The insurance field is constantly adapting to the new needs of society and, without a doubt, insurance for influencers is one of the clearest examples.
This newly created policy has very recently arrived in Spain with the aim of protecting these opinion leaders against the possible risks they face in their daily lives. At PIB Group Iberia we wanted to be pioneers in offering this tailor-made product, which uses the classic services of the Professional Liability and Cybersecurity policies to create a special insurance policy for content creators throughout the country.
According to the IAB Social Networks Study, 85% of Internet users aged 16-70 years use these platforms, which represents about 27 million people in Spain. And, who has not heard of Twitch, where many content creators are, as well as Youtube, Instagram, etc.
Given this growth in recent years, new products such as influencer insurance become more than logical.
Although insurance for influencers is a new response to a new profession, Professional Liability insurance has a long history
protecting professionals from closely related fields, such as photography, IT, communication or digital marketing.
What is influencer insurance?
Influencer insurance is a policy for public figures and content creators on social networks and high-profile platforms, which aims to protect them from potential risks arising from their activity: from privacy crimes and intellectual property infringements to protection against breach of contract or response to a cyber-attack or unauthorized access to accounts.
It is an innovation in the insurance market, specifically designed to protect the activity of content creators in order to protect their income and assets, and to have a defense in case of a claim.
What does influencer insurance protect you from?
As with all other policies, the degree of protection will depend on the insurer and the level of protection the insured wishes to take out. But, broadly speaking, insurance policies for influencers and instagramers provide solutions
- of professional insurance (errors on a job, unintentional breach of contract or regulations, etc.), along with
- cyber insurance protection (technological fraud, data recovery costs, etc.).
Given the particularities of an influencer’s work, these insurances also include features such as unauthorized access to social networks or defamation in the digital environment.
Coverage of an influencer insurance policy
This is a summary of some of the coverage offered by influencer insurance:
- Breach of contract resulting in a claim.
- Negligence or non-compliance in a job for a client.
- Non-compliance related to intellectual property
- Defamation in digital media or social networks
- Unauthorized access to accounts
- Fraudulent use of digital identity
- Cybersecurity Incident Response
And some more coverage, including legal defense, which is key if a claim against the person who created the content should arise.
Who is influencer insurance for?
Influencer insurance is designed for professionals who earn a living or obtain part of their income from their work as influencers on social networks, through sponsorships, collaborations with brands, monetization of their channel or any other formula. In some cases, it is also recommended for public figures who, although not professionally engaged in it, are characterized by openly expressing their opinions and are opinion leaders with a significant number of followers on platforms such as Instagram, TikTok, Twitch or YouTube.
If you want to work with peace of mind knowing that an insurance policy protects you against the most common unforeseen events in your work as an influencer, contact PIB Group Iberia, we will study your specific case!
