Global insurance company Allianz has launched a new service in the UK covering its clients from unexpected reputation crisis.

In today’s digital landscape, a crisis can spread within minutes thanks to social media channels, leading to serious damage to a company’s reputation. Allianz’s new policy offers ways to ensure that an organisation’s response to a crisis is ‘professional and timely,’ besides providing compensation for loss of profit if revenues are affected. The new insurance, called ‘Reputation Protect Plus,’ promises to replace lost profits and offers crisis management services to Allianz clients.

If a sudden crisis takes place, Allianz’s service will cover the costs of communication consulting with a client-selected agency and provide support to implement an appropriate response to the issue.

“In the era of social media and fake news, perception is reality and reputations can be destroyed in hours with an immediate knock-on effect on a company’s bottom line,” Allianz’s head of product development Susan Crabtree says. “Our customers can take reassurance from the fact that for the first time, monetary losses are also included in a reputation product at Allianz.”

Reputation management is a live concern for businesses and companies all over the world. Last year, global coffeehouse giant Starbucks had to face backlash after one of its stores was accused of racism. Allianz’s new service is no doubt a way to prevent consistent losses in case anything negative happens – but conscious reputation management can prevent those crisis from happening in the first place.