With technology progressing at an unprecedented level, cryptocurrency miners have surged. The United States is currently experiencing an influx of miners using intensive computers to track various virtual currencies.
This business venture faces many risks, such as cyber-attacks from suspicious programs app developers made to target your assets. You might even need the services of computer businesses when a breakdown happens, and insurance can help cover expenses.
Crypto mining insurance safeguards your digital and physical assets. This article discusses vital policies, their coverage limits, and add-ons.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
General liability insurance is a critical option that shelters your crypto mining business from common liabilities and risks. It primarily covers claims related to third parties, such as your customers, vendors, visitors, or competitors. If an accident occurs while running your business operations, this policy will pay legal defense, judgments, and settlement costs.
Cyber liability insurance–A crypto mining company is susceptible to ransomware attacks, hacking, or data breaches. It would be best if you had this add-on to ensure you recover from financial losses in case of these incidents
Crime insurance–Your business is exposed to external and internal fraudulent activities. This add-on will offer sufficient coverage for these losses due to criminal acts
The coverage limits the insurer gives you must be enough to cover your financial interests. In most instances, you can get $1 million to $2 million for each occurrence snf an aggregate limit of up to $5 million.
| CoverWallet (Best) | NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Yes | No |
| Deductible | $500 | $500 | $500 | $500 | $500 |
Professional indemnity insurance is fundamental coverage for your crypto mining business if you offer consulting or professional services. It will shelter you from claims of negligence, omissions, or errors. It would be best to cushion your business appropriately, as these claims can be costly.
Network security liability insurance–This add-on covers all liabilities linked to data breaches on sensitive data. It will offer protection if your customers claim inadequate safety measures led to data compromisation
Cryptocurrency custody insurance–If your business holds customers' cryptocurrencies or funds, this coverage will offer coverage of losses due to theft or loss of the stored digital assets
When determining the ideal coverage limit of your business, you must evaluate the range of services you offer and the level of risk you are exposed to. But you can get a $1 million to $5 million limit for a single occurrence and up to a $10 million aggregate limit.
Get all the best quotes from leading providers in a click of a button!
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $340,000 | $25,000/$500,000 | $35,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $35,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
This insurance covers your business buildings, contents, inventory, and other physical assets. Buildings insured can be properties you own or have rented for business purposes. It is always recommended that you check what types of events that your insurer will cover. Common perils covered are:
Fire
Smoke
Hail
Windstorm
Vandalism
Sinkhole collapse
Volcanic action
Equipment breakdown coverage–Your business depends on equipment and hardware to store and manage customers' data and cryptocurrencies. This add-on will pay for repair and replacement costs in the event of an electrical or mechanical breakdown
Utility service interruption–Your business requires stable electricity to run its operations. This add-on will safeguard against financial losses due to interruption on your utility services
The market value of your property, the nature of your operations, and the dictated policy terms will influence the amount you receive as a reimbursement after an accident. You can generally be paid from $500,000 to $2 million.
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $320,000 | $25,000/$500,000 | $35,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
A business owner's policy (BOP) has three critical business insurance policies; general liability, property, and business interruption insurance. This insurance policy is meant for businesses with less than 100 employees. The company must also generate at most $5 million in one year. If your crypto mining business meets the required criteria, you can take this budget-friendly and comprehensive policy.
Media liability coverage–If your business creates content or markets itself via media channels, you need this coverage. It will shelter your business from any claims of defamation or other media-related liabilities
Crypto mining equipment insurance–This can be included as part of your BOP or as an add-on. It protects your valuable hardware and equipment explicitly
The coverage limit for BOP can be $500,000 to $5 million for your property and $1 million to $5 million to cover third-party claims. For business interruption coverage, your insurance company can compensate you for 12-36 months of your business net income.
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Tools and equipment insurance for crypto mining protects the items you use in your operations. They can include connectors, network equipment, and cooling systems. The delays and costs of repairing your items can be frustrating and expensive; thus, you need this type of coverage.
Extended coverage for transit–In addition to your crypto mining equipment insurance, you can include this add-on; it covers your items as they are being transported to a new location
The limit for your policy can be from $25,000 to $500,000, depending on the value of your items and policy terms. The money gives you enough coverage for damages or losses from a single event.
This insurance for crypto mining is needed if you regularly transport your business equipment or drive to visit your clients. It typically covers all vehicles that you use for business operations. The policy limits cover any expenses related to an accident caused by you or your employees.
Liability coverage–Pays for bodily injury or property damage liabilities. This coverage will pay for any damages that you or your driver cause
Medical payment–This component pays for the medical costs if your driver or passengers are injured during an accident
Uninsured motorist coverage–This component pays for injuries caused by hit-and-run motorists or if the other driver has no insurance coverage
Comprehensive coverage–It pays for all vehicle damages in case of fire, flood, theft, or vandalism
Collision coverage–Pays for all costs if a vehicle is hit by a car or object
Rental reimbursement coverage–If your commercial vehicle is involved in an accident, you might need to rent a replacement vehicle while you await the repair of your car. This add-on will cover the replacement vehicle in case of an accident
Equipment and tool coverage–If you carry any equipment and tools in your vehicle, you can include this add-on to cover those items
The liability coverage can be from $1 million for each occurrence. For collision coverage, your insurance company will pay for either partial or total repair costs for your automobile.
This crypto mining insurance offers extra cover over what is provided by your primary liability policy. The policy will step in if the limits for your policy are exhausted. It mostly happens in the event of serious injuries that come with large claims.
