The influence industry is booming, with global ad spend projected to reach 10 billion dollars or more by 2020. Influencers, who often have millions of followers, are frequently hired to promote products and views for third parties. However, this industry is not without its risks – from potential copyright infringement to damaging a brand’s reputation, influencers must be cautious in their endorsements and content creation.
One thing that influencers need to understand is the impact their words can have on their followers and the wider public. Posting negative reviews or comments can lead to potential intellectual property and defamation issues, and it’s important for influencers to be aware of these risks. It may also be beneficial for them to consider insurance coverage for their social media presence, such as media liability or cyber and privacy protection. Overall, it’s crucial for influencers to recognize the power and responsibility of their online platforms.
As an influencer, it’s important to be aware of the risks you take when promoting products and services on social media. Unfortunately, not everyone is knowledgeable about the potential dangers of this type of marketing, which can leave you open to legal action if something goes wrong. That’s why it’s vital to have insurance that will protect you in case of any negative consequences. By having insurance, you can rest assured knowing that you’re covered in case of a lawsuit or other unexpected event. So if you’re thinking about becoming an influencer, be sure to talk to your insurance agent about what business coverage is available to you.
Some insurance companies are already starting to offer products that cover these exposures, but it’s still a nascent market. Many influencers are not aware that such insurance even exists.
As the industry continues to grow, we anticipate more insurance companies will develop dedicated coverage for influencers – and it will become increasingly important for influencers to have this coverage in place.
What do you think? Do you agree that insurance is necessary for social media influencers? Get a free quote and buy insurance.