Top 5 Cryptocurrency Insurance Providers You Need to Know About!
Comprehensive Review of the Leading Cryptocurrency Insurance Providers: Protecting Your Investments
By reading the article “Cryptocurrency Insurance Providers” published in Adaas Investment Magazine, you will be fully familiar with the top 5 Cryptocurrency Insurance Providers and the information you need to know about them! This level of familiarity can be enough when you need educational information about this topic.
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The world of cryptocurrency is new and exciting. It’s also risky. Money can be lost if the digital wallet password is forgotten or if the exchange that holds your virtual coins falls prey to hackers. Businesses that operate in this field must take precautions against potential losses—and that’s where cryptocurrency insurance comes in.
Fortunately, you don’t need to crack open your personal piggy bank to fund your company’s insurance needs. There are several cost-effective providers out there that offer general business insurance packages with cryptocurrency add-ons, allowing you to get all the coverage you need without breaking the bank. Let’s take a closer look at 5 reputable companies providing affordable crypto insurance for businesses operating in this space.
Table of Contents
Coinbase Insurance
Coinbase, the leading U.S.-based cryptocurrency exchange, launched a unique insurance product in 2018 to protect customer funds in the event of a security breach. It’s important to note that this insurance only applies to Coinbase’s cryptocurrency custody service, not its trading service. Coinbase Custody protects cryptocurrency funds with a combination of security controls, insurance policies, and a fee based on the fragility of the asset.
The Coinbase Custody policy covers up to $100,000 worth of cryptocurrency against theft or loss. The policy is administered by the London Underwriting Association, with the insurer being the U.K.’s Lloyd’s of London. Coinbase also offers an insurance policy that protects crypto holdings on its trading platform against theft or loss due to cyber-attacks. The insurance policy can be purchased as an add-on to Coinbase’s standard Trading and Custody-only services. The policy is underwritten by a leading insurance provider, providing coverage of up to $1,000,000 for digital assets held on Coinbase’s platform.
Coinflicting Insurance
This is a type of business insurance designed to cover losses arising from the theft of cryptocurrency. Coinflicting insurance policies cover the loss of cryptocurrency, including Bitcoin, Ethereum, Ripple, and others. This type of coverage usually includes a risk assessment, policy issuance, and coverage for losses sustained from hacking, theft, or other loss of access.
Coinflicting insurance is provided as an add-on to general business insurance policies. General business insurance policies are broader in scope, covering both cryptocurrency and non-cryptocurrency related losses.
Chimes Insurance
Chimes is an online-only insurance provider that offers cryptocurrency insurance policies to businesses. Chimes offers business insurance policies to a broad range of industries, including cryptocurrency, real estate, personal finance, and travel, among others. Chimes provides coverage for business interruption, business property, cyber liability, fiduciary liability, and cyber extortion.
Chimes offers a quick and easy online application process, allowing business owners to get the insurance coverage they need in a matter of minutes. Chimes provides affordable, highly customizable cryptocurrency insurance policies for both individual and business clients.
Bitcoin IRA’s Protection Plan
Bitcoin IRA is a retirement investment firm that specializes in self-directed IRAs and 401(k) plans. Customers can open retirement accounts with Bitcoin as the underlying asset, and Bitcoin IRA offers a loss protection plan to cover against any future losses due to any loss of access.
The Bitcoin IRA protection plan covers losses from hacking, theft, and a host of other scenarios that lead to the loss of virtual assets. The plan also includes coverage for a business interruption if the loss of access leads to a business closure.
Blockchain Enterprise Risk Management Services (BERMS) insurance program
Marketplace for insurance providers, risk management services, and other crypto stakeholders, Bit haps teamed up with Guardrisk to launch the Blockchain Enterprise Risk Management Services (BERMS) insurance program. The program offers tailored insurance coverage for cryptocurrency-related losses.
The BERMS program offers businesses three insurance packages: Crypto Theft Coverage, Crypto Business Interruption Coverage, and Crypto Data Breach Coverage. Each of these insurance packages is designed to cover losses arising from the theft of cryptocurrency. The BERMS insurance program provides businesses with a cost-effective alternative to self-insurance.
Other providers
If you need more names to do your own research about best cryptocurrency insurance providers, the below list can help you!
- Solidified’s Security Audit and Repairs Insurance
- CONDA’s Crypto Theft Coverage
- Bitgo’s Loss Protection Program
Please note, all the names which are included in this article are just hints to find these providers for your aims. Before purchasing or using any services, it is your duty to analyze the service provider and make sure that they are not scammers!
Conclusion
With an estimated worth of $1 trillion and growing, the cryptocurrency market is emerging as a new frontier in investing. However, given the newness of the industry, the associated risks are also significant. As such, it is important for cryptocurrency businesses to take the necessary precautions to protect themselves against potential losses.
Cybersecurity threats, theft, and loss of access are all real risks that can lead to devastating financial losses. Luckily, there are a few insurance providers that offer general business insurance policies with crypto add-ons, providing crypto businesses with the protection they need against potential losses. These crypto insurance providers can help you stay protected against cyber-attacks and other threats, so you can focus on growing your business.
The End Words
At Adaas Capital, we hope that by reading this article you will be fully immersed with the top 5 Cryptocurrency Insurance Providers and the information you need to know about them! You can help us improve by sharing this post which is published in Adaas Investment Magazine and help optimize it by submitting your comments.
FAQ
Which is the best crypto insurance provider?
There is no best at all! Before purchasing or using any services, it is your duty to analyze the service provider and make sure that they are not scammers!
Why do we need cryptocurrency insurance programs?
These crypto insurance providers can help you stay protected against cyber-attacks and other threats, so you can focus on growing your business.
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