Broker Check

Crisis Planning After COVID-19

August 26, 2020

In an Insurance Journal article, Kelly Geary suggests crisis is the "new normal" in today's world. This makes crisis management more important than ever. COVID-19 is the worst crisis of this century so far, and experiencing it is, in Geary's words, "like walking a tightrope, blindfolded, without a net".

Every organization needs a crisis plan. It cannot rely on plans drafted before COVID-19.  Plans must be customized, short, easy to follow and flexible. Geary's top five considerations:

  1. The impact of social media. It is the primary source of news and information. Speed and transparency of response are key.
  2. Plan for a crisis within a crisis. In the middle of a pandemic, organizations are dealing with cyber attacks, extreme weather and/or wildfires.
  3. Analyze risk transfer and insurance programs to minimize liability.
  4. Consider using an executive coach.
  5. Practice the plan using realistic scenarios.