Protection/Structuring for doctors?

Discussion in 'Legal Issues' started by goponcho, 28th Oct, 2016.

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  1. goponcho

    goponcho Active Member

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    Hi

    I was wondering if any of you lawyers out there know who significant the risk of being sued/assets being under threat as a doctor? Obviously it will depend somewhat on the specialty and practice.

    Am trying to work out how important asset protection is in structuring my capital.

    Thanks :)
     
  2. thatbum

    thatbum Well-Known Member

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    Risk can be much higher than the general population obviously, but I have to say I've never heard of any claims that weren't covered by insurance.
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Doctors get sued every day of the week. But in the majority of cases their employer and insurer save the day.

    But there can be cases where insurance won't cover you.

    A bigger risk would be opening your own practice and the general risks of business.
     
  4. See Change

    See Change Well-Known Member

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    I think most Dr's can expect to be sued during their life time , or at least have the spectre raised .

    Assuming you're insured and practicing within the normal there shouldn't be a risk . Don't think you can practice without insurance now days .

    The medical insurance companies are big business , with lots of people working for them and lots of solicitors working in the area so they've got to be working on something . A friend is one of the top solicitors in the area . It's very rare for cases to get any publicity and they're all ( or most ) covered by non disclosure clauses . It's only when someone connects the the wrong gas cylinders in a public hospital and someone dies that it gets into the media .

    We still have our properties in trusts . More likely to be sued if there was inadequate maintenance , that you've been told about , you've ignored and someone gets hurt as a result .

    Cliff
     
  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Insurance covers so much. Plenty cannot be insured. Insurance covers the claimant and defence costs (within limits ?) not the inability to work due to suspension or tarnished reputation etc. Think worst case is being struck off. And shamed. Inability to sustain lifestyle and debts. Or work in well paid industry.

    Selling assets. Perhaps being personally sued in a civil matter that is uninsured or uninsurable. ie Dragging into a interstate long running coronial issue.

    This could lead to loss of work, income etc and financial ruin.
    Personal injury, illness etc and loss of income earning potential ?
    Insurers are happy to throw practitioners under the bus leaving them liable for some claims. Civil etc and leave them exposed.


    The best example I could use is that pilots can insure their ability to fly. Income protection insurance for specialists is often highly limited or not taken as they are self employed etc.