It depends on how different and separate the setups are.
You may want to regress areas that are dependent on client configurations. After all, you don't want to Acme Amalgamated see branding for Great Group, or vice versa.
If they share common components, like a single database, you may want to regress more deeply to make sure that user permissions don't leak over, or other security issues.
If there's absolutely nothing in common, you may be able to get away with just checking that all the appropriate pieces of each system are talking to their own system and not something else.
Generally you don't need a full regression if you aren't changing code. You definitely want to make sure your configurations are correct and that the systems are truly separate.