Accidents are an eventuality for everyone. At some point in your life, you may find yourself at fault for causing one that involves someone else. For that reason, automobile insurance and homeowners insurance policies are essential liability protection to maintain. But will those policies adequately protect you and your finances?
Many prioritize building wealth and manage it by means of investments and portfolios. Often forgotten is the need to protect the funds you have already worked so hard to accrue. All it would take is one tragic accident in which you are held responsible for damages or bodily injuries to jeopardize your finances. TMA Insurance Trust can help you secure a personal umbrella insurance policy that can provide the extra protection you need when your homeowner’s or car insurance reaches its liability limit.
If such an unfortunate event were to occur, as a physician, you run a high risk of being the target of a lawsuit. Although you may have already sought professional liability protection, a personal umbrella insurance policy can protect your personal wealth, your spouse, and your practice by providing an extra layer of financial protection.
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.
We’ve all heard the saying when it rains it pours. When something goes wrong, it can end up unleashing a storm of difficulties. Insurance was made for those rainy days and umbrella liability insurance was made for those times when a rainy day turns into a storm.
As a physician, you have a relatively high net worth when compared to the general population. Are there times that an individual may see an opportunity for a big payout by taking advantage of your hard-earned financial standing?
Physicians can benefit greatly from an umbrella insurance policy. Let’s look at a few examples of how this insurance helps to add an additional canopy of protection for you.
As you likely know, it is an unfortunate truth: due to their high income, physicians are highly vulnerable to being sued. For this reason, most carry malpractice insurance. However, this protection does not extend to injury or liability outside the field of medicine. To maintain adequate personal protection, an umbrella insurance policy is a wise choice. Consider a few reasons why.
No one understands Texas physicians better than the TMA - that’s why, in 1955, the TMA Insurance Trust was founded. Our goal is to take care of your needs like no other insurance company can. One of the ways we are striving to do this is by expanding our coverage and making more insurance products available to our valuable members.
As a physician, you’ve devoted many years to study and hard work. You’ve paid your dues to get where you are, and continue to devote yourself to the practice of medicine with all its responsibilities. No one would question that you’ve earned the place you have in life. With hard work and dedication, financial success usually follows. Unfortunately, there are some who may view your financial situation in an opportunistic way. If you are involved in an accident and you are held responsible for damages or bodily injury, the other party may want to take advantage of your financial situation.
