Your tech startup faces numerous threats from criminal activity in both the digital and the non-digital worlds. In the fourth article in our tech startup series find out why you need Crime Insurance and the benefits it offers your Web3 business at all stages of your evolution.
Crime Insurance: What is it?
Crime insurance is a financial safety net designed to protect businesses from the unpredictable and often devastating consequences of criminal activities. This specialised form of insurance goes beyond traditional coverage, addressing the diverse range of risks associated with theft, fraud, embezzlement and other illicit actions.
Whether it’s shielding businesses from cyber threats, mitigating losses due to employee dishonesty, or safeguarding against identity theft, crime insurance provides a critical layer of defence, transferring the risk from your business to an insurer.
Crime insurance: Why do tech startups need it?
In the Web3 era, new forms of criminal activity continue to evolve, and tech startups face a gamut of emerging threats in addition to traditional digital and real-world crimes. In spite of this, the Web3 economy in general is currently under-insured, and many companies in the digital space are leaving themselves vulnerable in this ever-shifting risk landscape.
Crime insurance is a crucial safeguard for tech startups, offering essential protection against financial risks associated with criminal activities. Policies can be specifically tailored to meet the unique challenges faced by the tech industry, providing a robust defence against a wide range of escalating criminal threats in the digital and non-digital worlds.
With a crime insurance policy in place your tech startup will be protected against both internal and external risks. The financial resilience and peace of mind this gives enables you to operate with confidence and focus on innovation to ensure longevity and success.
Given the unique risks associated with Web3 technologies such as cryptocurrencies, smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs), traditional insurance policies may not adequately cover these emerging threats. Therefore, specialized crime insurance tailored for Web3 applications is essential to provide comprehensive protection.
When should I consider Crime Insurance?
From the get-go your tech startup should have a comprehensive risk management strategy in place to protect you against all types of risk, including criminal acts.
The risk of losses related to criminal acts is present at every stage of your company’s evolution, so your strategy should include a Crime Insurance policy from the outset. Working with a specialist broker can ensure that your policy remains aligned to the needs of your business as it expands and grows.
How can Continuum help tech startups?
Whether you are just about to launch or you have a well-established customer base and operational processes, Continuum can help you mitigate risk with a tailored Crime Insurance or Specie Insurance policy.
The intersection of cutting-edge technology and the need for robust risk management in the rapidly changing Web3 landscape creates complex insurance requirements. Traditional insurance companies have struggled to keep up and you will benefit from working with a specialist who understands the risks that your tech startup faces.
Continuum is a boutique risk and insurance advisory firm operating in Asia. We have the expertise to tailor a policy to your requirements by assessing several factors including your business activity, security controls, financial controls, the value of any physical assets you own and the extent of coverage that you require.
We go above and beyond to support our clients during every stage of the insurance process.
Why not give us a call or email us to set up a meeting for a free assessment of your Crime Insurance needs.
