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It was that great man of finance, Warren Buffet, who said: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” While it’s a sentiment we can all agree with, in the real world, sometimes things happen that can do real damage to the reputation of a business or brand.
You only have to think of how BP handled the Gulf of Mexico oil disaster to see how quickly a brand can suffer. And it’s not just the big name companies either. Imagine if issues in your supply chain caused your company to be attacked in the media. Or if an employee or someone endorsing your product goes “off message” and breaks a clause in their contract. Or your IT networks and customer data are compromised. These things can really tarnish your brand and have the potential to ruin your company’s hard-fought reputation.
With technology and social media driving conversations across the media and across the globe, you need to be prepared to handle a crisis when it happens – ideally before it has the chance to harm your company’s reputation. The good news is that Reputational Harm Insurance coverage from Axis Insurance Managers will give you the tools to fight back – and save your one of your most valuable assets: your brand.
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