Manage Your Private Risk to Match Your Lifestyle

Manage Your Private Risk to Match Your Lifestyle

As inflation continues to rise, wallets tighten to combat the deflation of precious funds and assets. However, insurance is an expense that shouldn’t be considered expendable, but rather a necessity to preserving your assets. Insurance price tags vary—but focusing on price alone is not always the right approach.

By quantifying risk through the use of data, analytics, and technology, individuals can identify their largest areas of risk and the appropriate lines of coverage and limits they should purchase. Partnering with the right broker allows you to administer actionable and measurable solutions that protect your income and personal wealth while simultaneously making informed investment decisions your insurance program.

Lifestyle & Controlling Loss

Developing a strategy to control your losses that works for you starts with a comprehensive lifestyle analysis. Your broker needs to understand the entirety of you as an individual. This holistic approach involves learning about what is most important to you. It best to review with your advisor all homes you own, artwork, jewelry, watercraft, and other recreational vehicles you own. You’ll also need to inform your broker if your goal is to insure just yourself, multiple households, or any LLCs. These are all factors of your life that make you who you are and paint a picture of the type of coverages you need.

Develop a Strategy that’s Best for Your Risk

A qualified Private Risk Advisor will help you develop actionable, measurable steps to diminish your exposure to risk in a variety of ways.

  1. Digital and proprietary tools, such as BRP’s RiskMap help identify, analyze, and quantify your risks. This process compares the likelihood of occurrence with the degree of financial impact from exposure scenarios specific to your unique profile. Once you have this information, you and your broker are better equipped to create strategies that are right for your specific needs.
  2. Risk quantification helps prevent coverage gaps and overlaps by identifying potential risk exposures for you and your assets, then evaluates the financial impact of those certain risk scenarios. An experienced broker will be able to present these risk exposures to you in an accessible and straightforward manner. Once you know the potential cause and effect of each risk, you and your broker are able to break down what requires coverage and what is already covered in preexisting policies.

Once you and your Private Risk Advisor have developed a strategy that meets your needs, implement the plan, and review it with your financial advisors, attorneys, and other third-parties to ensure that you are all aligned with your goals. It’s important to note that this plan may change with certain life changes.

Why Data Matters

Data helps give you and your Private Risk Advisor leverage during negotiations and helps paint a favorable picture of your risk for carriers by showing that you are being proactive in your risk management approach. This is often a successful strategy because you are less likely to see fallout from an event if you are proactively defending against it. It also indicates to carriers that they are less likely to have to pay for a claim, which may result in better rates and more favorable coverage teams.

How We Can Help

We provide a partnership that delivers tangible results. As your lifestyle changes, we serve as both your advocate and guide to help you navigate coverage that evolves with your needs. Our Private Client team pairs years of experience, attunement to marketplace trends, and industry-leading market connections to offer optimal loss control solutions for whatever you hold most dear.

Connect with our Private Client team to start your journey toward optimal risk management solutions.


This material has been prepared for informational purposes only. BRP Group, Inc. and its affiliates, do not provide tax, legal or accounting advice. Please consult with your own tax, legal or accounting professionals before engaging in any transaction.

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This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. Baldwin Risk Partners, LLC (“BRP”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. BRP does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, BRP does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.

Baldwin Risk Partners, LLC offers insurance services through one or more of its insurance licensed entities. Each of the entities may be known by one or more of the logos displayed; all insurance commerce is only conducted through BRP insurance licensed entities. This material is not an offer to sell insurance.

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