Brand risk management

Why is Brand Reputation Important?

Whether you are in charge of a Fortune 500 company, or are building up your own small business, it is important to establish an identity. You do this so you know who you are as much as having a way for your employees to gain a better understanding of what you represent. As your company’s reputation, it is important for you and your employees to show your company in a favorable light, and keep a strong outer image to anyone you do business with. For many businesses, even small faux pas can result in a damaged reputation and a significant drop in business, even to the point of business failure.

Reputation protection

How to Protect a Brand

Building a brand needs to be a conscious endeavor, especially when you are a small business. If your brand too closely mimics your competitor, even accidentally, it can bring on lawsuits that may accuse you of copyright and trademark infringement. Knowing who you are can help protect you, which means identifying several different aspects of your business including

  • Defining your target customer
  • Deciding what customers should visualize when they think of your brand
  • Developing a strong mission statement
  • Decisively taking on a solvable problem

Once you have defined these things, you have made them a stronger priority that deserves the protection of a trademark, via a name and logo and registering it.

Keeping a Brand Risk Management Strategy

Developing and defining your brand is a good start to protecting your company, but it is just the beginning. In order to maintain your reputation, it is important to keep a consistent base to your business philosophy, while continually looking for new ways to maintain a certain level of reputation protection.

While imitation may be considered a form of flattery, when it comes to another business impersonating your brand it is far from a good thing. In order to know if this is happening, you need to be diligent, because not only does an infringement mean that someone else may be profiting off your intellectual property, if their service is subpar it can leave you in a position to do damage control.

Protecting Your Brand From Within

As your business develops, your brand identity goes far beyond your logo. No matter how tightly knit your team is it is important to be aware of potential risks from within, and have an effective risk management plan in place to deal with them.

How to protect a brand

By having a risk management plan built into your business insurance you can protect against potential sabotage that may come from team members or stakeholders leaking important information or using it in a damaging way.

No one likes to think that their employees would ever take any action that would damage their business’s reputation, but no one is completely predictable. Many things could damage your business. Including

  • A mistake in following any part of employment law
  • Accusations of wrongdoing to an employee — such as wrongful termination, a hostile work environment, or sexual harassment
  • Tax mistakes

At Marine Agency Corporation our Employment Practices Liability insurance is an important part of our business insurance offerings, and is a vital part of the package for any small business looking to build their brand with employees behind them.

We understand that small businesses are often on a tight budget, especially if their brand has yet to take off, but having solid protection is well worth the investment, and with coverage starting at as little as $1,000 per year we do our best to make it affordable. Without coverage, a single lawsuit can cost $30,000 or more.

Every business is different, and ultimately your brand will help you define yours, but so does the type of insurance coverage you purchase to protect it.

Marine Agency Insurance in Maplewood New Jersey can help you find coverage that works best for you business, at a price that gives you room to grow. To learn more about all the insurance products we have to offer, contact us online or at 800-763-4775

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Contact Us

Maplewood NJ 07040

191 Maplewood Ave, Maplewood NJ 07040

Local: 973-763-4711

Toll-Free: 800-35-MARINE (800-356-2746)

Hours

9 AM - 5 PM , Monday - Thursday;

9 AM - 4 PM, Friday

Whitehouse Station NJ 08889

422 US Hwy 22 W, Unit 7, Whitehouse Station NJ 08889

Local: 908-838-9762

Toll-Free: 84-INSURE-NJ (844-678-7365)

Hours

9 AM - 5 PM , Monday - Thursday;

9 AM - 4 PM, Friday