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AIG Branches Out into Reputation Protection

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  • Description

    Are insurance companies exploiting businesses' vulnerability?

  • Duration 2:23
  • Date

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-- companies in need of a serious PR make over can now turn to an insurance giant AIG.

-- is a subsidiary group that AIG will sell reputation insurance David Lee Miller has much more on this -- family.

-- -- you can buy health insurance life insurance car insurance and now so called.

Reputation insurance -- this product offered by as you mentioned -- is being sold to businesses that want to protect their reputation in the event of negative publicity.

That can damage a brand name.

So called reputation guard will pay for advice from two PR firm specializing in crisis communication.

-- to be provided in the event of a scandal environmental disaster or injury resulting from the use of a product.

A PR expert with one of the companies that are partnering with the insurance company is a business his reputation can seriously -- in the time it takes to hit the send button on a computer.

Crises move at the speed of Twitter.

At a company has to be prepared to engage in those same social digital platforms.

To be able to protect its reputation.

That is one of the biggest challenges of companies today it's very difficult.

Two.

Create the types of processes.

And resource -- within a company to be Agile enough.

To really communicate through those not through those channels quickly.

While large corporations have historically employed damage control experts to prevent the spread of negative.

Publicity and might -- stern school of business professor -- frankly says the availability of reputation insurance.

Could appeal to small and medium size companies that don't have deep pockets when disaster strikes.

A family run business that's expanding the -- got revenue -- movement perhaps a million or put an above.

I think -- such -- companies need to be aware that.

The scene has changed social media.

Brings a lot of unexpected players into your realm and when people start talking about you and your business.

Others may be listening and they need to respond.

-- the company selling corporate reputation insurance told the Wall Street Journal that small companies with a crisis communication plan in place could have premiums that are about 101000 dollars a year.

But the advice not every crisis is going to be covered there are exclusions such as -- crisis caused by a change in a financial rating.

-- labor unrest subpoena by this picture you read the fine print moment.

Very good advice and they -- -- -- thank you very much.

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