The pair will continue to run Fortitude Partners, which also offers sustainable business strategy advice, as well as Reputation Risk Solutions (RRSL).
Baverstock told PRWeek that RRSL's ambition is to develop its own reputation insurance products as he and his business partner feel there is a gap in the market.
"There’s never been a risk management policy that’s truly drawn on the needs of the marketing and comms industry in terms of managing their brand," he said.
"We want to create products that bridge that gap and this hopefully begins to answer the issue of a lack of communication between who needs to use the policy and those who make the policy."
However, RRSL will market established products such as Allianz's Reputation Protect policy, and also advise clients on where to find crisis comms support in the event of a claim. Neither Baverstock or Nuttall will offer specific comms advice themselves because of conflict of interest regulations, according to Baverstock.
The duo's comms background will be an advantage in that they have a better understanding of potential client coverage needs than other brokers, according to Baverstock.
"Because RRSL properly understands the issue of reputational risk, the quality of the assessment of reputation protection and insurances required by any given client is unrivalled, meaning the cover provided is tailored to the client’s specific risk profile," he said.
RRSL trades under the COBRA group of insurance brokers as an Appointed Representative, allowing brokers who have COBRA agencies access to its services.
Read more on the market for reputation insurance in our May feature "Should you insure your reputation?"