Selecting the Right Private Client Insurance Agent and Coverages

By Ken Smith, Marsh & McLennan Agency, LLC – Midwest Region

The more you achieve and acquire, the more distinct and complex your risk scenario will be. Your insurance agent should partner with you to develop tailor-made solutions that ensure you, your family and your lifestyle are properly protected in the event of a loss.

 

With insurance, it’s not enough to just offer the right products and services. It’s about individualized attention, going beyond insurance and educating clients. Individualized attention means you have advisors that not only understand your unique situation today, but will evolve with you as your personal needs change. Where appropriate, your insurance agent should educate you and work with your other trusted advisors, such as financial planners and attorneys to develop smart, creative and cost-effective solutions. Your insurance agent should be an expert in the field so you can rely on him or her to provide you with the best-practices and industry knowledge to help minimize potential exposures now and in the future.

 

Three Key Private Client Coverages to Consider:

 

  1. Excess Liability / Personal Umbrella:
  • Protects you over and above the liability limits on your homeowners, auto, watercraft and recreational vehicle policies.
    • In the litigious society that we live in, it is important to have the proper liability limits in place.

 2.   Fraud and Cyber Fraud Coverage:

  • From identity theft to phishing emails, phone scams and more, fraud and cybercrime are on the rise as criminals find new ways to exploit vulnerabilities.
    • Coverage is intended for: Social engineering, unauthorized transfer of a payment, criminal deception, forgery or alteration of checks and identity fraud.

 3.   Homeowners Insurance: Guaranteed Replacement Cost with a Cash Out Option:

  • If your house burned down tomorrow, how would your policy respond? You might be surprised.
    • A policy with Guaranteed Replacement cost ensures you will have enough coverage to rebuild after a total loss.
    • The Cash Out provision gives you the option to take a cash settlement rather than rebuilding after a total loss.

 

Contact a BBB Accredited Business, like Marsh & McLennan Agency, if you would be interested in learning more about how to manage your private client coverages as efficiently as possible.