Are you ready to pay for Instagram hack insurance
"Make a new one" is not something you want to hear when your social network profile is hacked. Especially if you are a content creator and your social media presence is part of your business.
Insurance covers most damages that can happen to your physical property. But what about digital assets and social media accounts?
This is exactly why the Israeli startup Notch was recently created, which wants to provide insurance against hacking for Instagram with its service.
With a starting price of $8 per month, if you lose access to Instagram, you can get compensation and help regain control of your Instagram profile.
The fee depends on several different factors that Notch uses to estimate how much sponsored content a creator posts per month and how much money someone in that influence tier could make per post. Based on this, the monthly fee for the hacking insurance policy can be calculated.
" We look at the number of followers, engagement, where the audience is from, the vertical in which the influencer works, how many posts per month that person usually posts, how many of them are sponsored posts... " explains CEO Rafael Broshi.
TechCrunch analyzed an example of one such insurance policy. For an annual fee of $459, the insurance pays $224 per day for each day you cannot access your profile. Daily fees start after 48 hours and are possible up to a maximum amount of $22,000.00 annually.
Also, one of the rules of this insurance covers other problems you may have, which are related to targeted harassment, mass reports against your account, bans, or suspensions of access to your account for any reason. In all these cases, Notch will not cover the damage.
" We will probably issue an addendum to the policy in the near future, covering suspensions as well," Broshi said. "Right now we don't cover those things, mainly because it's very, very difficult to actually build a product that provides value [...] So we're moving towards the hacking part, where we believe we'll be able to help. "
Although the service is currently only available in a few US states, it is to be expected that it will become more widely available over time, offered by Notch or someone else, so that content creators become more familiar with it, as there should be no shortage of demand for this type of service.
Post by Bryan C.
