What is Private Client Insurance and How Do I Know if I Need It?

Nov 14, 2021 | From The CEO

Who is a Private Client?

Banks regard high-net-worth individuals as private clients. They are rich, wealthy individuals who have a significant financial portfolio. After, they often receive personalized services and products and are also have an exclusive first look at any new investment product. 

Other industries like retail, food, and beauty services are loosely using the word private client to target wealthy individuals giving them personalized and exclusive services as well. With this new development in marketing, there is one industry that has been serving high-net-worth individuals too – the insurance industry. 

Private Client Insurance

To insure a high-end home, you have High-Value Home Insurance. To insure an expensive car, you have High-Performance Car Insurance. Afterward, there are also insurances for antiques, paintings, and jewelry that you can purchase to protect your possessions. But, if you want an all-in-one type of insurance to cover all your assets, you can purchase Private Client Insurance. 

Moreover, private client insurance is specifically for individuals who have substantial assets. It offers more comprehensive coverage with high liability limits that exceed the maximum coverage limit of standard insurance. They have to give private clients and their families the utmost protection of all their wealth and assets. 

What Does Private Client Insurance Cover?

This type of insurance covers all the assets and possessions you have. This is to make things easier for you. Then, the coverage will include but not limited to the following:

  • Homeowners
  • Automobiles
  • Jewelry, Paintings, and other Valuables
  • Identity Theft
  • Watercraft
  • Private Aircrafts
  • Travel Protection
  • Earthquake and Flood
  • Personal Umbrella
  • Domestic Staff Workers’ compensation
  • Private Medical Insurance
  • Multi Homes Protection

Benefits of Private Client Insurance

Being a private client has its many perks. You are a very special, high-value client who deserves immediate, specialized service from your insurer. Here are some of the benefits that you can get if you are a private client:

Personal and Customized Service

You will have the benefit of having a dedicated agent to assess your needs and guide you through deciding the best coverage for you and your family. Your personal agent will customize your policy to make sure that all your assets are part of the coverage in the best way possible. 

Fast Service and Convenience

High-worth individuals are busy people. They are in different meetings and activities to further their net worth. Insurance companies understand this and by assigning dedicated agents, you have the assurance that you can contact them any day at any time you need them. You don’t need a face-to-face meeting every time you need them. Just one call and you will know that your agent is working for you. 

Perks and Freebies

Special perks and freebies are given to high-value clients. It can be in any form like free travel, limited event tickets, or luxury things. They will almost always find the best gift to give you for being a private client. 

High Coverage Limits

If a standard insurance policy has a $100,000 limit on claims, private client insurance can go as high as $10,000,000 or more depending on the assets insured. And since all assets are insured together, they work seamlessly together. If for example you get into a car accident and you max out your auto insurance policy, your personal liability or umbrella policy will kick in automatically since all coverages are handled by one insurer. This will give you that peace of mind that everything is well protected. 

Additional Coverages

There are certain things that only high-net-worth individuals and their families can own because of the cost. These things are of the coverage only with private client insurance. Basic insurance cannot and will not be able to include expensive items because of its limitations. You can insure almost any high ticket items that you have in your home. 

Better Prices

Because you are putting all your insurance needs with one insurance company, you can get better prices from your insurer. Bundling them will get you discounts and better deals. You have the assurance that you will receive the best price since you are paying top dollar.

Superior Claims Services

Making an insurance claim will be a breeze. You may not even need to lift a finger if you need to file a claim. Your dedicated agent will be the one who will make sure that everything is in order and claim processing will be done the quickest way possible.

Do you Need Private Client Insurance?

If you are a high-net-worth individual, you would need this type of insurance. But first, let us define what a high-net-worth individual is. There are three types:

  1. High-Net-Worth Individual – an individual or household with liquid assets valued at $1,000,000 to $5,000,000. 
  2. Very- High-Net-Worth Individual – an individual or household with liquid assets valued at $5,000,000 to $30,000,000.
  3. Ultra- High-Net-Worth Individual – an individual or household with liquid assets valued at $3,000,000 or more.

These are just liquid assets meaning they are cash on hand or assets that are easily sold without diminishment of value.  Personal assets and properties are not yet included in this definition. 

If you or your household has these kinds of liquid assets plus properties and high-value possessions, then, you are definitely qualified to have private client insurance. 

Key Things to Look or When Choosing an Agent

Trusting your assets to an insurer is a big decision. You need someone who will be able to protect you and your family’s wealth and fortune. Here are some of the key things to look for in your specialized insurance broker:


Check the agent’s reputation. A good referral from your other high-net-worth friends can be a good start. Your insurer must have a good reputation in personalized service, fast claims, and overall standing in the insurance industry. 


Your agent must have the expertise in handling private client insurance. Somebody who knows the ins and outs of insuring expensive things and luxury items is preferred. Your insurer must be knowledgeable in the business you are in to be able to understand and adapt to your needs.  High-net-worth individuals are busy furthering their financial portfolio and your agent must be able to keep up with your growing needs as well. 


Get an agent who has wide experience in handling private clients. Someone who knows which coverage is needed to truly protect all your assets. Someone who has experience in handling claims and will always be at your side when resolving a claim. 


Another thing to look out for is someone who is educated and has a designation in the insurance industry. If you are looking for a medical doctor, that M.D. at the end of their name is important. It is the same with insurance agents. Those CIC, CRM, AAI, and the likes at the end of their name are important as well. 

Other things to consider:


Getting a referral from well-meaning friends is always a good idea. You can ask around and compare the agents. Their experience with their insurance agents will make them a good source of referrals. Choose the top three. 

Face to Face Meeting

Meet your top three face to face. Remember that you are entrusting your personal wealth to this person and meeting them will give you a basic idea of how they will work to protect you and your family.  Be on the lookout for product knowledge and technical know-how. These are the important things that you need from your insurance agent. 

Agent’s Personality

Aside from the agent’s expertise, look out for the agent’s personality. It is better to work with someone that has the expertise and someone you like as well. Firstly, you need someone who will be able to hold on to his own despite the many challenges in the insurance industry. You want someone whose energy level is high and who is always eager and happy to help. Someone who is a go-getter and will make sure that you get the best protection. 

Financial Strength of Insurer

Assess the financial capacity of your insurer. You don’t want a company that will not be able to pay your claims because they are not financially capable. 

Customer Service

The best agent is always the one whose client needs come first. Someone you can call any time of the day if you have questions and someone who will prioritize you, your assets, and your wealth. 

To protect you and your family’s assets, you need a good insurance company and an independent insurance agent who can source the best coverage for your utmost protection. The best one is right here at Advantage Insurance Solutions. You are assured of dedicated, knowledgeable, and expert agents who will make you a top priority.  Our agents are well equipped in handling private client insurance and any other insurance needs you may have.  Contact us now!