Physicians have specific insurance needs to address in their personal and professional lives. It is important that you review all of your personal and professional insurance needs together. By reviewing all of these needs together you can help bridge any gaps in coverage, have a full understanding of all of your insurance needs and can make the most educated decisions about the risks you are exposed to.
The best way to approach this whole picture analysis is to do an overall financial review. An overall financial review should include an analysis of your financial net worth, your income and expenses annually, short and long term financial needs and goals, and estate planning considerations. This approach will greatly assist in pinpointing all of the risks a physician is exposed to and also provides greater guidance in assessing the needed coverage amounts. Being armed with this valuable information you will be able to provide specific instructions to your insurance broker.
Having a firm grasp on your whole financial picture as well as your personal and professional risk exposure will provide greater clarity and objectivity in placing your coverage. Once you have this information you will be able to begin the process of getting these policies put into place. You should look to take advantage of broker discounts for coverage on multiple policies, financing arrangements to help increase efficiency in your cash flows and compare multiple insurance broker quotes and policy coverage limits.
A physician taking this insurance analysis approach will be better prepared to protect their assets and professional livelihood.