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Do some of your clients require high-value home insurance and other types of specialized insurance products designed to cover expensive assets? If so, your clients may be interested in implementing several risk management strategies to help keep those assets secure. Beyond learning about a high-value home or which assets may be more valuable, you can help your high-value individuals by sharing this list of essential steps with them.
Encourage Your Clients To Take Inventory of Their Assets
Before your clients can begin to take protective steps for their assets, they need to know exactly what they have in their possession. That’s why the first step for every client should be to take inventory of all valuable assets before moving forward. Some of these assets could include, but are not limited to:
- Equipment and machinery
- Personal property
- Patents and other forms of intellectual property
- Automobiles, boats, and other vehicles
- Income and net wealth
Organize Assets by Risk Level and Assess Potential Replacement Costs
Once your clients have taken full inventory of their assets, the next step is to begin organizing those assets by risk level to aid in prioritizing protections. One key part of this organization is figuring out what it would cost to replace each asset. In other words, the more valuable an asset is, the more insurance protection you may want to offer your client for that asset. Encourage your clients to begin sifting through their various assets by taking the following measures.
- Consider hiring a professional to provide an accurate valuation for each asset
- Calculate potential replacement costs, taking appreciation and depreciation of assets into consideration
- Weigh the impact of an asset’s condition and location on valuation
- Consider the possible magnitude of events that could harm certain assets, the likelihood of those events, and how expensive replacements in those events would be
Implement Several Key Risk Mitigation Techniques
Once your client has valuated and prioritized their assets, prevention becomes critical. While it may be possible to deal effectively with a loss after it happens, preventing losses in the first place is both highly efficient and highly effective in protecting your clients’ assets and overall wealth. Your clients can implement several key risk mitigation techniques to aid in this effort. For instance, ask them to:
- Minimize potential losses and prevent losses, if at all possible, by implementing safety measures like home alarm systems, backup generators, and more
- Practice prudent risk avoidance by staying away from ventures or purchases that could carry excessive liabilities
- Consider contractually transferring certain risks to a third party
- Secure thorough insurance protections that cover any risky assets
Helping high-value clients to mitigate risks and protect their assets may require more than thorough high-value home insurance and other types of coverage. Work through these tips with your clients to help them keep their high-value assets safe and secure.
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.