JLT Specialty and Allianz Global Corporate & Specialty have created a corporate reputation product for SMEs in the entertainment, hospitality, food, beverage, travel, communication and technology, education and healthcare sectors.

An industry first, Reputation Protect Plus provides coverage against the loss of net operating profit from a reputational crisis, combined with a crisis response service to companies that rely heavily on consumer trust and are particularly vulnerable to reputational damage. Insureds are also provided with comprehensive reputation analysis, overseen by MediaTenor International, to identify the potential risks to their business in order to develop response and prevention strategies.

Partner at JLT Specialty, Edel Ryan says that in a crisis, hard won reputation can quickly be lost. "Reputation is a matter of trust – and if that trust is undermined, then customers will vote with their feet, tweets and wallets very quickly. While the best-known scandals inevitably involve high-street brands, all businesses are equally at risk," she says. ‘While the financial loss cover under the JLT exclusive policy wording with Allianz is a game changer, we also set out to deliver a proactive risk management strategy for the board to deal effectively with a reputational crisis."

The product is highly relevant in the social media age, according to regional head of product development in Allianz's Financial Lines division, Susan Crabtree. "In the era of social media and fake news, perception is reality and reputations can be shredded in hours with an immediate knock-on effect on a company’s bottom line. A crisis can also lead to aggressive competitors seeking to capitalise on your troubles – a dangerous mix that can erode short- and long-term income."

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