Michael Layne, President
Marx Layne Public Relations & Digital Media
Business insurance provides essential protection to safeguard against potential risks and liabilities. Oftentimes, the frenzy of media and social media coverage as well as internal and external dialogue that transpires when an unexpected crisis hits your business – is not anticipated and planned for in advance. Professionally managing communications during and after a crisis requires significant expertise, coordination, and judgement to skillfully manage. The expert team at Marx Layne has years of experience and the speed and immediate availability working with clients impacted by a crisis, their attorneys, municipal leaders, pertinent influencers and other targeted audiences. Addressing news media, social media and numerous internal and external constituencies promptly and transparently is vital to protecting a company’s brand.
Crisis Communication insurance, also known as Reputation Insurance or PR Insurance, is a specialized type of insurance that can help cover the costs associated with managing and repairing your business’s reputation in the event of a crisis or public relations issue that may receive coverage in the news media as well as on social media. Not all insurance providers offer this specific coverage, which is especially valuable for business that are highly dependent on their reputation and public image.
It is advisable to double back with your insurance company to see if you have coverage for the costs associated with retaining a qualified public relations firm to manage the complex communications that occur during a high visibility crisis in print, broadcast and online media, as well as the flurry of communications that need to be professionally managed and monitored in a broad array of print, broadcast, online and social media channels.
Insurance coverage for crisis communications and reputation management can vary depending on the insurance policy and the specific circumstances. Some insurance policies include provisions for crisis management expenses, which may cover the costs associated with hiring PR firms in such situations. It’s important to review the terms and coverage of the insurance policy in question to determine if these expenses are included. Additionally, insurance companies may have specific guidelines or requirements regarding the selection and approval process for hiring external PR firms. It is advisable to contact the insurance company directly to clarify what is covered under the policy.
A parting thought: Developing a crisis communication plan is a vital tool for companies to have in place before any crisis hits the fan – especially in today’s second-by second digital landscape.
Michael Layne is President of Detroit-area based Marx Layne Public Relations & Digital Media, a full-service creative communications firm specializing in media relations, digital media marketing, public affairs and crisis communication and reputation management.