As a high net worth individual, you have unique needs. High net worth insurance brokers tailor every aspect of insurance to your wealth. They will prioritize enhancing and protecting your wealth, and they’ll work with you to build and leverage your wealth.
As you’ll know, as net worth increases, liabilities and risk increase too. To achieve and sustain success, it’s wise to work with professionals who understand the intricacies of wealth, associated risks, and how those intricacies impact every part of life.
High net worth insurance brokers provide enhanced, knowledgeable, exceptional service, recognizing that not all insurance is the same and that every client deserves coverage specific to his or her needs. When you work with a high net worth insurance broker, you will benefit from expertise and service in areas like asset protection, risk management, and protection discernment. And as a high net worth individual, you can look forward to these being custom-fit to your financial situation and personal requirements.
Asset Protection and Risk Management
For high net worth insurance brokers and their clients, these two areas are among the most important. They also impact one another. Asset protection guards your wealth, keeping your life’s work in your control. It guards against unjust taxation and other losses, legally and transparently. For an insurance broker, it is important to secure and implement the right kind of insurance policies to protect against liability, keeping assets safe from legal action.
High net worth insurance brokers understand what clients have to lose, why they might be exposed to liability, and how to mitigate those risks with expanded coverage, high-value replacement costs, and policies specific to assets like fine art, jewelry, wine, and collectibles. The possessions and hobbies that come with high net worth can be fun and fulfilling, but without insurance coverage or policies that meet actual market value, those hobbies and possessions can become a liability.
Too many high net worth individuals are underprotected, Even more lack information about what coverage options exist. Looking at your insurance coverage, you may feel like you have the right protections in place, but we often find that clients are overinsured against minor threats while open to major, potentially catastrophic risk thanks to the intricacies of high net worth and its associated risk management needs.
Overcome that disparity by working with a broker who offers customized, sophisticated insurance strategies. These should be developed with a focus on the kind of assets high net worth individuals possess, and the things you want to protect for yourself and your heirs. Your path to a high net worth was uniquely yours. Our approach to protecting and managing that wealth will be individually tailored too.
Insurance Protection Discernment
If you are a high net worth individual feeling concerned that your insurance is not right for you, you are not alone. One report indicates that more than half of high net worth individuals are concerned that they are underinsured. At the same time, the individuals surveyed are looking for the right things:
- understanding of the high net worth individual experience (52 percent) and
- expert knowledge of valuable possessions (51 percent).
If you already have insurance in place as a high net worth individual, how can you be sure that you are getting the level of coverage and the specific policies you need for peace of mind? High net worth insurance brokers should regularly review policies to ensure that they are still the right fit. As we noted, not all insurance is alike. And that holds true from one policy to another.
To help you choose and maintain the ideal insurance protection, we thoroughly assess the policies you have in place. Our advice is based on the current premium funding level, the requirements to sustain that coverage, and what alternatives exist that could be more cost-effective without compromising your protection. It is an objective, impartial service designed not to point you to a specific insurance policy, but to make sure that your insurance is working as it should.
Brix Partners is dedicated to our high net worth clients. We are not just high net worth insurance brokers, but rather an important partner in your wealth management.
We are pleased to offer you our knowledge and experience in securing and guiding your wealth. For more information or to get started, use our contact form to reach out to us. Or you can call us at 212-578-2048. You can also email us at email@example.com and one of our team members will connect with you personally.