It takes years to build a solid reputation and only minutes to destroy it. How are you protected?
Not only do you need to worry about protecting your assets against the potential risk of a lawsuit, but you also have to protect your reputation. A damaged reputation can impact your employment and future earnings potential as well as cause you and your family a lot of emotional stress. In the Wealth Report’s 2015 Attitudes Survey of private bankers and wealth advisors,1 76% of respondents said their clients were concerned with the growing power of the internet as it relates to both cyber-crime and the ability to damage reputations.
How you may be at risk
Affluent and high net-worth individuals are more likely targets of litigation and reputational attacks in the media as they are often visible members of the community. You need to be prepared to craft the right message so you can react quickly to mitigate the damage if you are subject to a crisis impacting your reputation. Having access to a professional crisis management firm will give you peace of mind should an unfortunate situation occur.
Consider the following crisis situations:
In each of the above scenarios the person’s reputation has been called into question. Assuming the underlying incidents are covered losses, can you foresee how you would need a crisis management firm if one of these situations happened to you? Think of the crisis management coverage as additional protection for your reputation.
How Nationwide Private Client responds
With the personal excess liability protection endorsement, you receive crisis management coverage for mitigation of potential damages or injury to your reputation caused by a covered occurrence or wrongful employment act. If you are implicated in a covered liability situation that could tarnish your reputation, you should report the claim to your insurance agent and Nationwide Private Client by calling our toll-free number at 855-473-6410 and, if applicable, we can help you secure a crisis management firm. We will provide up to $250,000 to cover reasonable expenses from the PR or crisis management firm of your choice.
The optional protection endorsement also includes:
Why it’s important for you
By adding the personal excess liability protection endorsement to Nationwide Private Client excess liability policies, you are not only helping to protect your assets, but you are also helping to protect your reputation.
Nationwide Private Client offers these added benefits:
Why Nationwide Private Client
Nationwide Private Client is dedicated to helping protect the assets and reputations of our clients. Our highly personalized insurance products, services and concierge style claim management are thoughtfully designed to meet the distinctive needs of affluent individuals and families. We are committed to providing you a superior experience whenever you need assistance.