Small businesses encounter a variety of threats that put them at risk for financial and reputational harm. The right insurance can help protect small business owners from unacceptable risks that could potentially cause the business to suffer significant financial losses.
Many small businesses seek protection through private client insurance, a specialized form of insurance geared towards those with high-value or many assets.
Learn more about private client insurance and how it benefits small businesses.
What Is Private Client Insurance?
Small business owners who have considerable assets face unique risks. Private client insurance, also commonly referred to as high net worth insurance, is a type of customized insurance that protects clients from certain risks, such as damage to their business property.
Private client insurance includes many familiar policies, such as property and auto policies; however, private client insurance offers much higher coverage limits.
This type of specialized insurance also recognizes the specific needs of small business owners with significant assets. It combines coverages based on a client’s unique needs according to what desires for coverage they may have.
Small business owners can combine multiple coverage areas with private client insurance to create a comprehensive insurance solution.
Policies under private client insurance typically include coverage for a business, vehicles, travel, life insurance, and more.
Custom-designed solutions are made to protect certain assets and risks, rather than relying on a combination “off-the-shelf” policy that may not offer the coverage terms or limits that a high net worth client is looking for.
There are many reasons why a small business owner may need private client insurance beyond just the standard, such as:
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- To protect their assets
- To cover liability
- To replace property damaged by loss or theft
- To provide coverage for vehicles
- To recover lost income
Who Needs Private Client Insurance?
Small business owners with significant assets and wealth require a higher level of service and expertise when acquiring the right insurance.
It is important for these clients to work with experienced advisors who can help them build and maintain a comprehensive insurance solution that meets their unique needs and requirements.
Many types of companies can benefit from private client insurance, such as entrepreneurs, small business owners, C-suite executives, family offices, professional athletes, entertainers, and more.
Anyone with substantial assets should consider obtaining private client insurance. This includes small business owners with multiple properties, vehicles, valuable jewelry, artwork, or other valuable collections.
It also includes small business owners who travel or are exposed to common dangers like fire, floods, or theft. Affluent small business owners are also more vulnerable to liability claims, even potential ransom demands.
How Does Private Client Insurance Protect Small Businesses?
Small businesses that wish to protect their investment can greatly benefit from private client insurance. Private client insurance protects a client’s assets for both liability and property.
For example, if a small business owner has multiple vehicles used for business purposes, it can be difficult to manage multiple policies. Private client insurance can provide a single policy to cover all a client’s auto insurance needs.
Having private client insurance can also be advantageous for small business owners at risk for liability issues. Policies like umbrella liability can help protect a client’s wealth by providing protection beyond existing coverages and limits on other policies.
Private client insurance can cover nearly anything, including personal liability, jewelry insurance, fine art coverage, aircraft insurance, collectibles and other valuables, domestic employee coverage, yacht and watercraft insurance, luxury automobile coverage, flood insurance, and identity and fraud coverage.
The process for acquiring private client insurance is fast and easy. First, an insurance expert will assess the client’s current situation and discuss priorities and goals.
This initial discussion will also include a review of all assets and a look at current insurance coverages to identify possible gaps or overlaps. Next, a customized solution will be developed that provides the client with an optimal insurance package.
When developing a comprehensive private client insurance package, all findings are specifically tailored in a detailed report that includes recommendations for policies that reflect the client’s unique insurance needs and requirements.
Insurance portfolios are typically reviewed and updated as needed to ensure adjustments are made to account for new assets, such as vehicles or collectibles.
Speak with the Insurance Experts at Atlas Insurance
Small businesses face several serious risks, especially when they possess high-value assets. Safeguarding extraordinary property is no easy feat, and many standard insurance policies need to provide sufficient coverage or have unreasonable caps.
Private client insurance offers one of the best ways for wealthy small business owners to protect their investments and maintain peace of mind.
To learn more about private client insurance for small businesses or to request an insurance quote, contact the insurance experts at Atlas Insurance Agency online or by calling (808) 400-6634.