Crisis Management Insurance

Aurora Colorado and the tragic shootings that occurred there, and your commercial general liability policy have several things in common. Primarily we are talking about crisis management insurance. While there is no doubt that there is multiple policies and self-insured retention’s that will come into play during the Colorado shooting incident your particular organization may or may not have the proper coverage for such a random horrific event.

Providing coverage for the public relations nightmare that ensues after such an event and the overall crisis management is a coverage that is normally readily available, but nowadays it does tend to be pricey for the premium. Unfortunately, with this terrible event in the minds of everyone in the United States, including insurance company underwriters, if you ask for this coverage to be added to your policy you could trigger concerns. The concerns for underwriting could come about because of the potential for loss and thus increase your premiums solely because you have educated and underwriter to the potential for claims in this arena from your business.

Taking the time to consider whether a random act of violence at your restaurant, your grocery store, or your auto dealership could cause the same public relations nightmare as they are facing in Colorado, is worth the effort.

The Risk Management tip of the day is to consider whether crisis management insurance is necessary but you must also evaluate the negative side that requesting the coverage might trigger an adverse underwriting decision.

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