What might an asset protection strategy prioritize?

An asset protection strategy primarily focuses on safeguarding an individual’s or a business’s valuable assets from potential risks or losses. This could involve legal mechanisms, such as trusts or LLCs, as well as insurance coverage designed to shield the assets from various types of liabilities.

By prioritizing the mitigation of further damage to a property, an asset protection strategy ensures that there is a proactive approach to addressing threats that could lead to loss. This can mean implementing measures to strengthen the property against risks like natural disasters, theft, or vandalism. When damage occurs, an effective strategy will also include prompt response plans and acquiring the necessary coverage to repair or recover the asset.

While maximizing profits, reducing the number of insurance claims filed, and increasing market share are important business goals, they don't directly align with the primary aim of protecting assets from risks. Hence, focusing on mitigating further damage aligns most closely with the core objectives of an asset protection strategy.