Protecting a Non-Material Asset: Your Reputation
In the Internet age, the need for reputation protection insurance has grown exponentially. Where before media coverage was limited and focused mostly on the most famous among us, now media outlets abound, and anyone has the ability to reach large audiences with salacious material. Whether it’s a 140-character, non-fact-checked accusation or an unfounded lawsuit filed by a disgruntled former household employee, your name or image could make headlines in a matter of hours.
Still, it is possible to influence or mitigate negative perceptions through reputation management. Sometimes learning another side of a story can influence public opinion, or filing your own lawsuit can result in negative material being removed from the Web. However, depending on the reach of the original story, these efforts can be pricey.
Kelly Klee’s insurers understand how important it is for their clients to retain their good reputations, and not just for peace of mind—a stained reputation can also affect employment and future earnings. Consider the damage that could be done to a surgeon’s career if she had a publicized car accident after two glasses of wine at dinner.
If you’re not sure what reputation protection insurance might entail, here are two examples of coverages under that heading that are available for purchase through Nationwide Private Client: crisis management coverage and expanded defense coverage.
Nationwide Private Client’s crisis management coverage offers up to $250,000 in reasonable expenses for a PR or crisis management firm to help mitigate the damage caused by negative publicity or litigation. This could result from a variety of situations, circumstances like your teen making ill-advised, slanderous statements about their teacher on social media that are later spread throughout the community to an accidental injury to a guest at your home that is reported in the media due to the prominence of either your or your guest.
When a situation like this occurs, your name could be dragged through the mud. If you are implicated in a covered liability occurrence or wrongful employment act that could potentially tarnish your reputation, you can either choose your own crisis-management team to respond or Nationwide Private Client will help you secure one. Either way, you’ll have professionals who know how to address the damage in the most efficient and effective way possible.
Expanded defense coverage can be another useful addition for those with high net worth. Kelly Klee recommends that all successful individuals carry a substantial excess liability policy, particularly since their assets may make them targets for frivolous lawsuits. With Nationwide Private Client, you can extend your coverage to provide more resources to protect your reputation and assets in the event that you are sued.
With a Nationwide Private Client personal excess protection endorsement, you will receive up to $250,000 in expanded defense coverage so that your personal legal counsel can consult with the expert legal team provided by Nationwide Private Client for a covered liability incident. This extra coverage allows you to have a trusted advisor on the case to assist with the investigation and defense of the suit or claim, which can provide great comfort during a difficult time. This coverage is in addition to your excess liability policy limits, which are available in higher amounts to protect your unique financial situation.
Your reputation can make or break you. It’s no longer only the richest and most famous that need to think about reputation management. If you would like to learn more about reputation protection insurance, Kelly Klee can help. Call us at 844.885.1600 or click here to begin the conversation.