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Celebrities and business executives worried about being “outed” for their words or actions will be able to take out insurance to deal with the fallout of being caught up in the social media culture war.
The policy is created by Samphire Risk, a Lloyd’s of London backed independent insurance agency offering products focused on crime, hostage risk and hijacking, with Borkowski PR, a London-based crisis communications group.
The coverage provided by the insurance policy includes crisis management communications services specifically designed to protect individuals from culture cancellations and mitigate reputational damage caused by negative media and social media coverage.
“Sharing or liking a tweet can bring your whole world down,” said Mark Borkowski, head of veteran PR who drafted the terms of the policy with Reputational Risk Partners of Services.
“There are a lot of anxious people. The cancel button is the new guillotine [and] One mistake is your epitaph. It’s all too easy to take a stand on things. . . without being deliberate. “
Social media can create near-instant backlash when celebrities, executives, and sports stars are perceived to have often crossed arbitrary lines, causing lasting damage and financial costs.
“Turbo on social media charges any reaction and spreads the world in seconds,” said Borkowski. He added that “in an age where one tweet can wipe out a lifetime of credibility — think . . . Chrissy Teigen’s cancellation for retweeting — [this] is insurance against digital volatility. “
There are existing crisis insurance products, but Borkowski says this will “bridge the gap” in corporate policies by focusing on personal protection for celebrities, executives, athletes and high-net-worth individuals, as well as offering preventative measures.
The policy includes research, analysis, monitoring and training to prevent potential reputational issues in advance, as well as a 24/7 hotline and 60 days of communication to manage and respond to negative media and social media.
“These include ‘Cancel culture’ and ‘Fallout’, areas where corporations cannot, or will not, provide personal cover,” Borkowski said.
The policy will also cover dealing with modern threats such as disinformation and the deep, and extends to related risks such as extortion, blackmail and family-related concerns.
Borkowski said the policy was not aimed at people who broke the law or were guilty of abuse, but was aimed at those who were concerned about their words or actions being taken out of context or with the wrong “spin.”
Borkowski also said that “bot farms” have sprung up that quickly spread false information about people intentionally to harm or distract from the individual.
