Did you know that every 10 minutes a creator loses their account to a hacker? From influencers and shop owners, to coaches and artists, insurance for digital assets is becoming essential for anyone who relies on the web for their income. And because creators are so frequently exposed to media liability perils such as defamation and intellectual property infringement insurance companies are keeping pace with the changing media landscape.
So, should you get social media creator insurance? Don’t worry, if this is the first you’re hearing about this kind of insurance, you’re not alone. Read on for more.
First, the phrase “media” is a general one. As a result, media liability insurance must be customized to the requirements of content producers. Whether you produce this content as a hobby or as a source of income as a professional content developer, or influencer, Media Liability Insurance covers you and what you create.
However, insurance coverage for media-related firms aids policyholders in paying for expensive losses brought on by a number of media-related claims.
The influencer marketing space is booming, with steady growth from $9.7 billion in 2020 to $13.8 billion in 2021. According to Influencer Marketing Hub, experts predict the market to expand to around $16.4 billion this year.
Anyone who earns money from their social media profile should consider it, but the following people are more likely to do so:
1. Celebrities including news/media personalities, athletes.
2. TikTokers, YouTubers, full time content creators.
3. Major business figures.
4. Photographers and artists.
5. Other known individuals who make their money online.
Quite simply, it mitigates risk, and protects you and your business.
The most frequent legal pitfalls for creators that could result in lawsuits include:
Here lies the role of companies such as Notch, which operates much like a standard insurance plan. With policies starting at $8 a month, Notch will provide Instagram account insurance for creators. In the event that your account is hacked or banned, Notch will assist in compensating you financially and assisting in account recovery. After 48 hours, the business will pay you every day until your account is recovered.
Other insurance providers include Aligned Insurance, and Founder Shield.
Remember, there is no one-size-fits-all approach to insurance coverage of any kind, making it a good idea to work with a professional who can help identify the best policies for your unique situation as a content producer or influencer.
Are you considering Media Liability Insurance? Maybe you already have it? I’d love to hear your thoughts in the comments.