Perhaps your business has joined, or is considering joining, the growing list of those accepting virtual currencies, like bitcoin, as payment for services.
The headlines regarding virtual currencies often involve their quick and large fluctuations in value. However, some headlines are due to the growing number of hackers finding ways to steal the currencies held in the virtual “wallets” of individuals and businesses.
For many years, traditional insurance policies have been able to cover some of a business's losses due to theft while others can cover losses stemming from an interruption to a business's e-commerce function (e.g., the website can't process payments due to covered damage). However, most traditional policies are not designed to cover virtual currency exposures, which result in the loss of or inability to accept virtual currency.
Should your business decide to accept digital currency as a method of payment, contact your insurance agent or broker to learn more about possible insurance protection.
For more information or answers to your insurance questions, contact us at Allan Block Insurance Agency, www.ambins.com, located in Tarrytown, NY in the heart of Westchester County, a key business district near New York City. We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. The Professional Agency with the Personal Touch.