Yes. Insurance coverage for reputational risk and ‘cancelation’ typically is available under an umbrella policy. It can help protect individuals and organizations from financial losses due to damage caused by defamation accusations and the resulting liability when an insured party commits slander. The liability may arise from cultural or ideological conflicts, public relations crises, negative media coverage, social media backlash, and other risk events that impact an insured party’s public standing.
Umbrella insurance policies can include a variety of coverages, such as:
- Crisis management, which helps cover costs associated with managing and mitigating a reputation-damaging event. This includes the cost of hiring a public relations firm, crisis communication experts, and legal counsel.
- Loss of income if an individual or organization experiences a significant decrease in revenue due to reputational damage.
- Legal expenses associated with defending against defamation lawsuits or other legal actions related to reputation damage.
- Rebranding costs, if an entity needs to undergo a rebranding effort to distance itself from a negative image.
- Public relations expenses related to repairing an insured party's image through public relations efforts, including advertising campaigns and media outreach.
- Social media impact, to address the negative effects of social media backlash and to provide resources for managing a policyholder's online reputation.
Umbrella insurance policies vary widely in terms of coverage, exclusions, and terms. If you're curious about insurance to cover the risks brought on by slander, defamation accusations, or cultural war 'cancellation', work closely with an insurance professional who specializes in these programs.
Contact Christopher Tannas, Senior Vice President/National Director, (617) 648-5107 or ctannas@intercobrokers.com, for your umbrella policy needs.
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About InterContinental Insurance Brokers
InterContinental Insurance Brokers, LLC is a division of Venbrook Insurance Services. InterContinental is a full-service commercial and personal insurance brokerage firm that delivers commercial insurance, select commercial business, private client services, and claims management to clients across various industries worldwide. Visit www.intercobrokers.com.
