A comprehensive and robust personal insurance plan is an integral part of a personal risk management strategy. Decisions regarding your personal risk management strategy should be made with the advice of a professional insurance agent who has experience working in the high-net-worth marketplace.
For high-net-worth households, a typical umbrella policy is often not enough. The financial consequences of being sued can be serious business. They typically have more assets at risk if they are hit with a large court settlement or judgment and, while compensatory damages may be standard across the board, some juries have seen fit to punish the rich especially hard for their negligence.
For many, the high school experience comes with social pressures and obligations to fit in and belong, and sadly this can lead to exclusion and isolation of some students. At some point everyone probably said something in their teen years in the heat of the moment that they now wish could be taken back, but today’s teens face the added burden that if they convey those statements on social media sites like Facebook and Twitter, their words could be around for a lot longer than just the heat of the moment.
The financial consequences of being sued can be very serious for high-net-worth individuals and families who have more assets at risk. We recommend liability umbrella coverage for typical families with assets over $300,000. Because high-net-worth individuals often face complicated liabilities and have a lot to lose, they should have an in-depth conversation with their agents about what limit would be best for their needs.
The short answer is yes, they could. You would think that wildfires on the coast would have a regional impact, but events like this can have repercussions on the entire insurance market, even here in the Midwest. To recoup income from damages in one part of the country, national insurance companies tend to increase insurance rates in other states. Ongoing losses from the wildfires in California are putting pressure on insurers, and it’s only a matter of time before that cost transfers to the insureds.
You’ve seen the headlines about record flooding and weather forecasts warning us to be prepared. As the snow melts and ground thaws, how serious is the risk, and what should you do to protect your property and family? Aside from insurance, there are other ways you can prevent your basement from suffering water damage. Take the following steps to prevent loss of property and valuables.
Risk management and human resources are traditionally two different job functions, and the people in these areas have rarely crossed paths — but that is changing.
Why are these people starting to work together more frequently?
Many technology exposures originate in an organization’s information technology (IT) department. In addition, client data and intellectual property may be at risk through computer viruses or malware that can penetrate the system — even without fraudulent intent on the part of employees — through poor or nonexistent IT security policies.
Businesses are also exposed to a growing number of online security threats and vulnerabilities from the outside. Establishing policies and safeguards to protect your company from internal misuse, external fraud and malware is absolutely essential.
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