Share this article
$5 Billion Insurance Company Offers Bitcoin Coverage to Businesses
Great American Insurance policyholders can now add BTC coverage against crime in most US states.
Updated Sep 14, 2021, 2:06 p.m. Published Jun 2, 2014, 8:20 p.m.
Organisations looking to minimize the risks associated with bitcoin can now obtain virtual currency insurance coverage courtesy of Great American Insurance Group.
The company's crime policies currently do not cover what it calls "virtual peer-to-peer mediums of exchange". As such, a new form of protective coverage has been made available through its Fidelity/Crime Division to both commercial and government policyholders.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Great American explained its decision, stating:
"Standard crime insurance policies, including Great American’s crime policy, currently do not automatically provide coverage for virtual peer-to-peer mediums of exchange. Crime insurance coverage for bitcoins can now be granted by endorsement to an existing crime policy."
Great American says the coverage is now available in most US states.
Protection against theft
The Windsor, Connecticut-based company says it is the first in the insurance industry to commercially cover bitcoin.
The company has $50m in underwriting capacity, and is part of American Financial Group Inc., a publicly traded company on the New York Stock exchange that earns roughly $5bn in annual revenue.
Great American's extension of virtual currency coverage only applies to crime, and thus, has its limitations. According to the company's Fidelity/Crime Division, the coverage includes employee dishonesty, money and securities, forgery and computer fraud.
Risky business
Lending to its relatively unregulated nature, there are a number of risks associated with dealing in BTC. Many companies, for example, are wary of bitcoin after the failure of Tokyo-based exchange Mt. Gox.
The ability for companies and governments to insure virtual currency-related activities against criminal loss is a positive one, though there is still regulatory and price risk.
With the advent of newer virtual currency security features from companies like BitGo and insurance coverage capabilities, this is a sign the industry continues to mature and move forward.
Great American logo via Expert Insurance Reviews
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
