Because more small- and medium-size companies are incorporating social media into their businesses, insurance professionals believe their clients' risk exposure will grow in the coming year, according to a survey released by specialty-insurer Torus.
In a survey of 105 insurance professionals conducted during the Nov. 7-9 Professional Liability Underwriting Society conference in Chicago, 58 percent say they expect to see an increase in requests for media-liability policies to mitigate social-media risk. Of that number, 16 percent believe the increase will be significant. Thirty-six percent say they don't think there will be a change in the number of requests, while 6 percent believe requests will decrease.
Christopher Cooper, assistant vice president, media liability practice leader, for Torus, says the exposures for small- and medium-size companies are the same as they are for large companies. The difference is that small- and medium-size companies do not have the support and resources to train individuals, monitor postings and have legal advice at the ready.
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