Many doctors view medical malpractice lawyers with suspicion and even hostility. They listen to fables that suggest that the tort system is a giant lottery, in which juries award huge sums of money to people whose injuries are questionable. The words “frivolous lawsuit” are bandied about as if there were no other kind of lawsuit. All too often, doctors are taught that they shouldn’t trust lawyers or juries. It’s a shame. And it isn’t true. The simple fact is that no one benefits from a frivolous lawsuit. Medical malpractice cases are carefully screened for merit. It would be foolish not to do this. Every case represents an investment of thousands of hours of work, research, depositions, and expert consultations. In addition, the expenses of litigation are substantial. Experts need to be paid. Court reporters, filings, transcripts, medical records, travel, production…

There are two reasons to have insurance: to protect yourself and to protect those that might be injured by your negligence. If you run into someone, they can sue you and you want to be sure to have enough insurance that you won’t need to declare bankruptcy as a result. If you cause an accident and injure someone in your family, you probably won’t need to worry about them suing you into bankruptcy but the insurance that you buy protects those you love from your negligence. The answer to the question is a function of what you risk is compared to the cost of the coverage. What is your risk of loss? Your risk of loss is a function of your assets. If you have ten million dollars in assets and you cripple someone, they can sue you and you can potentially…