Crisis Management Cover

Crisis Management Coverage – What is it?

This is Insurance coverage designed to help a business limit the negative impact of events on the business’ reputation.  Crisis management coverage has previously been arranged for larger organizations, however small and medium-sized businesses should consider this too if their profitability is closely linked to maintaining a good reputation.

A company’s reputation is one of their most valuable of assets.  It is difficult to value and often difficult to protect. It can take many years to establish the good reputation of a brand, but it can be destroyed in an instant.  

Thanks to technology, news spreads quickly. Stories can go “viral” thanks the Internet via email, social media, and other websites. This combined with the 24 hour news cycle provided by Television networks and Radio makes it very hard to prevent a bad news story about an organisation causing damage to your reputation.

This cover has mainly been overlooked because the majority of businesses do not face threats to their reputation often. As negative publicity for them is rare, they are often unprepared for this if it occurs. For example, a notice of a health code violation or a food poisoning outbreak can easily spiral out of control. As a result it can severely impact the ability of the business to stay open.

Many Insurance policies offering crisis management coverage may narrowly define the types of events that are covered. Types of events that may be covered include workplace violence, assault, firearm use, food contamination, and workplace accidents. Events may also include credit card breaches or the hacking of a company’s computer network by an outside party. The coverage may be triggered as soon as news of the event is reported by the media, whether in regional forums or national forums. Coverage is usually set for a limited period of time, such as 60 days, after a crisis event occurs.

Policy coverage can include the following:

  • Emergency and crisis preparation
  • Paying for communications professionals to assist the policyholder in identifying and executing a strategy to limit further impact of the event in the media. For example, the business may need to employ a public relations professional.
  • Loss of business income funds for a set period of time.
  • Post-event issues, such as funeral arrangements or counselling for individuals who witnessed or were involved in the event.

The financial and management implications of incidents and subsequent litigation means expert preventative and incident management advice is essential.  It is so important that those responsible in managing a company can demonstrate that they are well-equipped to deal with unexpected crises or emergencies.

A Crisis management solution should make sure there is operational preparedness, minimising business interruption, deal with any image damaging consequences as a result of crisis related loss, and subsequently strengthen your market position.

Some insurers can provide pre and post incident risk management offerings to help our clients reduce exposure to threats and minimise the impact of any incidents on their business operations.

Who can help?

Contact a specialist insurance broker such as Cooper Professional Risks Pty Ltd.

Call CPR Insurance Services.- Experts who will save you.

Latest News

Robert Cooper - Elite Broker again

We are pleased to announce that once again Insurance Business Magazine has recognised Robert Cooper amongst the top Elite Insurance Brokers in Australia. See here

It is the fourth time in six years Robert has received this honour.

It is a great recognition for CPR Insurance Services who strive to provide the best possible standard of customer care and service to assist obtaining the best possible cover at the best possible price to meet the needs of for our clients.

Such awards are not possible without the outstanding support provided in the office by Julia, Aidan and Mandy, along with the fantastic support our clients continue to show to us. Thank you to all.

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CPR Insurance nominated for Brokerage of the Year

We are please to announce that CPR Insurance Services has been nominated as a finalist in the Brokerage of the Year (1 to 5 Brokers) for the inaugural Insurance Business Awards. 

A Black Tie Gala Dinner in Sydney on the 4th May 2018 will announce the winner, so fingers crossed.

CPR Insurance Services has been in existence for more than 7 years now and continue to grow and develop. It is thanks to our wonderful clients who appreciate us being part of their own businesses as their Risk and Insurance Advisers.

We continue to follow the simple philosophy of providing Expertise, best possible service and being there for our clients when they need us, such as at Claim time. We are here to save you.

Find out who made the cut here!

The Insurance Business Awards will bring together industry leaders to celebrate excellence in the insurance profession, recognising leading brokers, brokerage businesses, insurers and underwriting agencies in Australia for their contribution to the industry over the past 12 months.

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