The risk of physical damage is very tangible, and something that businesses can insure against in the majority of cases – but while correcting the fault could be lengthy and costly, damage to reputation can be much harder to repair.
Writing in the Legal Update for Post, BLM partner Helen Grimberg has explained the potential effects that reputation damage can have.
“Many insurance policies offering help in crisis situations will go some way to protecting against reputational damage in the form of rebuilding systems that may have failed, the appointment of solicitors and coordinators and help with crisis communications.
“But for the elements that can’t be insured against, insurers can still play a valuable role in advising companies on best practice and ensuring they know how to minimise reputational damage once an incident occurs.”
You can read Helen’s article in full on the Post website.