Going Bare is the right option for good Florida doctors
Because of the ever increasing cost of wrongful death insurance, many doctors have elected the decision to drop their coverage. There is strong statistical evidence that “going bare” cuts down on the likelihood of being included in a lawsuit. Not surprisingly, the insurance coverage industry has increased its campaign of scare tactics to be able to place physicians in fear, so that you can drive them to purchase insurance. Without any doubt, insurance can be an useful sort of risk spreading for most industries. However, for physicians in Florida with the average-to-clean history, going bare is the best option.
Insurance companies appreciate doctors in Naples Florida. These physicians pay their insurance charges and ask for nothing in return. At the end of the year, the insurance company has made a 100% profit, when the doctor renews his coverage, another year of profits await. On additional end, the insurance companies are reducing reimbursements and denying medical claims for that labor which you have already done. To put it simply, your practice is controlled on both ends by the insurance industry.
Should you get sued, current debts settle and defend your good name will not be yours. Your years of schooling and residency can play no role. Rather, it will be the decision of an insurance adjuster who received his license after an eighty (80) hour class. Whether the insurance company will lose money or you cannot will be the deciding factor. Whether you practiced from the standard of care will be secondary.
Going bare creates reassurance. Not only do you maintain premium dollars in your wallet by going bare, however you keep the power to moderate your case and your reputation. If you’re a good doctor who’s going to be rarely involved in lawsuits, then you will be saving hundreds of thousands of dollars, maybe millions, over the course of your career in premium savings. Instead of putting those hard earned dollars in the insurance provider coffers, you can save for you plus your family’s future. In the case you are sued, you are able to choose to settle. However, in case you are confronted with a frivolous lawsuit, then you can definitely decide to defend your good name. With the insurer, you are just a number.
Plaintiff’s attorneys do not want to sue a doctor with no insurance. If these attorneys win, then they need to become collection attorneys to recover any money. It is much easier to get from the deep pocket insurance carriers. Insurance is the bounty these attorneys seek. Finally, with asset protection strategies so prevalent and successful in Florida, any threat coming from a judgment can be minimized.
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