JLT to offer corporate reputation cover

Broker JLT is rolling out a product aimed at protecting corporate reputation.

It claims to be the first UK broker to be offering this type of cover to customers, who would be expected to range from companies in the entertainment, hospitality, food, beverage, travel, communication & technology, education and healthcare sectors.

The product will be activated when a crisis or catastrophe hits a company, and will include immediate public relations management, analytics on reputation before and after the crisis, consultation, and other services.

Asked why such a product had not been offered before, JLT told Insurance Times that others have tried, but the products gained little traction. Demand for such products still exists, and this time JLT, in partnership with Allianz, claims to have the solution. The cover, being marketed to mid-size corporates, differs from other products that deal with the physical aftermath of a catastrophe/crisis by offering pure media management.

Furthermore, the product promises to enable customers to compare reputational data year on year.

JLT cited an example where a crisis management product could have come into its own as that of telecommunications company TalkTalk, which was hit by a major cyber breach in October 2015.