Cryptocurrency theft coverage–This add-on will cover your digital assets in case of theft or loss
Social engineering fraud coverage–Some social engineering attacks, such as impersonation or phishing, may lead to financial losses in your business. This add-on will cover all losses suffered
The coverage for excess liability insurance can be from $1 million to $10 million. Appropriate coverage of your business will vary depending on your exposed risks and the size of your crypto mining business.
Keeping your workers safe should be the number one priority of your business. However, you cannot 100% safeguard your employees from common work-related injuries. Thus you need to secure workers' compensation insurance for your business. This policy covers the following:
Your employee trips or falls while working
Employees are injured by faulty equipment
Burns that are caused by a fire in your business
Injuries due to falling equipment
Damages due to the constant bending
Repetitive strain injuries
Third-party employee liability coverage–In your crypto mining business, you often work with vendors or third-party contractors who your standard workers' compensation insurance may not cover. This add-on will protect these parties.
Crisis management coverage–Your business can be exposed to crises that may impact the well-being of employees or your company's reputation. This add-on will cover all expenses related to responding to such a crisis
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $29 | $348 | $0-$500 |
| Professional liability insurance | $35 | $420 | $1,000-$2,000 |
| Commercial property insurance | $62 | $744 | $1,000-$2,000 |
| Business owner's policy | $70 | $840 | $1,500 |
| Tools and equipment insurance | $42 | $504 | $500-$1,000 |
| Commercial auto insurance | $33 | $396 | $500-$1,000 |
| Workers compensation insurance | $67 | $804 | $2,500-$5,000 |
| Excess liability insurance | $38 | $456 | $500-$1,000 |
The average crypto mining insurance cost is $29 per month or $348 per year for a $1 million general liability policy. Factors that affect premiums are claims history, business history, policy limits deductibles, and number of employees. Here’s a table showing the cost of a $1 million general liability policy from the best companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $12 | $144 | Best overall; Fastest general liability insurance for crypto miners |
| The Hartford | $18 | $216 | Established crypto miners who are looking for comprehensive workers comp coverage |
| CoverWallet | $16 | $192 | Comparing crypto miner insurance quotes online |
| Tivly | $20 | $240 | Comparing crypto mining insurance quotes over the phone |
| Thimble | $23 | $276 | Crypto miners looking for short-term or project-based insurance coverage |
| Hiscox | $25 | $300 | Crypto miners who are looking for worldwide coverage |
Get all the best quotes from leading providers in a click of a button!
Here is a list of the best six insurance providers and brokers offering great crypto mining insurance deals. You can select your ideal insurer depending on your budget or specific needs for your business.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT was established in 2016 to create an online platform where small businesses can easily apply and manage their business insurance policies. They have openly adopted technology that ensures you can have better control over your policies. If you want proof of insurance, you can instantly get it from their website.
Best for: Best overall; Fastest general liability insurance for crypto miners
Average cost: $12 per month
Our rating: 10/10
Have a digital platform where you can acquire a valid insurance
Customization for your crypto mining insurance is possible
You can also adjust coverage limits to cover your business perfectly
You have unlimited options for the insurance company you can work with
They are an insurance brokerage firm. Thus their policies are issued by third-party companies
CoverWallet started operating in 2015 and currently offers several insurance products, such as BOP, workers' compensation, tools and equipment, and excess liability insurance. You have the freedom to select from their numerous insurance providers.
Best for: Comparing crypto miner insurance quotes online
Average cost: $16 per month
Our rating: 10/10
This is an experienced company offering insurance products for many years.
Broad coverage options for your insurance company
This company is known to have an impressive financial stability
You might not have access to many add-ons on your liability insurance
The Hartford is an established insurance company that has been offering insurance products for many years. They offer several insurance products, such as workers' compensation, cyber liability, general liability, tools and equipment, and property insurance.
Best for: Established crypto miners who are looking for comprehensive workers comp coverage
Average cost: $18 per month
Our rating: 10/10
Budget-friendly insurance coverage options available
A straightforward application process for your business
A reputable insurance marketplace that connects you to a suitable provider
To obtain an insurance quote, you need to call their representative
Tivly is a platform that acts as an intermediary between businesses and insurance companies. This company simplifies the insurance application process for your business. You can get budget-friendly coverage options for your crypto mining insurance. You can purchase a BOP policy, workers' compensation, tools and equipment, or cyber liability insurance. Call now to compare quotes over the phone.
Best for: Comparing crypto mining insurance quotes over the phone
Average cost: $20 per month
Our rating: 9/10
Offers insurance coverage for specific events or short periods
On their digital platform, you can conveniently manage your policies
You can also use their mobile app to manage your policies
Their customer service is only accessible on the virtual platform
Thimble is an insurance company that offers insurance policies for short-term projects. If you want coverage for your crypto mining business, they have a wide array of products you can select. You can purchase BOP, workers' compensation, excess liability, tools, and equipment insurance.
Best for: Crypto miners looking for short-term or project-based insurance coverage
Average costs: $23 per month
Our rating: 9/10
They are an experienced insurance company and will offer your business unrivaled insurance advice.
When you buy bundled policies, you enjoy attractive discounts
They have worldwide coverage for businesses that operate internationally
Doesn't offer coverage in Alaska
Hiscox is an insurance company that offers multiple insurance products for all types of businesses. This company has been providing coverage for numerous years. You can purchase insurance products such as professional liability, general liability, workers' compensation, tools and equipment insurance, and media liability insurance.
Best for: Crypto miners who are looking for worldwide coverage
Average cost: $25 per month
Our rating: 9/10
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Not all those who wander are lost.
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