The term “online influencers” refers to individuals who wear a wide range of technological hats—as media users, entrepreneurs, advertising brand ambassadors, and often videographers and editors.
Given this expansive set of skills, it can be difficult to define what industry or niche these professionals fit into accurately. Like any business owner, influencers are right to have concerns about the possible setbacks they may face in their careers and how to protect themselves from these risks.
Here is an overview of the insurance essentials for influencers, including the policies that are likely to be most beneficial and what types of hazards they cover.
Risks Of An Influencer Career
Influencers face unique challenges not faced by other industries, as well as the common pitfalls of any business operating in the media and public sectors. Defamation is a significant risk to social media influencers, who must balance honesty with tact.
Cyber hacking is also a concern; a hacker may siphon the influencer’s personal details or those of their followers, resulting in a potential lawsuit and consequential damages.
Defamation is a significant risk to social media influencers, who must balance honesty with tact. Cyber hacking is also a concern; a hacker may siphon the influencer’s personal details or those of their followers, resulting in a potential lawsuit and consequent damages.
The exact risks that are most salient for influencers will depend on the type of work that they do. For instance, vloggers and lifestyle influencers will need security for their homes and equipment; travel influencers need auto coverage; trendy challenge influencers need media and general liability coverage; and so on.
In general, influencers should consider the following insurance coverages as they develop their comprehensive plan.
General Liability Insurance
General liability insurance is standard across almost all business types. It covers guests, customers, visitors, or other third parties injured on the influencer’s property. This policy will also cover damage to other people’s property, making it essential for influencers and content creators who make collaboration with others a central aspect of their careers.
Commercial Property Insurance
Commercial property policies cover a business’ building location as well as supplies, equipment, and inventory, depending on the policy. Some influencers have set aside what they need for their business from their personal or hobby equipment.
In contrast, others rely on a studio for YouTube videos or a recording booth for podcasts and voice recordings. This policy can protect career-critical supplies from damage that could occur over time or from accidents.
Property & Contents Insurance
Property and contents coverage, also called personal property insurance, protects a residence and its property. Small, home-based media influencers are not eligible for commercial property insurance, so looking at personal property insurance is a great way to ensure your home studio and necessary equipment are protected against loss or damage.
Business Interruption Insurance
Interruption insurance can help you address the financial repercussions of property damage or other unexpected circumstances that temporarily halt an influencer’s ability to produce content (and to make a living).
Influencers can benefit from this protection against income loss and assistance with rent or mortgage payments, employee pay, property tax, or loan payments that could destroy their career until they can return to work.
Media Liability Insurance
Media liability, a specific type of professional liability or errors and omissions insurance, focuses on mistakes made in media or advertising. Influencers are subject to mistakes and oversights like the rest of us, and media liability covers lawsuits and costs that could arise from an influencer’s error.
Workers’ compensation focuses on covering work-related injuries and illnesses. Workers’ comp can cover an influencer’s employees for injuries sustained while creating content, completing challenges, or participating in trends; it can also protect self-employed influencers.
As an influencer, your public work is online, lending itself to the dangers of data breaches or hacking. Cyber insurance can provide coverage for business expenses resulting from software attacks.
These policies help cover investigations of the breach, fees, electronic monitoring, and customer notifications if their personal information is exposed.
Commercial Auto Insurance
Another impactful part of an influencer’s job is travel; influencers’ jobs can take them and their employees near or far.
Commercial auto insurance is a way to cover the vehicles you use for work and any damage that those vehicles sustain for influencers who make travel a regular part of their job.
Get Comprehensive Insurance Coverage As An Influencer
Being an influencer is a fast-paced job—from capitalizing on trends to facing new and unique challenges that other industries have not seen before, influencers must be adaptive. However, facing these unknowns does not have to preclude securing comprehensive insurance coverage.
The experts at MFE Insurance have years of experience in the entertainment industry. Contact MFE Insurance to schedule an appointment to learn more about insurance policies that work together to protect you and your career.