Companies could insure themselves against sponsor scandals 18/12/2009 |
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Insurers are planning to launch a new product that protects companies against damage to their reputations from brand ambassadors such as Tiger Woods.
The Financial Times reports that US insurance broker DeWitt Stern will introduce a ‘reputational risk’ policy for companies early next year.
The product would limit the financial fall-out when brands or high-profile sponsors such as Woods suffer reputational damage.
DeWitt Stern has been working on the policy for six months, long before the scandal broke about Woods’ private life. It would attempt to limit the losses from any reputational damage with a crisis communications strategy.
Amy Lashinsky, managing director of Alaco, a business intelligence consultancy, told the paper that many “responsible” companies already use due diligence to manage reputational risks.
Robbie Vorhaus, a crisis communications executive working with DeWitt Stern, added: “Crises are not cheap. A reputational event could cost you billions of dollars.”
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