For individuals and families with significant assets, insurance should be a critical part of your plan for protecting what you value. But while most people recognize the importance of carrying the right coverage, many don’t realize how independent insurance advisors can help far beyond obtaining the best policy.
When you work with an independent insurance broker, you gain a partner that operates entirely separate of any carrier. And that creates powerful advantages:
- They’re positioned to provide objective, unbiased advice and recommendations on the right coverage to protect your assets and practical ways to reduce your risks.
- They serve as your advocate at every step—from finding the best coverage for your needs, to negotiating and coordinating with the carrier on your behalf if you have a claim.
- They have access to a broader, more varied range of markets and carriers than you would on your own, so they can secure the right coverage even if your location or claims history makes that difficult.
- They have your best interests in mind, so they focus on educating you on coverages, spotting gaps in your policies, and ensuring you’re doing everything you can to protect your assets.
- They’re skilled in addressing the most frequently asked questions of clients with substantial assets—from how much umbrella liability coverage you need to protect against a lawsuit, to the risks of renting out a second home, and much more.
Top 5 Qualities to Look For
Given all the advantages of working with an independent insurance advisor, many individuals and families with significant assets choose this approach. If you’re in search of the right high-net-worth insurance advisor, the following should be high priorities.
-
Experience with Clients Like You
An independent insurance advisor with a long history of experience serving clients with significant assets brings deep knowledge of the unique exposures and complex risks you face. Some independent brokers set up Private Client Groups within their organization, staffed by professionals who are dedicated to serving this market exclusively and highly experienced in working with high-net-worth clients.
An independent broker with a Private Client Group understands the top risks for people with high net worth—including the challenges of a secondary or rental homes, the high odds of cybercrime, and the potential for a vehicle crash or other incident to trigger a costly liability lawsuit. They also understand the unique risks that come with owning property in coastal areas or the Western US, or a home you don’t occupy full time, or high-value collectibles. They stay on top of changing conditions and emerging trends, always advising you on how to keep your insurance current to address evolving risks. And they help you obtain the right coverage to protect substantial assets without overpaying for insurance.
-
A Highly Qualified Team
An independent insurance advisor that works with individuals and families with high net worth should be staffed with the highest quality professionals. Look for a broker that attracts experts with a long tenure in the insurance industry and a long history of working on personal insurance lines. The deeper and broader the team, the better your access to the knowledge and expertise it takes to protect significant assets.
It’s also important to confirm which team members you’ll work with day-to-day and their roles. Your Account Manager is likely to be your primary point of contact, so be sure you’re confident in their credentials and feel comfortable trusting them.
-
Strategic Guidance to Protect Assets and Reduce Risks
Buying the right insurance can be complicated, especially in a volatile market. The homeowner’s insurance situation in California is a prime example; with carriers no longer writing new policies there, it takes the guidance of an independent broker to identify the best options. The advisor’s team stays current on evolving conditions and begins preparing for your renewal well in advance to avoid surprises.
An insurance broker that specializes in working with high-net-worth clients also helps manage and mitigate risk to prevent losses. For example, the B. F. Saul Insurance Private Client Group recommends steps to reduce your odds of a homeowner’s claim, such as the latest water detection and shutoff systems and low-temperature sensors. Measures like these can prove just as valuable for a primary home as a secondary home you don’t occupy full time. Not only do these devices typically qualify for a credit against your premium; they also reduce the likelihood of a loss that results in substantial out-of-pocket expenses.
-
Services to Manage and Mitigate Claims
While some insurance claims are straightforward, many are not, especially for individuals and families with significant assets. That’s when an independent insurance broker can prove extremely valuable.
An insurance advisor will advocate for you when you experience a loss, ensuring you get all the coverage you’re entitled to under the policy you’ve been paying for. For example, one homeowner discovered an HVAC leak in a secondary home that was unattended for weeks, resulting in more than $100,000 in damage. The carrier initially denied the claim, but the B. F. Saul team reviewed the policy language in detail and used that insight as leverage to get the claim covered.
-
A Strong Commitment to Service
When you’re protecting significant assets, you need confidence that your broker will provide the white-glove service you deserve. Look for an insurance advisor with a strong track record of clear, frequent, proactive communication and highly responsive, concierge-level service.
Your advisor also should conduct regular check-ins to keep current on your changing risks and help you stay protected. While meeting ahead of your policy renewal is a must, expect an independent insurance advisor to also meet with you periodically to keep tabs on what’s changing in your life and keep you informed of the status of a dynamic insurance market.
B. F. Saul Insurance: The Right Insurance Advisor to Protect What You Value
The more substantial your assets, the more vital it is to protect them from risk. That’s why individuals and families with high net worth rely on B. F. Saul Insurance as their independent insurance advisor.
Our Private Client Group has decades of experience helping to protect the assets our clients have worked hard to accumulate. We understand the unique and complex risks you face, we know how to obtain the coverage you need, and we provide the guidance and service to prevent losses and advocate on your behalf if you have a claim.
Learn what to look for if you’re ready to team up with an independent insurance advisor.
Then contact B. F. Saul Insurance to learn how we can help protect your assets.
As Vice President, Personal Lines, Erika Marino leads business development efforts for B. F. Saul Insurance’s private client group and oversees the management of client relationships and sourcing of new accounts. She started her career in wealth management, working for Morgan Stanley as a financial advisor before she made the switch to insurance in 2018 when she joined B. F. Saul.