risk management: tip of the week

Social Media Risks

Social media is one of the hottest topics in digital marketing. These days, marketing your self-storage operation on these platforms is no longer a question of "if" but "when." Promoting your facility on social media can help your business stay relevant, and it provides free access to a large audience of potential customers. Social media gives businesses the ability to post real-time updates and can help enhance relationships with prospective and existing tenants in a way that no other medium can replicate.

As with any business tool, however, the benefits are accompanied by risk. Social media is a form of publishing, and users may be subject to associated legal liabilities. The most common types of social media risk and liability include the following:

  • Reputational risk
  • Lack of message control
  • Defamation, libel, and product disparagement
  • Copyright infringement
  • Breach of security, privacy, or confidential information

Next week, we will review steps you can take to manage social media risks.

For more tips, sign up for the quarterly e-Risk Management newsletter. It's free!

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