Successful people are more active on social media than ever, and that activity includes a heavy emphasis on personal finance and legal issues. Unfortunately, some dangerous myths about asset protection have become common. Some of the most followed media personalities are non-lawyers who have become self-proclaimed experts on various issues such as saving, investing and […]
Bad Legal Advice on Insurance, LLCs Can Wipe You Out
Business owners, doctors and entrepreneurs are often targeted with asset protection sales pitches from unqualified advisors. Let’s review some of the questionable advice you are getting and how to qualify your advisors. The (not so) Magic Umbrella Policy I was recently contacted by a physician with seven figures in exposed home equity and other significant […]
Personal Liability Insurance Umbrella Policies Remain Vital Asset Protection for Doctors, Business Owners
The 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 […]
Personal Guarantee Insurance for Doctors, Investors, Business Owners
Personal Guarantee Insurance for Doctors (and everyone else) Source: Physicians Practice Non-medical business exposures that threaten doctors’ financial solvency continue to grow in scope and number. This week we take a look a relatively new type of risk-management product: Personal Guarantee (PG) Insurance. We’ve covered both exposure related to residential and commercial real estate debt […]
Medical Practice Liability Insurance Tune Up: The First Line of Defense
We’ve previously detailed both the most common fatal flaws in physicians’ asset-protection planning and the reasons insurance alone is inadequate to protect doctors. Those issues aside, insurance against known and recurring exposures is always the essential first line of defense. As you’ve seen in this column before, it is unreasonable to think that we […]
What Medical Practices Must Know About RAC Audits and Insurance
Medical Billing & Collections, Risk Management By Ike Devji, JD In a series of recent discussions we have examined exposures like ELPI Insurance, cyber liability insurance, and the need for directors and officers coverage by many physicians and practice owners. Continuing our examination of commonly overlooked medical practice risk management issues we turn to […]
Directors and Officers Liability Insurance Issues for Physicians
A commonly overlooked area of risk management in physician’s business and asset-protection planning is the need for “Directors and Officers” coverage, commonly referred to as D&O insurance. In previous articles we have covered a variety of essential life, disability and liability insurance strategies, always the first line of defense. This week we examine the […]
HIPAA EXPOSURE GETS EVEN MORE ONEROUS – Medical Practice
As we’ve discussed in several previous articles, insurance that covers corporate and executive liabilities in an essential first line of defense, including Data Breach or Cyber Liability Coverage for doctors. This coverage grew even more important on Jan 25, 2013 as DHS provided additional rules and liability for medical practices which go into effect on March […]
Is a Captive Insurance Company a Fit for Your Business or Medical Practice?
In our two previous discussions we introduced the general concept of a captive insurance company (captive) as well as specific qualifying questions to help doctors pick a good captive administrator. This week we examine some key issues that can help determine if your specific medical practice is at the point where a captive may create […]
Doctors Pleading To Misdemeanors for Heath Care Fraud – Fight or Settle?
We are in the golden age of health care fraud prosecution as means of revenue and income protection by both the government and insurance companies. Doctors are increasingly in a position where they need to make a decision to fight or settle, regardless of the veracity of the claim or the actual intent involved. This article sheds […]
