Today, I\u2019m going to take on a question that I\u2019m asked alot from doctors, mostly from people who are sick and tired of paying outrageous insurance premiums to protect themselves from the inevitable lawsuits we have in the United States. Well, the question is, “Rob, if you do great asset protection for me, can I just get rid of my insurance”?<\/p>
“I\u2019m sick of paying $100,000 a year of insurance company for a policy that I\u2019m not even sure is going to protect me if I\u2019m sued. So, make me poor, protect everything”. Well guys, it doesn\u2019t work that way. What I\u2019m here to tell you is that asset protection planning is very important. It’s as important as any of your business planning, but it is not an alternative or a substitute for insurance.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
Insurance is good because it provides you a defense. That\u2019s what I like about insurance. Insurance provides you with a defense and that\u2019s oftentimes the worst part about being sued. It’s a horrible process. There’s no such thing as a good lawsuit as you’ll soon learn. It’s even worse if you don\u2019t have somebody paying your legal fees. So, take this home with you, rule number seven:<\/p>
Asset protection planning is not a substitute for insurance. Get your insurance. Get high deductibles if you want and don\u2019t count on your insurance to always protect you. Insurance companies are great at putting loopholes and ways for them to get out of honoring the handshake contract you at least think you have, and they’re getting worse as money gets tighter. Don\u2019t look at asset protection as something you can do and then forget about insurance. It doesn\u2019t work that way.<\/p>
I once had all the baby doctors, all the obstetricians and gynecologists in one city up in Oregon fly me in. I protected all seven of them. It wasn\u2019t that big of a city. We all got together. Each one of them is well-protected.<\/p>
Each one of them is essentially judgment proof. Each one of them still maintains errors and omissions insurance because each of them is going to get sued; because as you know-at least as they know, if you’re delivering babies, you become almost equivalent of a guarantor of a perfect birth. It’s the same in many other fields. So, get your insurance because it provides you a defense.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
See Also:<\/strong><\/p> APTs are Not a Substitute for Insurance Today, I\u2019m going to take on a question that I\u2019m asked alot from doctors, mostly from people who are sick and tired of paying outrageous insurance premiums to protect themselves from the inevitable lawsuits we have in the United States. Well, the question is, “Rob, if you do […]<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,13],"tags":[32,31,30],"_links":{"self":[{"href":"https:\/\/www.assetprotectiontraining.com\/wp-json\/wp\/v2\/posts\/487"}],"collection":[{"href":"https:\/\/www.assetprotectiontraining.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.assetprotectiontraining.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.assetprotectiontraining.com\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/www.assetprotectiontraining.com\/wp-json\/wp\/v2\/comments?post=487"}],"version-history":[{"count":0,"href":"https:\/\/www.assetprotectiontraining.com\/wp-json\/wp\/v2\/posts\/487\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.assetprotectiontraining.com\/wp-json\/wp\/v2\/media?parent=487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.assetprotectiontraining.com\/wp-json\/wp\/v2\/categories?post=487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.assetprotectiontraining.com\/wp-json\/wp\/v2\/tags?post=487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}