What is Risk Management for High Net Worth Individuals?

Written by on 5/12/2015 10:00 AM . It has 3 Comments.

You’ve worked hard to build the life you’ve always wanted. A large home on a private estate, the collection of antique cars in a luxury garage, a private yacht – it’s all yours. You take pride in everything you’ve accomplished. Looking around, it’s satisfying to see the luxurious life you’ve built for you and your family.

But it can be threatened in an instant.

A devastating storm hits, the kind that levels entire neighborhoods, destroying everything in its path. You and your family make it through, but your home and your valuables take a huge hit. A few things are damaged beyond repair while others are fixable, but it all comes at a cost. It’s not a good situation, but you’re not worried. You’ve got great insurance coverage – or so you think.

WHAT DOES RISK MANAGEMENT MEAN FOR YOU?

Typical risk management identifies, assesses, and controls the economic risk to a business. You’re probably intimately familiar with risk management in business. As a high net worth private citizen, managing your risk isn’t much different. Your personal possessions may have a much higher replacement value than standard insurance can or will cover. Your professional activities – business owner, partner, officer or director – come with their own risks to your livelihood.

Standard insurance cannot cover many of your investments that are too valuable. High net worth insurance fills the gaps left behind by other coverages, giving you added and much needed protection. Working with an individual agent who will work closely with you to understand your life and assets, you can purchase high net worth insurance to protect everyone and everything you hold dear.

PRIVATE CLIENT SERVICES

Part of what we do with our Private Client Services for high net worth individuals is to take a look at all parts of your life – the valuables you own as well as the businesses that you’re involved with. With complete discretion and professionalism, we’ll gain a full understanding of where you’re vulnerable so that we can help protect you and your family.

When looking at the details, we’ll discuss your valuable assets. Common assets that may need additional coverage include:

  • High-value homes
  • Classic and antique automobiles
  • Yachts and other watercraft
  • Aircraft
  • Antiques and collections
  • Fine jewelry

Necessary protection doesn’t stop at your valuable possessions. Risk management protection can also include the intangibles that can’t be purchased but carry no less risk of loss:

  • Identity theft
  • Liability and workers compensation for domestic employees
  • Kidnap and ransom
  • Personal liability
  • Director and officer liability

Your high net worth makes you a target for theft and destruction of your life. Your business activities can put you in harm’s way, often through no fault of your own. Our Private Client Services will give you peace of mind and financial protection from the unexpected. Contact us today and let’s work together to make sure your life and assets are protected.

Image courtesy of Flickr user Visit St. Pete/Clearwater.

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