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

CPR joins Ausure

We would like to announce to all our Clients, Prospective Clients, Suppliers and Insurers, that Cooper Professional Risks Pty Ltd trading as CPR Insurance Services, will be leaving National Adviser Systems Pty Ltd (NAS) and joining Ausure Pty Ltd as a Corporate Authorised Representative from 9 March 2018.

Fundamentally, there is no difference to you except our Invoices will look a little different, and the Banking details will be in a different name and account number. Everything else at CPR stays the same.

There are a number of reasons we have made this decision, but the primary reason is for what we believe is best for our clients.

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Special offer to CPR Insurance clients

Employsure are providing a FREE Business Health Check to all our clients and gives you the opportunity to receive an analysis of the health and safety requirements in your workplace. Also. Employsure  will review your employment agreements as well as your wage rates helping you to avoid workplace claims.

Ordinarily this would cost you at least $1,250 but because you are a CPR Insurance client, it is free!

It involves the following review for you.

SAFECHECK

A specialist Work Health and Safety Consultant will visit your workplace and carry out:

A review of your business’ current work health and safety policies, procedures and systems to identify areas of concern or non-compliance

Following the review, you will receive a report summarising the findings and the health and safety

Status of your workplace

WAGE CHECK

A Wages Adviser will review your rates of pay and produce a Wage Check report.

The review will be conducted against the industrial instrument applicable

A report will be supplied advising if the wages are compliant and what steps to take to achieve compliance

CONTRACT REVIEW

A Document Consultant will review an employment agreement and provide recommendations.

The review will highlight compliance issues with the Fair Work Act 2009 as well as best practice

The report will make recommendations to achieve compliance and provide protection to your business.

This will remove any areas of potential dispute and risk

So what do you have to lose? Contact us on 07 3123 1137 and arrange 

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