Influencers need to protect their brand. Without the right strategy your content, assets, reputation, and livelihood could be at risk. Blake Harris Law is here to explain why social media influencers need asset protection and to break down some strategies.
Why do social media influencers need asset protection?
Social media platforms have grown in popularity in recent years. With them has come the rise of social media influencers. Influencers are specialists in their chosen fields. They know how to navigate the digital landscape and create content people love.
Unfortunately, being an influencer comes with many risks. Plagiarism and content theft run rampant; the more popular you are, the greater the risk someone will steal your content. Trying to address content theft can be incredibly difficult, leading to financial struggles, emotional stress, and other difficulties.
Content theft isn’t the only problem influencers may face. An influencer creates their brand, which could sustain damage if people claim you’ve stolen content, spread rumors, or otherwise cause harm to others.
Finding strategies to protect yourself and your content is incredibly important, and asset protection is one such way to keep yourself safe.
How can asset protection help social media influencers?
Asset protection aims to protect you, your assets, and your content from legal risks. You can put various strategies in place, depending on your needs. For example, if you’re worried about someone suing you, you could create an offshore trust or purchase liability insurance to protect yourself.
Finding the right asset protection strategies can provide you with methods to defend your creative content, protect yourself against legal action, and ultimately reduce the risk of financial problems.
Risks faced by social media influencers
The internet offers amazing opportunities, but it also comes with inherent risks. As a social media influencer, it’s important to remain aware of potential concerns to keep yourself safe.
Legal Liabilities
One of the main reasons social media influencers need asset protection is legal liabilities. As a public figure, you run the risk of potential complications, any of which could lead to considerable consequences.
Copyright Infringement
You’ve put an extensive amount of work into your content. This may be more than your job; it could be your passion, and you take great pride in what you create.
It can be devastating when someone else steals your content to profit from it.
Perhaps you posted a photo on Instagram, and someone stole it and posted it to another site, claiming it’s theirs. Or maybe you created a video on YouTube, and someone else plagiarized the content or claimed you plagiarized their content. Fighting back against these actions can be difficult, so finding strategies to protect yourself is important.
In addition, there’s always the risk that you’ll be accused of copyright infringement yourself. If you are, you’ll want to have a way to protect yourself from such accusations.
Defamation and Libel
When you are your own brand, your reputation is everything. The more popular you are, the more likely you are to face attacks on that reputation. Defamation and libel can be devastating and leave you facing legal complications, even if the statements about your character are inaccurate.
In addition, other individuals may attempt to sue you if they believe you’ve spread false information about them. It’s important to have safeguards in place in the event that something like this happens.
Reputation Risks
Your livelihood as a social media influencer relies on a good reputation. People are less likely to interact with your content if your reputation is damaged. Depending on the situation, you may even need to leave social media entirely.
Financial Risks
As an influencer, creating content isn’t just a passion; it’s your livelihood. You could face financial repercussions if you don’t protect your content and reputation.
For example, say someone steals a video and claims it as their own. Viewers may watch that video rather than yours, and the lack of views could lead to a decrease in revenue.
Additionally, you could face fines, legal fees, and more if someone claims your content harmed them.
What are some common asset protection strategies for social media influencers?
Protect your intellectual property, defend against accusations of advertising injuries, and keep yourself safe by choosing the right asset protection strategy. Social media influencers may choose from any of the following.
Creating Legal Entities
Allowing legal entities to hold your assets can protect them from seizure and give you an additional layer of legal protection. Common options include the following:
- Trusts: Creating a trust allows a trustee to take care of your assets for you. In addition, it allows you to determine what’s done with your content after your passing, helping to preserve your legacy. Offshore trusts may be particularly helpful since they can defend your assets against legal action in the United States.
- Limited Liability Corporations (LLCs): Creating an LLC puts some distance between you and your profession. Because of this, you can protect yourself from business-related legal action. However, you will remain liable for any of your personal actions.
- Corporations: LLCs aren’t the only companies you can create. Creating a corporation could protect you against some legal actions and possibly provide tax benefits, depending on what type you create.
Purchasing Liability Insurance
The prospect of legal action can be terrifying. Liability insurance can help you protect yourself.
Media liability insurance defends influencers from lawsuits by paying for damages. These lawsuits may include defamation, plagiarism, or invasion of privacy, among other things.
Social media influencers should purchase a combination of professional liability and commercial general liability policies. Proper planning is important, so speak to a financial professional for more details.
Diversifying Investments
If you want to protect your finances, invest in different income strategies. You could:
- Make sponsored content: Brands may sponsor influencers’ videos, social media posts, and more, hoping to use their audience to attract more customers. Partnering with a brand could help you maintain a steady stream of income.
- Create and sell physical products: Physical merchandise appeals to many individuals, making it an excellent additional revenue stream. Think about what would work with your brand. Would t-shirts sell well? Would your audience like stuffed toys or branded water bottles? Work with designers to create the right merchandise for your fans.
- Consider services like Patreon: External subscription services give fans another avenue to support your content. Patreon is a popular option, though others are available. Consider exploring different sites to find one that suits your needs.
How do social media influencers protect their personal data?
As a social media influencer, keeping yourself and your content safe is important. Protect yourself by:
- Use a username rather than your real name, and avoid giving out personal information online
- Adding watermarks to your content to protect it from theft
- Looking into Digital Rights Management, which can help you take action should someone use copyrighted content
Can asset protection help social media influencers?
Yes, it can. Many asset protection strategies — such as offshore asset protection trusts — can provide protection from lawsuits. Speak to an asset protection attorney to learn more.
Understanding why social media influencers need asset protection is only half the battle; you’ll also need to determine the right strategy for your needs. Blake Harris Law is here to help; reach out today to learn more.
