Many of your clients are exposed as financial planners, CFPs, CPAs, benefits brokers, home office team members, personal assistants, PAs, and P&C insurance advisors. There’s a huge Financial Risk associated with Domestic Employees—UWIB can help shift it. Read on to gain quick insight.

If you, or the Boss, employ a nanny or maid, a driver, executive assistant, PA, chef, mechanic, Captain, crew, groundskeeper, bodyguard, or security team, it’s crucial to understand how to protect yourself from the potential financial risks. They can be immense. Imagine your nanny drives your kids to school and gets into a bad accident. Set aside the kids for a moment; I’m sure you have them covered. But your nanny? They would likely need to file a workers’ compensation claim against you to cover their medical bills and lost income. The law might require this, depending on your State.

Under workers’ compensation laws, employers are liable for their employees’ injuries, regardless of fault. For example, in Washington, D.C., you must cover 100% of your employee’s medical expenses and lost income for life! Most other States have different but similar limitless liability. We can quickly shift these risks to an insurance company, but only if the right coverage is in place before the incident happens.

We can help by checking your state’s laws to ensure you’re in compliance and help to arrange any coverage needed to shift the risk off your shoulders and onto an insurance carrier’s.

If your liquid assets exceed three million ($3 million), consider a full Private Client coverage review by UWIB Risk. The outcome could be valuable to you, and we cover all the costs.

Arrange for your cost-free Private Client Review today.