How High Net Worth Individuals Can Protect Their Assets

For high net worth clients who are looking to maximize security around their assets, it’s important to know the risks they face and how to protect against them. Protecting their wealth has become more complicated as markets have changed and digital security continues to face new threats every day.

Here are some ways that high net worth individuals can gain peace of mind while they continue to grow their income in today’s more risk-forward financial world.

High-Value Home Insurance Explained

High Value Home Insurance is a coverage option that provides protection for various risks and possessions and offers solutions that are tailored to the unique risk profile faced by these individuals. A high-value home insurance policy can protect against things like theft, destruction, or total loss.

A high value home insurance policy is a collection of extra services that work together to provide protection for higher limits and offers more attention to detail than regular insurance policies. A major benefit of this insurance plan is expanded coverage and can provide protection for both a property and the individual items inside, including jewelry, cash, and collector art pieces, for example.

Other Important Insurance Options

  • Umbrella: An umbrella policy can pick up where a traditional home and auto insurance policy leaves off. An umbrella policy can extend over a liability coverage to a certain amount, typically for a low yearly cost. For those who want to go further with their umbrella policies, they can purchase more insurance at a discounted rate.
  • Travel Policy: A travel policy can protect against the loss of non-refundable travel costs, such as airfare, hotel, and tour expenses. Other types of travel insurance offer protection against losses due to medical emergencies, damage to personal property and even death, which may occur away from home. The average cost of a 15-minute medevac flight is more that $8,000.
  • Workers Compensation & Employment Practices Liability: Families who hire residential help such as chefs, drivers, groundskeepers, housekeepers, nannies, personal assistants, and security personnel, must be covered under an insurance policy. An EPLI policy can protect against litigation for wrongful termination, sexual harassment, employment discrimination, reputational and personal injuries. A Workers Compensation policy will provide protection for medical care and rehabilitation for injured hired help. It will also cover lost wages if individuals get hurt and cannot work, and death benefits for beneficiaries.
  • Identity Theft: Although identity theft coverage does not protect against the cost of the actual theft, it is a relatively inexpensive insurance option that reimburses for the cost of reclaiming your identity.
  • Cyber: Cyber coverage could cover a family for a wide range of attacks including cyber extortion, cyber financial loss, and cyberbullying. Some remedies available under these policies include data restoration, crisis management and reputation restoration, and related expenses such as psychiatric services, digital analysis to assist in prosecution, and consultation services.
  • Professional Liability: No matter the field, high net worth individuals who earn a higher wage need to be thinking about their assets as a professional liability. Accountants, engineers, investment advisors, lawyers, and real estate brokers can all take advantage of this kind of coverage in order to protect their income and reputation against major claims.
  • Directors and Officers: For those who serve on a board, they could end up on the wrong end of a sizable lawsuit, especially if it revolves around a major claim against a large corporation. If the company doesn’t already provide this kind of coverage, D&O liability insurance can make up the difference.

About Mavon Insurance

At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (855) 248-1480.