According to Influencer Marketing Hub, influencer marketing was estimated to be a multibillion-dollar industry in 2020.
If you’re running an influencer agency, you’re in a rapidly growing industry with tons of partnership opportunities and companies who are willing to pay top dollar for an audience. While there’s no question that the influencer market has enormous potential, it’s worth noting that solid influencer agency insurance makes it possible for you to expand your company while managing your risks.
Looking at Insurance Options for Your Influencer Agency? Consider These 4 Key Coverage Types
1. Commercial General Liability Insurance
Does your agency have an office suite? Are you frequently hosting joint venture partners or marketing executives on company property? If so, all it takes is one accident for your business to be subjected to a lawsuit. Commercial general liability is known in part for its ability to cover slip and fall situations where a third party has suffered bodily harm, property damage, or some combination of both. With this coverage option in place, you can have peace of mind as you secure major accounts and seal the deal with new clients.
2. Professional Liability Insurance
As an influencer agency your customers are paying you, your agency and influencers to improve the quality of their brand, increase sales, raise awareness, change perceptions etc. etc. Unfortunately, in the constantly changing digital and real world striking the balance of creative, edgy, effective etc. while staying appropriate respectful, sensitive etc. isn’t always easy as lines can be blurred, things can be misinterpreted or even change entirely literally over night or over time. As such professional liability insurance is a critical coverage for all social influencer agencies as there is nothing stopping one of your clients from suing your firm and/or infuencers for allegations that any given campaign, post, comments etc damaged their branded, resulted in a drop in sales etc.
3. Commercial Property Insurance
Whether your company works in-person or remotely, chances are that you and your team have a few laptops or other pieces of equipment that you depend on to find and source influencers. If a fire were to break out and destroy your workplace, however, replacing those items would cost your agency a hefty sum. Commercial property insurance may be able to compensate you if an insured peril ever damages your equipment.
4. Cyber Liability Insurance
Do you have an employee database that you keep in the cloud? Are you charging the brands you connect with online or through a platform?
If your answer to either of those questions was “Yes.”, you might want to consider taking out cyber liability insurance. With data leaks and hacks becoming an increasingly common concern for businesses, cyber liability insurance can help you secure the financial support needed to navigate the aftermath of a data breach or a cyber ransom scheme.
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Here’s Why You Should Get Your Influencer Agency Insurance Through ALIGNED
Having influencer agency insurance can help you protect your business in a worst-case scenario. When you work with an ALIGNED broker, you get the benefit of working with a skilled and experienced insurance professional who will evaluate your agency’s risks and concerns and then do the comparison shopping for you.
Request your FREE influencer agency insurance quote today!
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