What is Crisis Management coverage?
You may see Crisis Management coverage in your professional liability policy. You may wonder what is and what does it cover? If there’s a crisis at your business or operation that may result in liability claims there is usually a sublimit in your policy that provides this coverage. Are you prepared should a crisis hit your business? Communicating well and quickly about the event with your employees, the public and the media can help keep a crisis, and associated costs, from escalating.
This coverage can help mitigate the negative publicity generated by a crisis event.
• Retaining a public relations consultant or firm, or a crisis management consultant or firm; or
• Planning and executing your public relations campaign.
A big example of a crisis for an architectural/structural firm was for the architects/engineers that were involved in the design of the Twin Towers. When it fell some of the first people to be identified were the architects/engineers. Their names were made public in the search for why the towers fell. After notifying their professional liability carrier the carrier started the process of managing the crisis for the firms.
Please contact your Professional Underwriters agent to see if this coverage is in your professional liability policy. For a quote for Professional Liability please click here and an agent will contact you.