It can be challenging identifying and preventing the incidences that might harm your firm’s reputation.
The explosive expansion of Web-based communications and social media has aggravated the risks of reputational damage, while dramatically reducing response time to counter these threats.
According to Reputation Review 2012, a report from Oxford Metrica sponsored by Aon P.L.C., a public company runs an 80% chance of suffering a reputational risk that can cost at least 20% of its equity value in any month over a five-year period. Privately held companies face similar risks.
These exposures can come from a wide variety of sources, from product safety and unhappy customers to regulatory pressures and behavior by managers. Examples include recent massive breaches of consumer data held by major financial institutions, and the effect on companies that faced supply chain disruptions or radiation fears after the Japanese earthquake and tsunami of 2011 — not to mention the impact of that year’s outbreak of listeria in cantaloupes. Although this infection came from a single farm, other producers (and even companies selling different types of melons) suffered a loss of reputation.
With reputational risks coming in various and sometimes unpredictable forms, experts recommend that you help protect yourself by:
- Creating an “early warning system” to monitor print, electronic, and social media for negative references to the company.
- Evaluating whether a negative comment should have a response (not every tweet or Facebook post matters).
- Getting frontline employees involved in responding to reputational threats, rather than having top management and PR staff deal with them.
Our agency’s experts stand ready at any time to help you discuss your risk, review potential scenarios, and then build and test a plan for dealing with events that threaten your reputation.
Having an effective plan to deal with these threats can actually improve your company’s reputation.
It used to be said “a chicken in every pot,” however a more accurate modern equivalent may be “a laptop in every home.” You can find these devices have spread into every corner of our lives, personal information stored in them has increased exponentially. Credit cards, bank accounts, financial records, legal documents, work projects, home businesses, and our kids’ pictures reside as digital data in smartphones and tablets. As the amount of such stored data has exploded, has our ability to protect ourselves from the fallout from the damage or destruction of this data kept pace?
As professional insurance agents, we recognize our responsibility to protect clients from losses. After all, the best claim is the one that never happens. When the possible loss involves electronic data, insurance might be among the least effective solutions. Talk with one of our personal risk staff about protecting your digital valuables through other alternatives, such as anti-virus software, firewalls for your home network, and updated backup procedures. For example, did you know that the DVD disks offer a high capacity backup for storing copies of your most valuable data?
Don’t risk deleting by delaying — call our Total Protection Team today!
After receiving valuable jewelry, it’s important to contact your insurance agent immediately. It’s important to keep in mind that most Homeowners policies place limitations on coverage for personal valuable items. This means that owners of these valuable items might not receive the full value if any of the items are stolen or lost. As a general rule, most Homeowners policies provide coverage for possessions up to 50% of the total coverage amount chosen. This means that a person who has a $600,000 policy would enjoy coverage as much as $300,000.
However, most policies place limitations on certain types of personal belongings. For example, a policy provider may offer to cover $1,500 or more for all jewelry if theft occurs or the jewelry is damaged. There are several other categories of personal belongings that have limited reimbursement terms. Firearms, stamps, furs, coins and silverware are examples of such items. Homeowners should be sure to read the section of their Homeowners policies regarding contents and additional coverage. It’s important to remember that accidental loss is not usually covered. This means that a woman who loses her engagement ring will not receive payment from the Homeowners insurance company.
Homeowners who want to raise their coverage limit to ensure protection for loss and theft cases should contact an agent immediately. It’s best to ask the agent to schedule the particular jewelry item or add a special rider to an existing policy. In some cases, a written appraisal may be required, so it’s best to ask an agent if this will be necessary. Usually a detailed receipt is sufficient proof for the value of the item. After a value schedule is assigned to the item, the owner has full protection for the total amount if the item is lost, destroyed or stolen. This makes the claims experience simpler since there isn’t a need for an investigation about the item’s value. In addition to this, there is no deductible assigned to the items.
Since additional coverage is so affordable, it’s best for all homeowners who have valuable jewelry or other special items to speak with their agent. Agents are able to make an assessment of what should be insured and provide valuable advice. As a general rule, Homeowners policies don’t assign specific limits on electronic devices aside from the overall limit for possessions. It’s best for homeowners to insure their valuable items in such a way as to ensure that replacement-value coverage is in place. To learn more about the various types of riders and affordable coverage options, contact the Insurance Doc Today!
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