Risk Management

Managing Brand Reputation Risks

We are finding Reputational risks are at the top of concerns for many Corporate businesses. This is filtering down into Small to Medium Business as we recognise the importance of our Brand image..

In a survey by the insurance group ACE, 81% of companies consider reputation to be their most significant asset. That same survey also found 92% of companies believe it is also the most difficult areas of risk to manage. Also 68% said information and advice on how to manage it is hard to come by.

CPR Insurance Services can advise you about these risks and how to manage them.

There are many reasons it has become an important risk to manage. For a start social media and the 24 hour news cycle have raised awareness and the significance of it. It was a much simpler risk to manage before the instant news cycle came along. A Public Relations consultant with crisis management skills used to have more time to handle it. Now the damage can be instant.

Your reputation can be affected by the impact of other risks. A Products Liability claim, or a Medical Malpractice claim. Even Unfair dismissal or bullying or sexual harassment claims can get negative publicity.

It is essential to understand how external stakeholders view your company. To manage reputational risk, organisations need to monitor and measure their reputation on an on-going basis in all channels and in different markets. However, it is the expectations of these stakeholders about your company which is vital in managing your reputation.

 So if you have done something to a client that has annoyed them. If you also have not identified that problem and fixed it. Then they are probably telling other clients in many different ways. It might never make a headline but you are probably going to lose business as a result, because your reputation is being damaged.

For advice on this, talk to us. We are experts who will save you

Latest News

High Court dismisses Business Interruption Test Case

Today the High Court dismissed appeal by Insurers on the Business Interruption test case. Even the big insurers make silly mistakes! But you the policy holder may benefit if you were one of the 40% of Business Pack policy holders that added Business Interruption cover to their Business Pack. While it was never the intent of insurers to cover policyholders for the loss of income from a pandemic, the fact that insurers never factored in a risk premium for it, and the fact there is supposed to be a material or physical loss to trigger the Business Interruption section, none of that matters according to the highest Court in the land. So what was the mistake? Simply that when insurers defined what they considered to be the definition of an infectious disease, they referred to the Quarantine Act of 1908 which since was superseded by the Biodiversity Act of 2015. Because the Quarantine Act of 1908 no longer exists, apparently you cannot draw on this for a definition of an infectious disease? Not one of the insurers picked up on this! Shows how much interest we take on the business of Governments, except what is reported in the media.

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Three Years running - Insurance Brokerage of the Year 1 to 5 staff

Mandy and Robert Cooper were extremely honoured and astounded to once again win, Insurance Brokerage of the Year for 2020 from Insurance Business Australia magazine. This is the third year running.

While this year has not been the easiest of years for the business with Covid 19, the Recession, the hard market and issues at Lloyds of London, we are literally all in this together as an Insurance Industry.

CPR Insurance Services continues to make our clients the number one focus of our business while managing our relationships with Insurers, who we need more than ever in this market climate.

CPR Insurance Services are a highly ethical Brokerage with a reputation as a trusted advisor who always acts in the Client's best interests. Their experience, knowledge and expertise is amongst the highest in the industry.

CPR Insurance Services is now ten years old as a business and is proud of being an Authorised Representative of Ausure and their partnership with Steadfast, giving CPR the strength and backing to match it with any Broking firm in the Insurance Industry, but remain focussed on supporting the Small to Medium business segment.

Memberships of the National Insurance Brokers Association, Australia and New Zealand Institute of Insurance and Finance, Australian Insurance Law Association, Australian Professional Indemnity Group and the Australian Institute of Company Directors, ensures CPR Insurance Services maintains the high standard of knowledge and expertise required to be one of the best Brokerages in Australia.

CPR Insurance Services also plays a strong role in their local community supporting other Sporting Clubs and Community organisations. They also support and promote local businesses with their operation of the Kedron Brook Business Group who meet regularly and has 174 members.

We are truly honoured to receive this National award once again for the third year as a recognition of CPR Insurance Services contribution.

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