Chartis insurance company has announced that it has added ReputationGuard, a reputation insurance product, to its available policies, and that it will help to protect policyholders with the aftermath of threats to their reputation.
This policy was developed by the Executive Liability division at Chartis. It provides policyholders with access to crisis communications and reputation professionals and gives them coverage for any costs that are incurred as a result of the impact or possible effect of negative publicity. What they came up with was an innovative new form of coverage that protects against unwanted publicity that would risk the image of a company or brand.
A survey recently performed with the participation of board members from both public and private firms has indicated that among 69 percent of the respondents, their top concern is the risk to their reputation. An additional survey indicated that 79 percent of decision makers in companies believe that they are only a year away from possible crisis.
Policyholders with ReputationGuard are provided with access to an elite group of award winning and internationally recognized communications firms: Porter Novelli and Burson-Marsteller. They work to offer policyholders with careful guidance regarding strategy and support for implementation of vital communications issues on local, national, and worldwide scales.
Reputation and brand image threats are becoming more widespread and common than they have ever been in the past, and they can take a notable chunk out of a company’s earnings. Occurrences such as product safety concerns, scandals among executives, litigation, data breaches, and other forms of unwanted publicity can be rapidly picked up by the media, and immediately impact a brand or reputation.
ReputationGuard helps to prepare a company for such an event so that it can minimize the impact and cover the associated costs.