Insurance for Cryptocurrency
Cryptocurrencies, including Bitcoin, Ethereum, Ripple, etc., may be the waive of the future as more and more companies are beginning to accept the products as legitimate currency. Along with this wide acceptance comes the potential for risk and error.
Many of the leading cryptocurrency companies are back by blockchains, which are designed to reduce risk, but there are no guarantees.
Wherever there is risk, you can be sure there is insurance to cover that risk.
In 2014, Great American Insurance Company began to offer the first official Bitcoin Insurance coverage to businesses. Specifically, Great American began granting endorsements to existing crime policies for customers who accept bitcoin for additional crime insurance. The Great American policy covers Employee Dishonesty, Money & Securities Forgery and Computer Fraud, with additional coverages available as endorsements.
Reuters.com recently posted a very interesting and up to date article on the risks involved with cryptocurrency and potential insurance fixes available to help protect you and your investment, click HERE to find out more information.