Social Media Influencer Liability Insurance
In 2002 Facebook didn’t exist and social media wasn’t a thing, but since then countless platforms have come again and now it’s estimated that 3.4 billion of the word’s 7.6 billion people have an active social media profile! In addition, it’s estimated that roughly 95% of people in North American actively use the internet and nearly 70% of people in Canada are active social media users. Given the high levels of adoption and usage social media is a powerful tool which has many benefits including:
- Helps people with similar interests connect
- Assists people who had lost touch or track of each other to reconnect
- Spreads information quickly/instantly
- Create communication networks and paths that bypass traditional means and routes
- Provides entertainment and amusement (think cat videos and memes)
- Helps businesses and others identify individuals or groups based specific characteristics, attributes etc.
- Provides numerous jobs, careers and income for many people in a way that wasn’t possible in the past
Despite the numerous benefits there are also some risks and downsides to social media which need to be acknowledged including:
- Privacy concerns given the extensive amounts of data that is collected analyzed and used
- Addictive nature of social media consumption can result in distraction, disengagement from real interactions and/or a false or misguided sense of contentedness and relational status.
- Bullying, peer pressure and group think
- Liability for those participating, posting and receiving compensation for social media actions and activity
What Is Social Media Influencer Liability Insurance?
Given the popularity of social media and the ability to create segments of users advertisers, marketers and social media companies themselves are compensating people for liking, sharing and posting specific content. When compensation is provided for social media actions and activities it can often result in significant increases in sales, brand awareness, online traffic etc. However, given the lack of controls, freedoms and a tendency for social media content to be intentionally edgy, engaging, comical etc. there are numerous things that could actually result in decreases in sales, damage to a brand and/or boycotts/backlash from the public. When things go bad on social media they can also go viral and are difficult to retract, delete and/or edit given the nature of the platforms and how quickly things spread. In response to this risk the commercial insurance brokerage ALIGNED Insurance offers specialized commercial insurance products in the form of social media influencer liability insurance to help protect social media influencers from potential legal liability associated with their online activities.
Who Should Buy Social Media Influencer Liability Insurance?
Social media influencer liability insurance should be considered by anyone that generates income from their social media profile, but social media influencer liability insurance is most commonly purchased by:
- Bloggers, vloggers & podcast hosts
- Thought leaders, philosophers etc.
- Social media personalities and social with large followers
- Professional Athletes
- Public figures
- Media, sports and news personalities
- Key business leaders
- Artists, photographers, DJ’s
- Reality tv stars, game show contestants
- Micro & Nano influencers
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