Tuesday, October 18, 2011

Insurers Offer Policies to Cover PR Crisis. Putting a Dollar Value to Reputation.

On  October 17, 2011 Ragan’s PR Daily published an article reporting that insurers are now offering policies to cover PR crisis.  This is an interesting development as it signals that an organisation’s reputation not only has a dollar value, but that it is worth spending money to protect.
I see this as a major step forward for the PR Profession which has been seen as a ‘good to have’.  With this development, PR’s tangible contribution to the organisation’s bottom-line will give it more clout in the Board Room and, hopefully, when instances call for strategies like “compensation” to retain customer loyalty after a crisis, more organisations will consider the merits of such a strategy.  A case in point is Research in Motion’s (RIM) recent decision to offer free applications to subscribers in the wake of last week's globe-spanning BlackBerry outages. 
To my fellow PR Professionals, the proverbial door is now open.  It is now up to us to show the C-Suites what PR can do and it is my hope that we can “up” our game such that every organization will eventually have a Chief Reputation Officer.

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