risk management: tip of the week

Managing Social Media Risks

Promoting your self-storage facility on social media offers valuable benefits, but there are risks involved. As a form of publishing, social media can expose users to associated legal liabilities to include reputational risk, copyright infringement, breach of privacy, and claims of defamation, libel, and product disparagement.

The most critical step in managing social media risk is to create a stand-alone social media policy in consultation with your attorney. The policy should outline the approved strategy for posting and responding to comments, and specific details about how the policy will be enforced. Once the policy is in place, it's important to provide ongoing training and education for your employees.

Social media activity should be monitored daily with negative comments reported to you immediately. If you don't have access to in-house staff to create content and actively monitor your accounts, consider reaching out to a third-party social media company. If you choose to handle social media activities within your operation, it is still beneficial to have a third party review your activity on a quarterly basis to provide marketing guidance and help ensure compliance with the social media policy.

Finally, consult your insurance agent for advice about exposures related to social media and online marketing risks. Your agent can provide information about applicable coverage including cyber insurance and other products that address your operation’s needs.

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Sincerely,

Mike Schofield

Mike Schofield
President & CEO

MINICO INSURANCE AGENCY, LLC
Member ARAN Insurance Services Group

10851 N. Black Canyon Highway, Suite 200, Phoenix, AZ 85029