In the continuously evolving digital economy, influencers now earn income from lots of sponsorship opportunities. This could be through brand deals, YouTube videos, TikToks and even OnlyFans. Regardless of the influence one is trying to achieve, the truth is that most of these individuals never think about insurance in the focus on likes and videos.
Developing a personal brand or a business on the iself is not as simple as it sounds, with that said, there are multiple personalized insurances that are extremely beneficial.
Why Influencers Will Need Specific Insurances
As a lifestyle vlogger, travel creator, fitness coach or in fashion influencer, your content acts like your business. Therefore, as a content creator, you very well know that you have to deal with risks such as:
Suffering from financial loss as a consequence of hacking and even account deletion.
Getting sued for either copyright violation or defamation.
Losing data equipment.
Data breaches.
Being injured while shooting a film.
Filing a case for account deletion or being hacked.
While the influencers do look laid back, in actual sense it is a business, and all businesses must have insurance.
Basic Policies Recommended For Every Influencer:
1. General Liability Insurance
Covers the risk associated with getting injured during a shoot or being accused of Slander or false claims.
2. Professional Liability Insurance
Assists in covering legal fees due to brands accusing you of not meeting expectations or giving out contracts that have poor advice.
3. Cyber Insurance
Provides coverage for data lost, hacking, and even taking over social media accounts, mostly crucial for influencers with big image, fame and following.
4. Equipment Insurance
Covers your cameras, microphones, lights, laptops, and other assets associated with the work.
5. Inland Marine Insurance
This might sound odd and yes, it does, but this applies to gear that is in motion, such as during travel for shoots or other events.
6. Life and Health Insurance
A large number of influencers operate as freelancers or business owners. This means they do not have an employer providing them these benefits. You need individual coverage for health care and income protection.
What About Business Formation?
If you are making money as an influencer, which many are, you are considered a sole proprietor. You should justify creating an LLC and obtaining:
BOP
Commercial auto insurance (if you drive to create client’s content)
Workers’ comp (you have employees)
What’s the Cost of Insurance for Influencers?
While premiums are different, here’s a ballpark estimation for insurers in the US:
General liability: $300–$800 annually
Equipment coverage: $150-500 annually
Cyber insurance: $200-1000 annually
Professional liability: $400-1200 annually
It is far too low of a price compared to losing thousands in lawsuits, or having gear stolen, or damaged, or lost.
Real-life Risks Influencers Have Faced
One beauty YouTuber was hit with a lawsuit over a “defamatory” review of a brand’s product, which claimed was reviewed in bad light.
A travel vlogger on TikTok lost $10,000 worth of equipment because of an airline incident, and had no insurance to cover the cost.
An influencer had her Instagram account hacked and deleted, which resulted in multiple brand deals—gone.