Lloyd’s Coverholder, Assured Social, and influencer marketing platform Tailify have collaborated to create a bespoke insurance product aimed exclusively at providing professional indemnity insurance coverage for social media influencers.
The coverage – underwritten at Lloyd’s of London through specialist insurer Beazley – supports Tailify’s mission to ensure influencer marketing is more professional, making the industry reliable and trusted by influencers and brands alike.
Social media influencers are rapidly becoming one of the most valuable ways for brands to market their products. Business Insider forecasts the value of the global Instagram influencer market at as much as $8bn in 2019. Despite this, many influencers have no professional indemnity insurance to protect themselves when dealing with complex contracts and the obvious risk of breaches together with defamation and copyright related concerns.
Social media influencers have distinct and unique insurance requirements. Assured Social provides insurance policies which specifically offer the coverage they require, allowing a much lower premium than a standard Public Figure or Professional Indemnity insurance package. Pricing starts at £120 for £100,000 of coverage.
Assured Social’s policies are available to all social media influencers, not just those registered with Tailify. Coverage is offered on a worldwide basis.
Fredrik Segerby, chief executive of Tailify, said, “We’re focused on building the most trusted, professional and transparent influencer platform in the market. Protecting both our influencers and advertisers is key to that ethos.” He added, “Although top influencers have tremendous reach and impact, they’re not legally required to be insured in the way that traditional businesses are. It leaves them open to being sued if contract obligations aren’t met, even due to an innocent mistake or misunderstanding. Even if they win in court, the legal battle can ruin them financially. Assured Social provides peace of mind for influencers, and confidence for advertisers.”
Ben Gallop, chairman and CEO of Assured Social, said, “After examining the insurance needs of a social media industry, we are delighted to be working with Beazley to provide our unique coverage.” He added, “Partnering with Tailify is a great springboard to raise awareness of the threats – both financial and reputational – that currently face social media influencers. We are delighted to play a small part in helping to professionalise this rapidly growing industry, both here in the UK and in the United States.”