Posts Tagged ‘social media insurance’

Social Media Policies – Training & Insurance

February 26, 2011

Inc magazine has published this article, How to Avoid a Social Media Lawsuit which does a good high level job of pointing out things to watch out for. The first thing is to write a social media employee policy and it references an earlier article they published which is useful.

But nowhere in the article do they talk about examining your insurance policies or checking with your insurance  broker about whether your current insurance covers the company for any or part of any social media risks.  And if you developing a social media policy, why not check with your insurance broker to see if there are ways to write or implement your policy that can provide you coverage under your existing insurance. Here is a link to a post where I addressed the insurance issue.

Training

It seems to me, that having a policy is only the first step.  Next, you have to make sure that your employees understand the policy – not just the written word – but also the underlying social media platforms and uses to insure they are complying.

Insurance for Social Media Usage

February 18, 2011

This article published by Cozen O’Connor on social media insurance does a good job of explaining the thinking an organization should do about its insurance when adopting social media as part of its business.

The first thing is to be clear about the nature of your social media activity and the next is to look at your existing coverage and reach out to your insurance broker or agent to determine if you would be covered under the policies should social media activity result in a business loss.

Examples would be useful

Employment terminations and defamation come to mind as the most common scenarios for possible losses that would trigger insurance coverage but what about the corporate officer who creates a false name and bashes the competitors.  Is this a scenario that would trigger D&O coverage?  What if the company’s use of social media is poorly thought out and creates holes in their firewall, allowing their e-commerce website to go down?  I’d like to see an article that outlines the variety of possible scenarios and if and how a company could expect to be covered for such losses.