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Celebrities and business executives will be able to “cancel” their words or actions to take out insurance to deal with the fallout from being caught in a culture war that spills over into social media.
The policy is created by Samphire Risk, an independent Lloyd's underwriting agency in London offering products focused on crime, hijacking and hijacking risks, with Borkowski PR, a communications group in London.
The coverage provided by the insurance policy includes crisis management communications services specifically designed to protect individuals from cancel culture, and mitigate reputational damage caused by negative media coverage and social media coverage.
“Sharing or liking a tweet can bring down the entire world,” said Mark Borkowski, a veteran public relations head who filed the terms of the policy with Risk Services Partner.
There are a lot of people worried. The cancel button is the new guillotine (and) one mistake is your epitaph. It is very easy to take a position on things. . . Without being thoughtful.”
Social media can create near instant backlash when celebrities, CEOs and sports stars are deemed to have crossed often arbitrary lines, causing lasting damage and financial cost.
“Social media turbo-charges any reaction and spreads it around the world in seconds,” Borkowski said. He added that, “In an age where one tweet can wipe you out for life — think… Chrissy Teigen's cancellation of post appearances — (this) is insurance against digital volatility.”
There are existing crisis insurance products, but Borkowski says this will “fill the gap” in corporate policies by focusing on personal protection for celebrities, executives, athletes and high-net-worth individuals as well as offering protective measures.
The policy includes research, analysis, monitoring and training to prevent potential reputation issues in advance, as well as a 24/7 hotline and 60 days of communications to manage negative media and social media response.
“This includes ‘cancel culture’ and ‘culture war,’ areas in which companies may not, or do not, provide a personal envelope,” Borkowski said.
The policy will also cover dealing with modern risks such as misinformation and race, extending to associated risks such as blackmail, extortion and family concerns.
Borkowski said the policy was not designed for people who broke the law or were guilty of wrongdoing, but was aimed at those who were concerned about their words or actions being taken out of context or a wrong “spin.”
Borkowski also said that “Bot farms” have quickly emerged that spread fake information about people intentionally to damage or divert attention from the individual.
