Private Client & High Net Worth Risk Management
Standard insurance carriers are not built for your lifestyle and a standard homeowner’s policy leaves gaping holes in your coverage. Bowen, Miclette & Britt functions less like an insurance agency and more like a personal risk office, auditing your portfolio to protect against the unique liabilities of wealth. BMB in Houston, TX, helps clients find high-net-worth insurance coverage to protect their belongings, regardless of complexity.
What Is High Net Worth Insurance?
High net worth insurance refers to policies designed to protect individuals with high-value homes, cars, antiques, jewelry, and collections. It can also protect those who travel extensively for personal or business reasons. Many high net worth insurance policies cover people with higher-profile professions, like individuals in the public eye with further protection needs. These individuals turn to high net worth insurance because standard policies lack the comprehensive coverage they need.
Why Do You Need It?
High net worth individuals have higher loss potential than average policyholders, so coverages need to reflect the volume of these risks. Potential risks that high net worth individuals face include:
- Weather losses: Weather events like wildfires, hurricanes, and flooding can damage anyone, but high-value properties require higher coverages to provide appropriate compensation.
- Cybercrime: With many connected devices and communication with external staff, high net worth individuals are at risk of ransomware, phishing scams, identity theft, and other data breaches.
- Employee risks: Relying on household staff, such as caretakers, housekeepers, and assistants, can lead to injuries on the job and employee practices liability.
- Security breaches: Owning a range of valuable items makes security a priority. While a reliable security system can offer protection, coverages can provide additional loss control.
- Estate taxes: High net worth individuals often have considerable expenses and debts, and estates may drain quickly without a primary income earner.
Specialized Coverage for Complex Assets
High net worth insurance can include various coverages to address several types of risk. We perform a risk assessment to control losses and determine the ideal coverages for your lifestyle. A significant aspect of this process is the documentation and appraisal of high-value items to quantify risks.
While coverages vary based on individual lifestyle, potential coverages can include:
- Custom Home & Coastal Property
- Personal Excess Liability (Umbrella)
- Auto Insurance
- Personal Cyber Liability
- Life Insurance for High-Net-Worth Individuals
- Domestic Staff Workers’ Comp
Who We Serve
- C-Suite Executives: Protecting against D&O exposures and public-facing liability.
- Family Offices: Consolidated risk programs for multi-generational families and trusts.
- Real Estate Investors: Master policies for mixed personal and commercial portfolios.
The Benefits of Bowen, Miclette & Britt
At BMB, you bypass the call centers and gain direct access to a dedicated senior advisor who knows your specific portfolio. We don’t just maintain relationships; we act as your personal risk office, auditing your coverage annually to ensure your protection evolves as fast as your assets do.
Our brokers strive to develop strong relationships with every client to understand their distinct requirements and address their pressing concerns. Our insurance service portal lets our clients access their coverages, contact our team, and stay connected to shifting requirements. As one of the top 100 brokers in the United States, our experience and knowledge enable us to guide clients to policies with competitive rates and exhaustive coverage.
Get Coverage Today
We take a consultative approach to helping high-net-worth individuals find insurance coverage. Through our values of knowledge, vision, accountability, and service, we protect our clients, mitigate risk, and control losses. Contact BMB today about insurance for high-net-worth individuals and risk management solutions.
