Scale Underwriting, a Founder Shield company that provides tailored insurance products for high-growth companies, has launched Scale Social, a media liability insurance policy for social media influencers and their agencies.
Scale Social provides US-based influencers and agencies, particularly those with paid brand partnerships, an insurance policy designed to protect them from any potential lawsuits involving their social media activities. This insurance will also cover influencers who are promoting goods without a direct contract with a brand, in case a party asserts there was a negligent or unflattering promotion.
The insurance is offered online and is backed by Beazley, one of Lloyd’s of London’s largest specialist insurers.
With the whole influencer marketing industry set to grow to $13.8 billion in 2021, an increase of 42% from 2020, it’s imperative that influencers and their respective agencies prevent any potential liability arising from their operations.
“The emergence of TikTok and other digital content platforms requires the insurance industry to think differently,” says Christine McCarthy, Underwriter at Scale.
Also as the power and value of the influencer industry rises, so does the scale of the financial and reputational risk, adds Claire Templeton, Media Underwriter at Beazley. “The challenge for influencers, platforms, and agencies is to professionalize at the same rapid pace and ensure they have the insurance protection in place to help manage their risks and potential claims against them effectively,”
Scale Social was designed, built, and tested with those protections in mind, adds Jonathan Selby, General Manager of Founder Shield.
Scale Underwriting, a managing general agent of underwriters at Lloyd’s of London, provides insurance products for high-growth companies.
Founder Shield is a tech-enabled boutique insurance broker focused exclusively on emerging industries and niche insurance products.
Beazley plc is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America, and Asia. Beazley manages six Lloyd’s syndicates, all rated A by A.M. Best.
Source: Scale Underwriting
Originally posted at: https://www.insurancejournal.com/news/national/2021/06/18/619298.htm