I have malpractice insurance, do I need to be concerned with liability and asset protection planning?
Yes. For professionals that carry the possibility of malpractice claims, such as doctors, dentists, lawyers, accountants. For such professions, malpractice is a personal liability—meaning that operating through a business entity such as a corporation nor limited liability company will not protect you from the claim. This means that if you are sued for malpractice and either you don’t have malpractice insurance or it doesn’t include enough coverage to fully cover the claim, your personal assets will be at risk to the malpractice claim.