You need social media insurance if you rely on your account for income. General liability will cover accidents and property damage, and workers compensation will cover your workers' injuries. You probably also have commercial auto and property insurance, but nothing can protect your social media account, except for Notch.
If your customers reach you through your Instagram, and you rely on your account for your monthly income or even for some of it, you need to insure that account so you don't risk losing everything in a matter of seconds.