Physicians, like everyone else, are not immune to accidents – whether they occur around the house or in a vehicle. Unfortunately, if you’re found to be at fault in an accident, you could find your personal assets at risk.
This can happen because your home or auto insurance may have coverage limits you’re not aware of or forgot about. It could also happen if the injured party attempts to take advantage of your financial situation. As a physician you’re likely to be in a higher income bracket compared with the rest of the population – so you could be highly vulnerable to a lawsuit.
Either way, this is why many physicians help protect their personal assets with an umbrella insurance plan.