Affluent individuals look to insurance professionals to provide extraordinary coverage, giving them the security of knowing they are protected from the expense and liability of a number of risks. Private client services provided by exceptional brokers go beyond the need for typical policy coverages, helping clients increase the safety and security of their lives.
The number and variety of risks that could result in losses are exponentially higher for high net worth individuals than for typical households. The complexity of business arrangements, family structures and higher asset values makes risk management for affluent clients an endeavor requiring the most highly qualified insurance professionals.
For example, security considerations in the home go beyond alarm systems and cameras. An experienced broker can offer resources and suggestions to protect access to a property, provide visual privacy, defend against crime and offer families protection.
Every activity in which a wealthy individual takes part has potential security risks. For instance, vacation travel planning can be slightly modified so that the location of the affluent family will not be disclosed. This has the additional benefit of not revealing that the primary home is vacant, which lessens the risk of theft.
The risk of losses from electronic intrusions can be mitigated as well. Proper online procedures can prevent compromise of accounts, financial information, sensitive personal facts and, perhaps more importantly, exposure to blackmail.
As the online, social and financial landscapes continue to evolve, the environment for opportunity-crime increases.
High-profile transgressions such as kidnapping, armed robbery, embezzlement, home invasion and carjacking, while still relatively rare, are becoming more likely because of budget cuts in law enforcement.
Staffing is another sensitive area of security. Monitoring and re-certifying the backgrounds of associates, contractors and domestic staff is increasingly important. High net worth individuals may have carefully vetted these employees at initial engagement, but, over time, many factors can change the dynamic of the employer relationship.
Unlike outsiders, these domestic staffers are allowed within the secure environment of the home and have unparalleled access. Helping prevent potential crimes and providing coverage for subsequent losses are critical areas for your insurance professional.
Blue-chip insurance carriers have services to provide their clients with vulnerability assessments as well as security consultation. That service is often complimentary. Make sure you consult an insurance professional who can offer these valuable resources to protect you and your family.
An insurance policy furnishes the means to recover financially from losses; however, a broker with extraordinary knowledge of risks and exposures can be a valuable advisor in adding to the security of the clients’ lives.