Thanks for listening to Financial Clarity for Doctors everyone! In today’s episode your favorite podcast hosts Rachelle Vanderzanden and Corey Janoff speak with Jennifer Wiggins of Aegis Malpractice solutions about all things malpractice insurance. Don’t miss this one if you work with or own a private practice, you’re looking at new contracts, doing some moonlighting, or thinking about what it might look like to open your own practice someday. Ideally, every doctor knows the basics of this very important topic.
The many mysteries we go over with Jennifer include:
The difference between claims made and occurrence-based malpractice policies
What the heck is tail coverage?
What do doctors get sued for?
Shopping how-tos
Ways to minimize your risks (hint: bedside manner isn’t just about getting people to like you)
As with any insurance, malpractice is another example of paying for protection that you hope you will never need to use. No one wants to get disabled, but we need disability insurance just in case. Obviously, we hope a lawsuit never comes up, but one in three doctors are sued out some point in their careers. That is A LOT. And if you are in a surgical specialty, you will almost certainly face a lawsuit at some point in your career.
For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
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