Secure Your Reputational Insurance Coverage Now—Before You Need It

Once upon a time, I worked in the field of insurance regulation, so I know how important it is to get insurance coverage right.

Your business has insurance for fire, cyberattacks, worker injury, and a laundry list of other things. But are you insured in the event of a communications crisis that threatens your treasured reputation?

Who is the “insurance carrier” capable of taking care of you when someone in your company commits a communications faux pas? More important, who can you turn to for sage advice on how to prepare for the inevitable catastrophe? You don’t know when it will take place or exactly what form it will take. But admit it, you know it’s coming.

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Here are just a few examples of reputational dings that could be prevented, or at least minimized when you work with a communications consultant:

  • Ill-advised quotes from your spokespeople in the newspaper
  • Failure to achieve your public policy objectives
  • A tarnished reputation and stalled career for your CEO
  • Loss of your company’s once-stellar reputation in your industry
  • High employee turnover due to lack of professional development opportunities

You get the picture. And it’s not a pretty one for those who stubbornly refuse to solidify their reputation.

What’s the solution? Pay attention to your reputational risks before you need to. On a personal level, if your house is in a flood plain and you don’t take out flood insurance, it’s too late. When that once-in-a-hundred-year monsoon strikes, you’re wiped out. Your house, your cars, all your personal belongings—gone. Those who have the foresight to purchase flood insurance are in much better shape. Life won’t be easy, but it will be manageable.

So it goes with communicating to preserve your reputation. Line up your insurance coverage preemptively. That crisis, whatever it may be, will be easier to deal with when you do.

If you haven’t yet established a relationship with a proven communications consultant to advise you, now is the time. He not only advises how to act when crisis strikes, but how to gauge your risk and plan for it in advance.

By all means, keep that professional on your speed dial. But don’t leave it at that. Think of it this way. You check your insurance coverage at least once a year. So should you have regular appointments with your communications “insurance carrier.”

Now’s the time to make your move and ensure your reputation. You never know when that flood is going to strike.

 

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