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Social media celebrities and content creators have multiplied exponentially amid the COVID pandemic thanks to millions of people being stuck at home A recent Forbes article noted that the influencer marketing industry is expected to grow to almost $14 billion in 2021.
But with all of this opportunity and income, influencers and content creators must also take care of their financial and business affairs. Many of them work as freelancers or sole entrepreneurs, they need securing their own insurance, for example:
Libel protection. In case being accused of libel or slander based on the content they publish;
Professional liability insurance. Covering legal liability against lawsuits arising from accusations of defamation, plagiarism, invasion of privacy;
Workers compensation coverage. Providing safety against workplace injury occurs and help covering expenses for medical treatment, lost wages and other costs;
Property insurance. The gear creators use is expensive and could be insured against damage, theft, floods, fires etc;
Travel insurance. Available to pay for the cost of the trip if creators need to cancel it for whatever reason.
A lot of insurance startups are specializing on a ‘horizontal’ segment like travel or health insurance. I would specialize on a vertical, instead: creators.
A UK startup, Monet, is doing this with payments. When creators get paid with Monet their invoice becomes insured, meaning they have everything covered in case something goes not exactly as expected.
I would pick one of the items from the bullet points above and work on it first. I’d go for workers compensation coverage + health insurance, because if a creator can’t work because of an injury, she/he’s going to lose followers or whatever. So the need is stringent.
Some tips on fundraising for first-time founders from Warren Shaeffer, Ceo of a16z-backed startup Knowable.
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