaster, as one example.

Asset Protection and Wealth Preservation Attorney and Author to Speak on in Maui, November 21st, 2013

A Seminar About Protecting Your Wealth and AssetsFOR IMMEDIATE RELEASE:  

Maui, HI.  November 17, 2013.

Asset Protection Attorney Ike Devji will be the featured guest speaker at a November 21st, 2013 educational seminar for doctors, business owners and other high net worth individuals sponsored by Ronsman & Associates, a wealth advisory firm serving specially qualified clients in Hawaii, Arizona and Alaska.

 

The complimentary event will be held from 5:30 to 7:00 PM at the Maui Beach Hotel’s Molokai Room.

Attorney Ike Devji will share insight gained as a former litigator who has spent the last decade of his legal career helping thousands of successful individuals across the United States protect over $5 Billion dollars of their personal assets from litigation, risk and other variables.

“We are at a point where we have 70,000 lawsuits filed per day in the U.S., and Hawaii is not immune to this issue, or the many other areas of risk management not addressed by basic liability or malpractice insurance that continually take successful people by surprise”, said Devji. “Wayne Ronsman, President of Ronsman & Associates, has many existing Maui clients who he originally wanted to share this vital educational content with and he decided to make it available to general

Maui community as a public service. Wayne understands that it’s not just what you make, it’s what you keep, and the most successful Americans are more worried about loss than growth right now. We are going to make sure they have a starting point in defending their success in plain English.”

The seminar will common cover the risk picture in the U.S. and address key issues like the difference between traditional estate planning and asset protection planning and a variety of key issues that must be addressed by every doctor, business owner and executive. Ike Devji is a national speaker, author and educator on the area of his practice and was recently a guest speaker at ACR 13, the annual convention of the American College of Rheumatology in San Diego.

He is the former managing of attorney of one of the United States leading asset protection law firms and has been listed among a select group of WORTH magazine’s “Leading Wealth and Legal Advisors”, is rated a “Perfect 10.0 by AVVO, appears on various Top Lawyer lists and has literally hundreds of nationally published articles in publications including Financial Consultant, Advisor Today, Public Accountant, countless medical journals (with over 130 articles for doctors at Physicians Practice alone), in addition to being a contributing author to the book, Optimal Financial Health. He has also recently completed an CME (continuing medical education) course for doctors at the request of the American Educational Institute (AEI) that will be shown in AEI’s marquee classrooms all over the U.S 1000 times in the next 12 months.

For his part, Wayne Ronsman brings Maui 40 years of financial industry experience with high net worth clients like doctors and business owners and is the Founder and President of the Benefit Institute which is in the business of providing financial services. The Company works extensively with Trust Officers, CPA’s and Attorneys, frequently playing a key role in finding solutions to their clients’ tax and estate problems and in taking advantage of their existing financial opportunities. Part of this work includes finding experts in other fields that are vital to persevering his clients’ success and using them to educate and serve his clients.

For More Information or To Reserve a Seat:

Wayne Ronsman, President, The Benefit Institute

toll-free at (877) 759-2181 EMAIL: wjronsman@msn.com or FAX to (480) 460-5748

Website: http://waynejronsmanassociates.com/About.html

FOR MORE INFO ON THE SEPAKER:

Ike Devji, J.D. Managing Attorney – Pro Asset Protection

(602) 808-5540 EMAIL: ID@thewealthy100.com

Website: http://www.proassetprotection.com

Tagged: Lawsuits, Asset Protection, Wealth Preservation, Maui, Hawaii, Doctors, Executives, Physicians, Business, wealth, Wayne Ronsman, Ike Devji, medical, seminars, continuing education, CME, medical practice management, CEO, entrepreneur, Business Owner, CPA

 

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Dating Website Faces $20 Million Lawsuit Over Employee Injury for Typing

A key area of asset protection planning for our 1000′s of business owner clients is the danger of employee lawsuits.

Ashley Madison dot com was recently sued over a repetitive motion injury allegedly incurred by an employee that makes up the fake profiles on the site. She was then photographed rising jet-skis and engaging in a number of other activities unlikely to be possible for someone with that injury.  The employer and their legal counsel are fighting back, and social media is playing a key role.

