Unique Risks Affecting High Net Worth Individuals

The very rich have different risks than the average American. Working with private client insurance, these individuals are better able to protect their substantial assets. Here are some of the unique risks that high net worth individuals face.

Ransom

Due to their wealth, rich people have a higher likelihood of being kidnapped and ransomed for a reward. The more global their lifestyle, the more at risk the individual is of facing this threat. Adequate insurance protection can protect financial assets during these difficult situations. Social Media

Unlike the average Joe, rich people have seen a rise in lawsuits surrounding their behavior on social media platforms. These individuals could see legal action due to comments deemed damaging by someone else. With more and more family members online, this risk can only increase.

Global

High net worth individuals are more likely to have a global lifestyle. The experts at Haughn & Associates understand the risks associated with a global lifestyle and designed products to cover vacation homes with worldwide protection.
In order to protect the unique risks of rich individuals, private client insurance tailors their services to target these liabilities. Look for a company that prizes customer service and experience when looking to insure your home, auto, and umbrella insurance. If you have employees such as a gardener or housekeeper, look for additional coverage for those situations.