General Liability Insure has continued their pursuit of helping businesses find the most suitable commercial insurance with the recent addition of cryptocurrency insurance companies to their database. The move will help more businesses using different digital currencies to secure their assets, especially as the rate of malicious hacks increases by the day.
The digital currency world, backed by Blockchain technology, has undoubtedly disrupted the way businesses operate across the globe. The increasing acceptance of digital currency by companies has seemingly eased transactions for clients and organizations.
However, the phenomenon has its challenges, with reports stating that over $1.3 billion in cryptocurrency has been stolen or missing from numerous exchanges in recent times. Unfortunately, crypto exchanges’ security infrastructure is not enough to stop the theft, which underlines the importance of cryptocurrency insurance for exchanges, wallets, crypto traders, and other digital currency users. Getting the most suitable insurance is not particularly easy, hence General Liability Insure’s solution.
The Cost Of Cryptocurrency Insurance
A Bloomberg report has described cryptocurrency insurance as a “big opportunity.” The premium paid for cryptocurrency insurance often varies depending on whether the crypto is in a hot or cold wallet. Studies have revealed that cryptocurrency insurance providers charge annual premiums equal to between 1% and 5% of the assets involved. However, the relative scarcity of carriers means that users of cryptocurrency either have to pay high premiums, self-insure, or take the risk of being uninsured.
Type Of Cryptocurrency Insurance Policies
There are several digital currency insurance policies available on the market to meet the diverse needs of different clients’ categories. However, the different policies can be broadly categorized into two – Crime insurance and Specie coverage. The crime policy has been around since forever and designed to cover damage, loss, theft, and property destruction or digital assets either in transit/transmission or premises. Specie coverage on the other hand focuses on theft or digital assets’ destruction while in storage at a secure location.
It is important to choose the most suitable coverage from the available cryptocurrency insurance companies. For more information about the cryptocurrency insurance policies as detailed by General Liability Insure, please visit – https://generalliabilityinsure.com/cryptocurrency-insurance.html.
About General Liability Insure
General Liability Insure was founded as a commercial insurance agency and brokerage to help small businesses find the most suitable insurance coverage. The company has experienced commercial insurance brokers applying current technology to the commercial insurance brokerage business. They offer a fast and easy online quote process, allowing clients to receive quotes from top-rated insurance companies, and choose the best fit coverage.
Check out their Youtube channel for more information about their services, https://www.youtube.com/channel/UCO5_p9el25aTORrzp4lVhmg.
Company Name: General Liability Insure
Contact Person: Ethan Andrew
Email: Send Email
Phone: (212) 235-2003
Address:99 Wall St
City: New York
State: NY 10005
Country: United States