You have asset protection with all your assets in an offshore corporation, and now you decide to go bare on your medical malpractice, and not buy coverage. Here are some reasons why this is NOT a good idea:
1. You cannot get credentialed by hospitals or many health plans without medical malpractice insurance.
2. If you have a medical malpractice judgment, then your assets “may” be protected. However, the plaintiff can garnish your wages or practice income stream; or the court can appoint a “keeper,” who collects your patients’ and carriers’ payments for the court. This could destroy your practice.
3. It will be difficult to get accepted by the standard malpractice insurance market, which has the lowest rates in medical malpractice. So when you need medical malpractice in the future, you will pay a significant load for having no insurance.
In short, going bare for medical malpractice insurance will not save you money in the long run. It could cost you your practice and the “good will” you have with your patients.
(Note: This is not meant to be legal advice; we are not a law firm, we are HCP National, a medical malpractice insurance brokerage in Orange County CA.)