LONDON/MUNICH—A new product offered by the global corporate and specialty of Allianz insurance will help companies protect their reputation in times of crises. The company has partnered with three public relations firms— Brunswick, CNC and Hill+Knowlton Strategies—to cover the costs of crisis communications through its Allianz Reputation Protect policy.

“Trust, reputation and brand strength are precious assets for companies today,” says Joachim Albers, head of product development financial lines at AGCS. “We can help companies respond to crises in a professional manner.”

The aim is to prevent a company’s good name from being damaged through a timely and professional response which helps to forestall the loss of customers, sales and market share that such events can cause. The policy covers consulting fees and communications expenses during critical situations, including media monitoring, press work and advertisements, with coverage extending up to €10 million.

After a policy contract is signed, the client will receive a reputational risk assessment through a workshop conducted by the media research group Media Tenor International. This will show how the company is currently perceived by the media and public.