See The Story Here:

http://www.businessinsider.com/ashley-madison-strikes-back-against-plaintiff-2013-11?nr_email_referer=1&utm_source=Triggermail&utm_medium=email&utm_content=emailshare

 

 

Personal Liability Insurance Umbrella Policies Remain Vital Asset Protection for Doctors, Business Owners

Slide1The law, like medicine, offers few absolutes: Personal liability umbrella policies are not a “magic bullet” that either always or never works.

Despite their limits, they remain a key tool in your personal asset-protection plan and your most essential (and affordable) first line of defense.

We’ve discussed the fact that many doctors and business owners have wrongly relied on their umbrella polices to provide greater protection than they reasonably can. In a previous article I highlighted a few simple issues to consider like gaps in either the “depth” of insurance meaning the limits of the coverage as well as the “width” of the coverage, meaning how many specific exposures the policy itself actually says it covers. To follow that up, we also covered a list of the most essential types of specialty liability insurance every doctor and entrepreneurial business owner needs and that almost no umbrella policies cover.

Surprisingly, this simple and cost-effective shield is often overlooked by both physicians and their insurance agents. This gap has proven to be disastrous for numerous doctors and other successful individuals I’ve personally spoken with over many years including three families that have been informed their liability insurance limits will be inadequate to cover damages in the last 30 days alone. A simple look at U.S. government statistics on auto accidents, as just one common exposure where an umbrella policy may be essential, shows us why.

There are approximately 11 million auto accidents in the U.S. per year according to U.S. Census Bureau statistics, resulting in 40,000 fatalities. Using even the crudest average, that means there are 800 fatal car accidents in your state every year.

Not a single one of the unfortunate souls involved in this statistic ever left their home in the morning imagining that they would be involved in accident that would change the lives of all involved forever.

Given the litigious climate we live in and the actual damages that such a tragedy produces, it’s not surprising that many of these accidents result in seven-figure lawsuits. In my state of Arizona for example, three of the top ten lawsuit verdicts of 2012 were for auto accidents, all were for over $5 million. Could your family and business survive such a verdict?

In most cases the answer is no, and even those who do have an umbrella rarely have more than one to two million dollars in coverage. This does not mean it is hopeless and you should just give up (this actually is a common response). It just means you need to understand the limits of what your umbrella actually covers and for how much and take proactive measures to organize your wealth so that any exposure is limited to the scope of the policy. A simple analogy is you locking your home and setting the alarm every day despite the fact that a window could still be broken. The lesson is always “take all the steps you can.”

Key Points to Remember:

1. Umbrella policies are not magic shields against anything that might happen, no matter how much it costs.

2. They are an essential first line of defense and the most cost effective and basic first step in your asset-protection plan. In many cases a one million dollar umbrella can cost just a few hundred dollars a year.

3. They have limits that are very clearly defined by the insurance company.

4. If the personal liability umbrella, the one that’s typically related to your home and auto coverage, is what you are considering, it probably won’t cover issues not reasonably related to either of those base policies in most cases. So, for example, a dog bite that occurs at your home may be covered but a lawsuit by an employee almost certainly will not.

5. My advice to clients is buy every dollar of insurance you can reasonably afford for as many reasonably predictable risks as possible. Assume there will be a gap in the coverage at some point and be a hard target beyond the policy itself.

6. Implement an asset-protection plan that legally separates your personal and professional assets and liabilities today, while you still have right to do so. I get dozens of calls a year from people who were too busy making money to protect what it took decades to earn.

7. Don’t go on ego, “I’ve never been in an accident” or your personal assessment of what you think your risks are, “we don’t have kids who drive.” They are called “accidents” for a reason and I see as many that result from safe adult driving as I do with teens and young adults.

 

This article originally appeared in another form at www.PhysiciansPractice.com, The Nation’s Leading Practice Management Resource, where Asset Protection lawyer Ike Devji has over 100 bylines and is a regular contributor.