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Crisis Management and Your Business
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Planning is critical in business and can make all the difference when it comes to generating revenue, building a reputation, reducing insurance exposures and satisfying customers. However, while proper planning can help you grow your business, the fact is that—even if you take every reasonable precaution—a crisis can occur without warning and lead to significant disruptions and business impacts.
While you can’t always prevent a crisis and the concerns that come with them, you can reduce the impact of one through proper planning. Specifically, organizations need to have a crisis management plan in place—one that’s flexible and can account for different events that affect their business.
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Importance of Crisis Management
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- Threaten the safety or well-being of a company’s people.
- Impair a company’s ability to operate effectively.
- Harm a company’s public reputation or image.
- Impact a company’s bottom line.
- Increase a company’s insurance exposures.
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Pre and Mid - Crisis Considerations
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- Asses Risks and Establish Goals
- Create a Crisis Management Team
- Consider Communication Channels
- Evaluate the Situation
- Initiate Your Plan
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Post-Crisis Considerations
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- Evaluate and Update Your Plan
- Follow-up Communications
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