Cryptocurrency Insurance

The Cryptocurrency Insurance

A few years ago, Cryptocurrency Price prediction were introduced as a new form of tender that may be used as investment tokens, for lending money, bills payment, and even in remittance purposes. Since it is new and very dependent on the existing tech, it may be vulnerable to risks and breaching.

As more and more people and companies use this as their mode of transaction, the associated risks are also increasing. With that, marketers have come up with a new product which they intend to address these issues — the cryptocurrency insurance.

In this article, we’ll give you a sneak peek and a few ideas about the cryptocurrency insurance and how it may help secure your finances.

Coverage

In this section, we’ll give you a glimpse of the inclusions of some of the basic cryptocurrency insurance packages currently available in the market.

Great American Insurance Company

This famous insurance company was the first to offer cryptocurrency insurance packages by the year 2014. By then, the usage of cryptocurrency wasn’t as widely accepted as it is today. Some inclusions of their insurance package cover endorsements, security from data breach, security from fraud, and also insurance from employee dishonesty.

Today, their cryptocurrency insurance packages have improved and innovated; they already have features for investment insurances and real property insurances (only for cryptocurrency users). The Great American Insurance Company still stands tall as the biggest insurance provider for cryptocurrencies worldwide.

BitCoin Financial Group

The BitCoin group is known as one of the earliest providers of cryptocurrency systems. Upon the receipt of issues due to a security breach and crime offenses related to cryptocurrencies, they’ve come up with the idea to give their clients an insurance package.

Their insurance covers a lot more criminal offenses than those of Great American Insurance Company. They focused more on the needs of the insured, and since they are in the cryptocurrency business, their insurance packages are more trusted and availed of by clients.

Coinbase, Inc.

Like ordinary insurances, Coinbase Inc. offers a package that protects the insured from theft, forgery, and losses. The insurance package they offer is one of the most low-maintenance and cheap-priced when compared to other cryptocurrency insurances. They have a lot of headquarters all over the world but are mostly known in the U.S. and Europe.

Availability

The availability of cryptocurrency insurance is fast developing as much as the cryptocurrency itself. It is available worldwide and can be accessed online as well. One of the best cryptocurrency insurance providers is based in Japan — the Mitsui Sumitomo Insurance. The good thing about their insurance is that they cover both internal and external factors that may affect the cryptocurrency’s security. Their services cover theft, forgery, natural disasters, mistakes, and losses.

There are a lot more insurance companies that offer packages for cryptocurrencies. That said, you want to choose one that’s best for the amount of your investment and the ones that are low-maintenance. High-maintenance insurance packages are more fit for company accounts and not for individual consummation – unless you are a company owner.

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