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Protecting Against Reputation Risk in a Connected World

Insurance Insights

Reputation is everything for any business. Big or small, it’s important to protect your brand. Many people utilize search engines—namely Google—to search for things. That’s not to mention the lightning speed of sites like Twitter. But all of this comes as a double edged sword.

With the push of platforms like Yelp, Facebook and Instagram, it’s far easier to get exposed to a bad review or two. All it takes is one bad experience and a company could be facing a viral post accusing their brand of wrongdoing. But this isn’t the only risk to a brand’s reputation.

Why Risk Reputation Matters

Many business owners’ top brand issues have to do with risk management concern. It’s really not a stretch to say that reputation can make or break a company. Especially for a start-up, one negative interaction that gets online could be devastating. First impressions mean everything. Any stable business should be able to hold a strong, good impression with any customer or client.

If you’re in need of some pointers to protect against reputation risk, here’s some below. Sure, the modern age is intimidating. But it’s possible to maintain a strong reputation in a connected world—even when not every customer is going to be happy.

Protect Your Company From Online Data Breaches

Once a hacker gets ahold of your private company information, you’ll have to do damage control. That’s why it’s crucial to prepare and try to prevent cyber attacks from taking place.

Whether a breach is of company fault or not, it’s something that should be addressed with full and complete transparency. Instilling trust back in loyal customers is essential. But if employees are trained to spot cyber attacks, then more can be prevented. Putting forth strong policies ensures that everyone stays safe.

Other Ways to Lower Reputation Risks

If your business holds strong ethics, it’s a lot easier to protect your reputation. Customer issues are always going to arise and not every employee is going to be happy. These are all things that can be easily remedied. Some strategies that can be developed to assist in reputation management may include:

  • Strong corporate values must be instilled with an emphasis on direct communication.
  • Risk evaluation should be integrated into all business planning aspects. Don’t just assume the what-ifs. Find logical hypothetical scenarios that you know could negatively impact the company.
  • Positive interactions between employees or customers should be promoted. Every happy customer or employee will draw in another person interested in your business. Using social media to promote your brand is key in 2019.
  • Implement a reputation plan. If everyone can identify a crisis, then it’s that much easier to stop them. Always identify potential risks and ways to mitigate them.

Are you interested in learning more about our insurance products?

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