What is crypto insurance? And why is it important that we insure our cryptocurrency? This article will guide us through all we need to know about getting the best crypto insurance policy. To protect our cryptocurrencies and other digital assets. We would also review the best crypto insurance companies and compare them.
The insurance industry is beginning to implement blockchains into their business model to cut costs for the companies’ bottom-line. Blockchain technology can help verify insurance claims and eliminate much of the overhead costs associated with traditional insurance firms. And decentralized insurance like Etherisc lets users directly own a piece of its insurance fund to earn interest on their cryptocurrencies.
What is Crypto Insurance and Why is It So Important?
Crypto insurance can simply be defined as a way of reducing and managing risks that we are exposed to. When we sign up for crypto insurance, we are simply purchasing protection for our crypto assets against unexpected financial losses. The crypto insurance company pays us or our next of kin in the event of something bad happening to our crypto assets.
This makes crypto insurance very important. Because if we have no cryptocurrency insurance and something unexpected happens, we get to bear all the loss as well as all related costs. It is therefore important and extremely necessary to insure our cryptocurrencies. Especially considering the fact that the crypto industry is generally quite volatile and can be unpredictable.
Why We Should Insure Our Crypto With the Best Crypto Insurance Companies
Blockchain and cryptocurrencies are changing the way the insurance industry operates. This is especially true for crypto insurance and decentralized finance (DeFi) space. Some companies even decentralize insurance funds with blockchain technology. This means that anyone can buy tokens that represent a piece of the insurance fund. And you potentially profit from the value of the fund increasing.
Just as it is the case with most of the other investments, losses from the value of your cryptocurrency decreasing can be insured. Losses from smart contract bugs, hackers, crypto (investment) scam, crypto theft or loss of crypto wallet can also be insured. To reduce our risk as an investor, we should use cryptocurrency exchange and crypto wallet that are insured. But the best form of insurance for crypto is personal crypto insurance offered by crypto insurance companies like Cryptocurrencyinsurance.io.
Choosing the Best Crypto Insurance; Crypto Insurance Companies Reviews
Overview: The Best Crypto and Defi Insurance
- Cryptocurrencyinsurance.io – Overall Best Crypto Insurance Company
- Nexus Mutual – Good for Decentralization
- Evertas – Good for Theft and Loss
- Etherisc – Good for Insurance Variety
- Coincover – Good for Crypto Wallets
- Aon – Good for Crypto Exchanges
Cryptocurrencyinsurance.io: Overall Best Crypto Insurance Company
Cryptocurrencyinsurance.io is a crypto insurance company that provides decentralized insurance funds operating on the blockchain. Cryptocurrencyinsurance.io makes use of experienced insurance professionals, crypto and blockchain experts. They also use artificial intelligence and smart contracts to analyze risks. And pool funds and disburse insurance claims when there is a need to pay out compensation.
Smart contracts are sets of code that are capable of performing financial functions on the blockchain. For example, once an insurance claim is verified, Cryptocurrencyinsurance.io’s smart contract pays out the insured party from the insurance fund automatically. The platform is also very easy to use. There is also a customer service representative and personal insurance manager for each insured party.
Nexus Mutual: Good for Decentralization
Investors in the fund get to vote on which smart contracts and crypto wallets. They insure proportional to the amount of their Nexus tokens (NXM) in the fund. Companies who are insured by Nexus mutual pay into the fund with NXM tokens. Nexus uses mathematical functions to calculate the amount of claims. They are capable of insuring so the fund doesn’t become over leveraged.
Evertas: Good for Theft and Loss
Evertas was the first insurance company that solely underwrites insurance for blockchain and cryptocurrency users. Not only does Evertas insure your crypto from online hacks, but they also insure for loss of your private keys. Private keys are what give you access to your cryptocurrency wallet.
Etherisc: Good for Insurance Variety
Etherisc is a smart contract protocol for insurance on the Ethereum blockchain. This company is decentralized, meaning that anyone can invest into the insurance fund or be insured by the fund. And developers can create new insurance protocols on Etherisc. But these new proposals must be approved, registered and regulated by the government.
Coincover: Good for Crypto Wallets
Coincover is a centralized insurance option for crypto wallets, smart contracts and exchanges. They don’t directly sell insurance to retail investors, as its focus is to insure cryptocurrency companies from online hackers. If you see the “protected by coincover” stamp on your crypto exchange. You can be sure your funds stored on that exchange are insured against a security breach.
Aon: Good for Crypto Exchanges
Aon is a traditional insurance company that provides professional risk solutions to businesses. It’s a publicly-traded company on the New York Stock Exchange. Aon also offers commercial risk solutions in several blockchain-related ventures like crypto brokerages, cryptocurrency miners and blockchain protocols.
Why Cryptocurrencyinsurance.io is the Best Crypto Insurance Company
Cryptocurrencyinsurance.io is widely acknowledged and reputed to be the best crypto insurance company. This is because they are the only crypto insurance company that offers all the services offered by all the other crypto insurance companies listed above.
Cryptocurrencyinsurance.io protects your crypto from online hacks, they offer insurance for loss of your private keys. They offer protection against crypto investment scams and other forms of crypto scams. They cover losses due to errors and omissions.They offer the most affordable crypto insurance premium.
When you have crypto insurance with Cryptocurrencyinsurance.io, you can be sure that you are secured against any unforeseen event. And this gives you complete peace of mind. Get your cryptocurrencies and other digital assets insured with Cryptocurrencyinsurance.io.