Are you a social media influencer or a content creator? Then, it is important to be aware of the various aspects of social media insurance that can help protect you.
With the rise of social media usage and accessibility to content, having a large follower base is not just limited to famous celebrities anymore and neither is it a pre-requisite to creating content.
In fact, many influencers start making money from content creation with just thousands of followers.
According to a report by Statista, in the first half of 2023, a majority of influencers — over 50,000 content creators — on Instagram across India fell under the micro-influencer tier, with 10,000 to 50,000 followers.
It added that the reach of the nano influencers, who had under 10,000 followers on Instagram, grew substantially to over 22,000.
So, these days, anyone with a social media account and an acumen for creating content can potentially become an influencer.
But, since content is open to individual perception with innumerable viewers, there is also a looming fear of being sued for promoting the wrong products, hurting feelings, being a victim of deepfakes, identity thefts, account hacks, so on and so forth.
And this flipside of content creation is not just about dealing with criticism or keeping a strong front, but being ready for serious possible legal actions.
Hence, knowing about the different aspects of insurance plans that can protect social media accounts is paramount.
Also Read: 'Home Insurance Should Be Made Compulsory'
Features Of Social Media Insurance
Let us begin with the example of liability insurances. These are typically a combination of both, professional liability and commercial general liability.
This one protects you from lawsuits such as libel, slander, defamation of character, unauthorised use of intellectual property, plagiarism, or even invasion of privacy. It also takes care of data breaches or phishing attacks.
And not only do these kind of insurances cover the cost of legal expenses but also subsidise for psychiatrists or counselors to help you deal with the loss or stress as losing an account of substantial number of followers is equivalent to losing livelihood for many influencers.
There are other similar insurances like cyber security insurance, copyright infringement insurance, and keyman insurance that help protect you and your accounts in such situations.
Moreover, many multinational corporations these days require influencers to have a social media insurance before signing any contracts with them, as most professional businesses understand the risks behind social media exposure.
Therefore, if you are in the business or want to be a content creator, consider securing your account and your identity with such insurance plans.
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