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A guide to protecting yourself as a private client

April 18, 2024

Private Client insurance is different to the products you’ll find on online comparison sites and in the direct insurance market. Due to the unique characteristics of the type and quantity of assets held by private clients, a more detailed appreciation to insuring them is required, therefore highlighting the importance of working with a specialist Private Client insurance broker.

As a private client, there are essential strategies and considerations to safeguard your high-value assets and estate. We understand that securing your wealth is paramount and our insurance specialists are here to provide you with the knowledge and tools necessary to navigate this process as efficiently and effectively as possible.

The importance of a Private Client insurance policy

With the right insurance coverage and risk management strategies, private clients can ensure their assets are passed down securely across generations, maintaining control over their financial future. Effective protection also optimises inheritance planning, tax efficiency, minimising burdens, and maximising wealth accumulation. This allows private clients to navigate uncertainties confidently, knowing their assets are secure for themselves and future generations.

What assets can be covered under a Private Client insurance policy?

Private Client insurance safeguards what is most valuable to you and your family for the future. Cover can include, but is not limited to:

  • High-value household
  • Listed buildings
  • Private offices and family offices
  • Antiques, jewellery, and watches
  • Fine art
  • Wine collections
  • Coins and gold bullion
  • Boats and pleasure craft
  • Holiday homes
  • Buildings undergoing works/renovation/alteration
  • Motor, including family fleet and high-performance or classic cars

Understanding what cover you require 

Reviewing your asset portfolio involves assessing not only tangible assets but also evaluating potential risks and vulnerabilities. Start by understanding the types of insurance coverage you have in place and whether they adequately protect your assets against unforeseen events. Consider factors such as Liability coverage, Property insurance, and specialised coverage for your high-value items.

By working with a specialist insurance broker, they will be able to review your existing insurance programme, identifying any gaps in coverage and recommend additional policies or endorsements to ensure you have the appropriate cover in place. It is also vital that you keep your insurance broker up to date should your assets and portfolios change to ensure the correct level of cover, should you need to make a claim. 

Risk management strategies that private clients can implement to enhance their protection

Your insurance broker will be able to advise you on risk management strategies that you can implement to protect your assets effectively. At Specialist Risk Private Clients, we work with a panel of trusted third-party partners who we can rely on to deliver quality advice, service, and products to our clients.

It’s very common, due to the size of properties and the assets and wealth our clients have accumulated, that insurers require security upgrades to both homes and vehicles and regular valuations of high value items. Clients during this time can feel vulnerable, inviting “strangers” into their home to advise them on security. This is where we can add real value to our clients by personally introducing them to a company that can assist them. All our trusted partners are also recognised and respected by our market-leading high-net-worth insurers. 

Risk management strategies for private clients can include:

  • Security – intruder alarms and fire alarms
  • Security lighting
  • CCTV and video surveillance
  • Smoke fogging systems
  • Bars, grilles, and shutters
  • Valuations for art, antiques, jewellery, and general contents
  • Property valuations
  • Flood protection 
  • Luxury safes
  • Panic and safe rooms
  • Vehicle trackers and immobilisers

Safeguarding against cyber-security threats

Cyber risks are particularly prevalent to private clients. As typically busy people, it can be easy to become a victim of scams such as phishing attacks which is where cyber-criminals deceive you into revealing sensitive information such as passwords or credit card numbers, often through misleading emails or messages. Their goal is to steal your money and/or personal information, enabling them to commit identity or financial fraud. Read our article for guidance on how to safeguard against cyber-security threats as a private client:
Learn more

Avoiding underinsurance as a private client

Underinsurance has always been an issue for private clients as it can be difficult to keep track of the level of cover you require due to regular high-end purchases and investments that are made. The issue is highlighted further due to the increase in claims costs in properties – building materials, supply chain issues etc. and therefore, good advice and risk management guidance from your insurance broker is more important than ever. Read our article for more information and tips on how to avoid underinsurance:
Learn more

Interested in finding out more? 

Read our full range of frequently asked questions about Private Client insurance:
Read FAQs 


Speak to one of our private clients specialists


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Our Private Clients team offer a concierge-led service that is tailored to your unique requirements. With expert knowledge and outstanding relationships in the insurance market, we can access specialist markets to craft a tailored solution that protects your valuable assets.

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Specialist Risk Private Clients is a trading name of Specialist Risk Insurance Solutions Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 473138). Registered Address: 6th Floor, One America Square, 17 Crosswall, London EC3N 2LB. Registered in England and Wales. (Company No. 06368755). Specialist Risk Insurance Solutions Limited is part of the Specialist Risk Group.

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