Today's guest post comes from Reputation.ca, a Canadian reputation management company that helps clients improve their online reputations.
At some point, through no fault of their own, businesses, executives and professionals in all industries will be affected by bad press, negative reviews or employees stories and defamatory posts. Once the information is out there on the internet, it can be difficult to take back.
So - exactly how do you reverse a bad online reputation?
Fortunately, this is where an online reputation management (ORM) firm can help. ORMs specialize in strategies that improve the way your company is portrayed when people research you online, in search engines and social media.
Through reputation crisis management, suppressing negative posts on news sites, consumer complaint sites and other damaging sources, online reputation strategists can help you get rid of or reduce the visibility of negative posts and reviews that are hurting your business.
There’s also another option. Online reputation insurance.
Reputation insurance policies cover loss in sales resulting from a brand-damaging event. Typically, this form of insurance comes bundled along with other major risk policies, but can also be offered in a standalone form. Reputation insurance can also be offered as general liability insurance, crisis management insurance and cyber liability insurance.
If you’re wondering if it is worth the cost, here are 8 reasons why today's executives are getting online reputation insurance.
Employees depend on them
Executives, CEOs, business owners and managers employ other people. Once you have employees, your responsibilities become more substantial because you are in charge of protecting their livelihood. If a crisis were to damage your business’s reputation beyond repair, there’s a good chance that you would have to furlough or lay off members of your team.
Peace of mind
If you’re lucky, no one will ever leave a negative review about your business on the internet. No one will ever unfairly bad mouth your business either, and an online disaster will never hit. Unfortunately, wishful thinking does not provide as much coverage as a real insurance plan. There will always be factors that are outside of your control, and the only way to get a lasso around these problems is to assure peace of mind through online reputation insurance.
Avoiding financial hardships
The longevity of your business is vital and essential, not only for your own livelihood, but for the financial security of your employees, as well. The main risk is that a crisis associated with your business could bring it so much financial hardship that the survival of the business is at risk. If your business has limited coverage for crisis management, it may be time to consider purchasing a policy that covers slander and/or trespassing, for example, which may cause reputational damage.
Maintain a good standing with customers
Simply put: online reputation insurance can help your organization maintain a good standing reputation with customers, competitors, and industry leaders during and after a crisis.
Not only will you be able to make future sales, but you’ll also connect with current and future customers going forward. Insurance can give you the power to mitigate damage done by any number of adverse events, including accidents, hacks, and data breaches.
Increase their response times and productivity during and after a crisis
Any business owner who has ever faced a crisis knows the complete chaos it can create. Knowing how to respond quickly and effectively is key to mitigate further reputational damage. With online reputation insurance, half the battle will have already been won so you can focus on a quick action and a fast resolution.
Shifts the burden of risk
When you step back and think about it, buying insurance (in any form) is essentially shifting the burden of risk from you on to the insurance company. Imagine if you wrecked your vehicle and didn’t have the proper insurance to cover the costs for repairs? Although different scenarios, (business insurance vs. car insurance) they are essentially the same. In the event a crisis occurs, you know you’re covered.
Hold high values
Executive and business owners hold high values and always put professional standards first. This includes ensuring that your employees, partners, and suppliers are always kept apprised of what’s happening. If a crisis were to occur, you would never want to sweep things under the rug. Instead, you want to respond proactively and honestly, so you can not only mitigate reputational damage, but increase trust in your business.
Reputation is everything
A positive online reputation can be the difference between a business owner’s success or failure. At the same time, search algorithms prioritize popularity, not accuracy, so your negative content is at risk of showing up on the first page of Google results. For these reasons, it is imperative that you work to maintain a positive reputation, both online and offline.
Should I invest in online reputation insurance?
If you’re still wondering whether online reputation insurance is worth the expense, ask yourself how would your company’s financial future be affected by damage to its reputation? Now ask yourself, how does this compare to the cost of purchasing insurance?
The answer is clear.
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