No organization is immune from risk or even from experiencing a full-blown crisis that could harm people or property, interrupt operations, or destroy a reputation. Any Business Management plan that fails to include concrete steps to mitigate the ramifications of a crisis is insufficient. Failing to plan for a crisis puts your business at risk of financial ruin. An effective crisis management plan should definitely address physical and legal considerations. If you face a crisis in the form of a natural disaster that floods your place of business, you should have a prioritized list of steps to take and people to call to begin the recovery process. If you face a technological crisis – your server crashes – you should have a plan to reroute to another server so you can get your operations back online.
An effective crisis management plan should definitely address physical and legal considerations. If you face a crisis in the form of a natural disaster that floods your place of business, you should have a prioritized list of steps to take and people to call to begin the recovery process. If you face a technological crisis – your server crashes – you should have a plan to reroute to another server so you can get your operations back online. An effective crisis management plan should also include a carefully thought out public relations/crisis communications component.
Sometimes the difference between emerging unscathed from a catastrophe and being ruined by it is the face you present to the public. Sometimes, perception is everything. Consulting firm Bernstein Crisis Management recommends incorporating the following steps into your crisis communications plan – and making sure everyone in a leadership role is onboard and ready to present a united front to mitigate physical or reputational damage.
- Appoint a small crisis communications team, usually the CEO and senior executives, who will be the voice of your company during the crisis. Often during a crisis, a company needs to address the media (sometimes on camera). Make sure that everyone in your organization knows to refer all media inquiries to a member of your crisis communications team.
- Have your crisis communication team spokespeople professionally trained. The time immediately following a crisis is critical; professional training will minimize the risk of misunderstandings and misstatements to the media.
- Establish notification and monitoring systems. Before a crisis occurs, you should have a notification system in place that will allow you to quickly reach all of your stakeholders via different channels of communication. When a crisis occurs, stakeholders rush to gather facts. It’s best that the facts come directly from your organization.
It’s impossible to prevent all risks or completely safeguard against a catastrophe, but Euclid Exec specializes in assisting insureds address risks to their business from an executive and entity liability perspective. We provide explicit coverage extension for Adverse Media Events that covers loss related to consulting fees, risk management and public relations expenses (including printing, advertising or mailing materials), in the event of a publication or broadcasted crisis impacting the company. Our proactive approach to providing cover for Adverse Media Events is meant to safeguard our insureds from pitfalls that can come from managing a private, nonprofit or public organization. For more information, on what we can provide you coverage with, call us today at 630.694.2276.
Euclid Program Managers is a family of insurance program administration companies run by best-in-class underwriters who are experts in specialty niches and personally invested to deliver excellent service to our broker partners. To learn more visit website www.euclidprograms.com or view our company contacts below.
Euclid Program Managers
234 Spring Lake Drive, Itasca, IL 60143
234 Spring Lake Drive, Itasca IL 60143
P: 630.238.1900 | F: 630.773.4075