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If you’re a social media influencer, you should definitely know about some of the insurance options available to you these days. Just as you would purchase an insurance policy for your home or car, you can now purchase an insurance policy that is specifically tailored to the needs of social media influencers.
Simply stated, what you post online via social media can come back to haunt you later, and you need to be prepared. In fact, in some cases, brands are now requiring social media influencers to purchase different liability insurance options. The policies are meant to protect them as much as they are intended to protect the influencer.
The need for social media insurance
If the idea of social media influencers purchasing insurance sounds a bit ridiculous, just consider how many things could go wrong. Many influencers are not well versed in the finer points of copyright and trademark law, and thus, may have no idea that using certain types of content can get them into serious legal trouble. This goes far beyond just receiving a “strike” from YouTube for using a snippet of copyrighted music for a new video. For example, in one high-profile case, Sony Music Entertainment went after Bang Energy drinks for the unfair use of over 200 music recordings by social media influencers trying to promote the Bang Energy brand.
Moreover, social media influencers should be prepared for possible blowback from their social media posts. They can get into trouble for competitor disparagement or false advertising, among other things. And don’t forget about the potential for a “Bud Light scenario.” Companies sometimes like to push the envelope on what’s acceptable when it comes to advertising, and by partnering with a controversial influencer, they might be risking real damage to their brand. There are now rumors circulating that Anheuser-Busch might be forced to sell off eight different beer brands, simply to make up for the huge financial losses incurred by Bud Light’s disastrous social media campaign.
Types of insurance available
The problem for influencers, of course, is that insurance can be confusing terrain to navigate. As anyone who has ever been involved in a car accident knows, you might think you have coverage for a certain type of event, but often you don’t. Well, the same thing is true for the different liability insurance options for influencers. That’s because some insurance policies have “exclusions” embedded in them that you might not ever know about unless you read all the fine print. For example, if you knowingly and intentionally make false statements about a product, your insurance policy is not going to cover you.
The other problem, quite simply, is that you might be pressured into buying more coverage than you need. If you’re the type of person who buys insurance for every electronics item you own, this might not be a big deal. But if you’re a young, 20-something influencer, you’re probably trying to save as much money as you can. As long as you’re not someone like MrBeast, who invests heavily in expensive setups for his videos, you probably don’t need to worry about general liability insurance options that cover bodily injury or damaged property. It’s hard to imagine most YouTube video shoots getting too crazy and out of control – like this “Squid Games” video from MrBeast.
Just a few years ago, the idea that social media influencers would need to purchase insurance policies would have seemed unthinkable. But a lot has changed since then. Social media influencers are now big business, and many brands rely on them entirely to promote their products. So the next time you’re thinking about partnering with a brand, consider looking into a social media insurance policy for a little peace-of-mind.