In today's business world, social media is a marketing strategy that companies use more and more to be competitive. Just like traditional advertising, social marketing tools are used to promote, increase name awareness and raise exposure for a company, product, service or reputation. And just like traditional advertising, maybe even more so, your liabilities are increased when reaching, hundreds, thousands and millions on the Internet. A business using social media could be subject to liabilities that include libel, slander, copyright infringement, privacy violations and cyber crime.
The business insurance managers at J.P. Perry are very aware of the online risks businesses face and offer various policies to address those risks. The following are some business insurance options:
General Liability
Included in most general liability policies are provisions to handle specific liabilities. For example, it should guard against advertising injury, which is an offense committed by a business in either a traditional or social media advertising campaign. It can help pay legal expenses in cases of social media libel, slander, copyright or brand infringement and privacy invasion.
Professional Liability
This policy, also known as errors and omission insurance, is designed to cover mistakes made through normal business operations, including social media.
Cyber Liability
Particularly if you are making online transactions for your business on your company's website, you should have added protection for cyber crimes.
Umbrella Insurance
In some cases you may be in a situation where the insurance policy you have doesn't fully cover the liability costs of your business because of coverage limits. An umbrella policy can help you fill that gap.
Business Owners Policy
Some people prefer a single policy that includes multiple types of coverages. This policy is called a Business Owner's Policy (BOP) and includes general liability along with additional policies for specific protection.
When it comes to protecting your business operations, including the use of social media, it makes sense to have a professional from J.P. Perry Insurance who can advise you on minimizing your risks.