Insurance Won’t Save Your Business Reputation!
Insurance Won’t Save Your Business Reputation : How Vulnerable Are You Really?
Situations happen every day. It’s only a crisis if it happens to you, right? As business people, we spend an inordinate amount of time ensuring our businesses are on track, picking up new business, adding value to current clients and outsmarting our competitors.
But in an instant, that can all be taken away –
…and insurance won’t help you; an occupational health and safety plan won’t save you; lawyers certainly won’t avert a catastrophe.
Because what’s at stake is at the very core of your existence – your image and reputation. I discussed this in detail on my post ‘Planning for the Unspeakable‘ and here you’ll find additional information on what may constitute a crisis in your business.
Nothing can save the reputation of you and your business if a crisis is left un-handled. And insurance won’t save your business reputation. You need a crisis communication plan ready to swing in to action; and I mean FAST!
A crisis can take many forms many of which have never been considered by business owners and managers; until now. Consider the following and whether your business could potentially fall prey to one or more of these crises.
- Theft
- Flood
- Fire
- Clerical Error
- Human Error
- Sexual Harassment
- Workers fighting on-site
- Branded vehicle involved in an accident
- Embezzlement
- Death of a Director
- Chemical Spill
- Machinery Accident
- Transport Accident
- Explosion
- Equipment Failure
- Computer Glitch
- Security Breach
- Stock Price Plummet
- Insider Trading
- Product Recall
- Loss of Client Data
- Oil Spill
- Hostile Takeover
- Sabotage
- Downsizing causing job losses
- Accident
- Rape on Premises
- Grievance
- Discrimination
- Electrical Fault
- Accusation of Client Poaching
- False Advertising
- Major Power Outage
- Scandal
- Union Action
- Closing of Facility
- Walk-out by Senior Managers
- Unfair Dismissal Suit
- Celebrity Spokesperson Caught in a Scandal
- Environmental Disaster
- Food Poisoning
Remember, in media parlance IF IT BLEEDS, IT LEADS. Whilst you may consider your risk management strategy to be sufficient, if the media gets wind of a crisis they will descend like vultures on a carcass – this is what your business might end up as without prudent handling and professional expertise.
For more information on Crisis Communication Planning please see ‘Planning for the Unspeakable’ on this website.
There’s also a real life case study on two businesses with similar crises. Read what happens when two businesses handle their crisis communication very differently. You’ll be shocked. And remember, these are REAL LIFE CASE STUDIES with only the names changed.
Insanely Clever Marketing can develop a Crisis Communication Plan for your business. We also run in-house seminars to teach staff how to handle a crisis, developing a crisis team, talking to the media and what to say to whom and when. Please contact Penelope on 0421 043 505 for more information.
Insanely Clever Marketing 
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2 Responses to “Insurance Won’t Save Your Business Reputation!”Trackbacks
Check out what others are saying...[…] Insurance won’t help either. Insurance is like putting a band-aid on a gaping wound. It needs to be repaired. You need to make adjustments to policy so that your business is safe once more. Start by organising training for your employees. Health and safety training courses will help ensure that your employees are safe in the work environment. Don’t forget, a lot of accidents in the office are caused due to human error. The accident may not be your fault. Instead, your employee may be partly to blame, or completely. Training your employees will allow you to avoid accidents caused by their wrongdoing. […]
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[…] it depends on the type of business you have and the opportunities for things to go wrong. View ‘Insurance Won’t Save Your Business Reputation’ for a lost of possible crises. You’ll be very surprised just how vulnerable you may […]
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