Your Business on Instagram: Why You Need Social Media Insurance

For businesses on social media, Instagram offers one of the best advantages to every marketing campaign. But does your business need social media insurance?

According to a recent study, over 71% of Instagram users feel connected to brands they follow on the platform, you likely want to take advantage of Instagram as a marketing platform.

Even then, there are situations where you make mistakes or have a controversy with your account.

Rather than risk your reputation, you would want something to protect you from many possible losses.

Here’s how you can take advantage of media liability insurance on Instagram and your other social.

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Instagram By The Numbers

Before we talk about the potential liabilities in social media, we need to understand how valuable Instagram is. The social media platform works primarily as an image and video sharing platform, which makes it a fantastic way to communicate with brands and influencers.

Instagram is still growing, and its users still connect with brands they care for. As many as 92% of Americans who use Insta follow a business, with a good chunk of them following up to 10 business accounts.

Thanks to Instagram, as many as 93% of shoppers are more likely to buy from a business they feel connected to.

This makes branding efforts on the image-sharing platform worth the work.

As many as 89% of Instagram users prefer short-form content over traditional long-form content. This insight proves that Stories and quick engagement posts and ads are more effective. It also considers how its users value snap and emotional decisions, which can be fantastic for sales and lead generation.

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How Social Media Can Hit You With Liabilities

When your brand is doing its best to connect with consumers on social media, it might face some challenges.

One common problem is copyright infringement.

For instance, you could have a problem if somebody reposted one of your images or videos without crediting your channel. While you own the image, the poster might not have obtained the proper rights. 

With proper copyright protection, you might have a case for acquiring compensation. However, the incident might make you look bad and not want that attention. Copyright infringement isn’t the only problem, however. Other issues can arise with bullying, libel, and sometimes, hacking. 

Even if you’re not making serious mistakes with your social media, you can get hit with unexpected consequences. An interview goes poorly, and that ends up seeing the world. You post something your team thinks is funny, and it isn’t taken that way. 

Something happens that isn’t your fault, and before you know it, you are facing a lawsuit and millions in potential damage.

What Is Media Liability Insurance?

Specific industries require particular types of insurance, and media liability protection is one of them.

People have long believed journalists or bloggers must carry specific safety levels, especially when discussing highly controversial subjects.

The same applies to businesses on social media.

While not an official title, Media Liability Insurance is sometimes called social media insurance...

 

With social media, one mistake could be devastating. You inaccurately pick a quote or miss something crucial, and people start talking about it. All it takes is for one person to believe it, and make assumptions about the industry, and you could find yourself facing major lawsuits. 

Today, social media platforms make it possible for anyone to become a part of the industry. Influencers, celebrities, and others know that their social media presence carries much weight. Minor slip-ups can become significant problems in their posts, especially about polarizing topics. 

As a company owner, you might realize that you must protect your clients and income. With this coverage, you can protect your assets, clients, and yourself. Media liability insurance reduces the risk of issues you may drum up online.

Who Can Use Media Liability Insurance 

As you consider investing in protection, you want first to understand who can use it and how they can benefit from it. This type of insurance protects from a wide range of situations. The idea is to protect your company, brand, employees, and yourself. 

If you are a business owner, this could include protecting you from advertising injuries, such as slander, copyright infringement, and trademark infringement. If you are an employee, this includes protection from sexual harassment, wrongful termination, and discrimination. 

This insurance coverage is ideal for all parties involved in social media marketing. As a business owner, you would appreciate having extra security in case something happens. As an employee, you know just how difficult your job can be.

Many employees sign non-disclosure agreements. With those, you agree not to talk specific details out of the workplace, and the policy extends to protecting the company itself. If your actions result in damages or even the loss of a job, then the media policy will work to protect both you and the employer. 

Whether you're a celebrity who uses your public persona to sell products or a small brand using social media for marketing, this insurance policy can cover you. 

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Is Social Media Insurance for Instagram Worth It?

Everyone makes mistakes and experiences unfortunate situations that they can't control. While that's never fun, with help from a media insurance policy, you can protect yourself further. 

With the right form of this insurance plan, you can provide for yourself and the company. A quality plan comes with the reassurance that no matter what happens, you are covered. Your income, your assets, and your safety are protected.  

By taking the time to take advantage of this kind of policy and cover yourself, you can protect every dollar and every minute of your day. Social media is risky, but it doesn't have to be.  

Is Media Liability Insurance Limited To Instagram?

While all companies use some form of digital marketing, some have more robust presences on different platforms. Others might be more targeted to sales or open sources.  

The great thing about today's policies is that you don't have to get one that limits you to one type of service. Instead, you can have a general policy that protects you across platforms.  

You can also take advantage of the automatic protections if you have a strong YouTube strategy. If you have a few accounts for Twitter, Facebook, and other social platforms, they all have the appropriate purchase level.  

What Is The Cost Of Social Media Insurance? 

The cost of any media liability coverage can quickly add up. If you depend more on the platform for marketing, you often pay more for the service. 

Just to give you an idea of how pricing works with other forms of insurance, consider that some types of car insurance cost as much as $1,200 per year. Of course, if you drive long distances, the price increases. Media liability offers reasonable premiums that cover a broad spectrum of potential risks. 

With a comprehensive or combined package, you can end up with higher costs for your insurance. That might not sound too appealing, but the good news is that, when necessary, your policy will protect you against some tremendous expenses. 

Media liability insurance may include anything from copyright claims to false advertising claims. Regarding your essential payments, insurance can help you offset any excessive costs.  

You don't always know how it will turn out with an Instagram post or tweet. Anything from a typo to an inappropriate joke can come as a shock to your company. Your ad could turn off customers and make it harder to make a sale.

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Protect Yourself With Media Liability Insurance Today

Instagram is a fantastic social media tool that allows brands to connect with their intended audience much closer than ever.

With 1.4 billion users, it’s easy to see how fantastic getting this market can be. However, you must have enough coverage to protect yourself from potential mistakes.

Using Instagram and other social media, media liability insurance can reduce your financial risk. While it's not always easy, the right level of coverage and solid support staff can make a huge difference in how you do.

At Rogue Risk, we believe a solid commercial insurance program provides the sustainability needed for businesses to take the necessary risks for profitable growth.

If this is the relationship you want with your insurance broker, we would love to talk to you.

I look forward to introducing you to a new way of viewing your insurance program.

Thank you,

Ryan Hanley


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