Protect your crypto assets reliably
Secure your digital currencies in your crypto wallet against theft, hacking, and other specific online risks with Nextsure's specialized crypto wallet insurance.
Protection against hacking
Protection against theft
For Hot & Cold Wallets
Why Crypto Wallet Insurance is Becoming Essential
Increasing Cybercrime
Valuable digital asset
Complex Risk Landscape
Limited Standard Coverage
What exactly does a crypto wallet insurance cover?
A crypto wallet insurance provides financial protection for losses of cryptocurrencies caused by specific insured risks. Essentially, it protects the contents of your wallet from unauthorized access by third parties. This particularly includes losses from hacking attacks on your wallet, phishing attacks where attackers obtain your login credentials, or the theft of your private keys through malware or social engineering. Depending on the policy, damages from technical malfunctions of the wallet or platform may also be covered. It is important to check the exact coverage details, as the scope may vary, for example, regarding the distinction between hot wallets (online connected) and cold wallets (offline stored). Some policies also cover losses due to certain types of fraud or robbery. The sum insured is usually based on the value of the lost coins at the time of the loss, often up to an agreed limit. nextsure continuously analyzes the threat landscape to offer you the most comprehensive protection for your crypto assets.
Our Services
Comprehensive protection for your crypto wallet
Hacking Protection
Protection against unauthorized access and cyberattacks.
Theft protection
Compensation for the theft of your cryptocurrencies.
Phishing Coverage
Protection against loss through fraudulent information acquisition.
Malware Protection
Coverage for damages caused by harmful software on your devices.
Hot Wallets
Specific protection for your online-connected wallets.
Cold Wallets
Insurance coverage for your offline stored crypto-assets.
Loss of keys
Optional coverage in case of loss of private keys under certain conditions.
Transparente Police
Clear and understandable insurance terms without hidden clauses.
Quick Help
Straightforward claim reporting and swift processing in case of an emergency.
Tailored solutions for your digital assets.
Ready for security?
Protect your crypto wallet now!
Hot Wallet vs. Cold Wallet: Differences in Insurance Coverage
The type of your crypto wallet – hot wallet or cold wallet – plays a crucial role in the risk profile and therefore also in the insurance coverage. Hot wallets are constantly connected to the internet (e.g., software wallets on PCs/smartphones, exchange wallets). While this enables quick access and trading, it also carries higher risks from online attacks such as hacking, malware, and phishing. Insurance for hot wallets, therefore, focuses heavily on these online threats. Cold wallets (e.g., hardware wallets, paper wallets) are stored offline and are considered more secure against hacking attacks. Risks here are more likely related to physical loss, theft of the device, or damage and compromise during the rare online interactions. Insurance for cold wallets takes these specific dangers into account. Some policies explicitly differentiate in their terms and premiums or offer modular components for both wallet types. It is essential that your crypto wallet insurance adequately reflects the usage type of your wallets to ensure optimal protection in the event of a claim. nextsure is happy to advise you on the appropriate protection for your individual wallet structure.
Typical Cases of Damage and How the Insurance Applies
Loss incidents in the realm of crypto wallets are diverse and require specialised coverage. A typical case is a hacker attack, where criminals gain unauthorised access to your hot wallet and steal coins. In such an event, a crypto wallet insurance would cover the financial loss up to the agreed sum insured. Another common case is phishing: you receive a fake email or message that tricks you into revealing your private keys or login details. Here, too, the insurance steps in. If a hardware wallet (cold wallet) is stolen, the damage may also be covered, especially if the thief gains access to the coins, for instance, because security precautions were bypassed or the seed phrase was compromised. Technical malfunctions of the wallet software or the underlying blockchain platform leading to a loss may also be covered, depending on the policy. In the event of a claim, it is important to report quickly to the insurer and provide detailed documentation of the incident, including proof of security measures and the circumstances of the loss. The policy clearly defines which events are covered and which exclusions apply.
Prevention: How to Minimise Risks for Your Crypto Wallet
Although crypto wallet insurance offers important financial protection, prevention is the first and most crucial step in securing your digital assets. Use strong, unique passwords for all accounts and wallets, and always enable two-factor authentication (2FA), ideally via an authenticator app rather than SMS. Be extremely cautious with emails, messages, or calls that ask for your private keys, seed phrases, or login details—legitimate providers never do this. For larger amounts, prefer using cold wallets (hardware wallets) and store your seed phrase securely and in multiple, separate, physical locations. Keep your software (operating system, antivirus, wallet software) consistently updated to patch known security vulnerabilities. Avoid public Wi-Fi networks for crypto transactions. Stay informed about new scams and security risks in the crypto space. A solid security routine significantly reduces the risk of loss and is often also a prerequisite for full insurance coverage.
Choosing the Right Crypto Wallet Insurance: What You Need to Know
Selecting the right crypto wallet insurance requires careful consideration. First, thoroughly check the coverage extent: What risks are covered (hacking, phishing, theft, malware, technical errors)? Are there differences for hot and cold wallets? Pay attention to the insurance amount and whether it is dynamically adjusted to the value of your cryptocurrencies or is fixed. Clarify the deductible in case of damage. Exclusions are also important: Which scenarios are not insured (e.g., losses due to personal negligence, certain coin types, damages on unsupported platforms)? Inform yourself about the insurer's requirements for your own security measures (e.g., use of 2FA, secure storage of keys). The reputation and experience of the insurer in the field of cyber risks and crypto-assets is also a key factor. Read customer reviews and test reports. Compare the premiums of different providers, but don't let price be your only decision factor. Transparent contract conditions and a straightforward claims reporting process are essential. nextsure values clear conditions and tailored advice to offer you the optimal crypto wallet insurance.
Specialized
Expertise in niche insurance
Digital
Simple Online Completion
Trustworthy
Transparent conditions
The role of private keys and seed phrases in security
Private keys and seed phrases are the cornerstone of your crypto wallet's security. The private key is a secret alphanumeric code that allows you to access and control your cryptocurrencies on the blockchain. Whoever possesses your private key controls your coins. The seed phrase (also known as a mnemonic phrase or recovery phrase) is a readable sequence of usually 12 to 24 words, from which your private key (and therefore all your wallet addresses and public keys) can be recovered. It serves as a backup in case your wallet is damaged, lost, or stolen. Absolute secrecy and secure storage of these elements are therefore of utmost importance. Never share your private keys or seed phrase with third parties and do not store them unencrypted on internet-enabled devices. For cold wallets, it is recommended to keep them physically in secure locations protected from fire and water, possibly divided and at different sites. Loss or theft of this information usually results in the irretrievable loss of your crypto assets unless a specialised insurance policy applies.
Regulatory Aspects and the Future of Crypto Insurance
The market for cryptocurrencies and thus for crypto-insurances is relatively young and dynamic, which brings regulatory challenges. Globally, legislators and regulatory authorities are working on frameworks to ensure investor protection, combat money laundering, and promote market stability (e.g., MiCA regulation in the EU). These regulations also affect insurers developing products for crypto-assets. The complexity lies in the decentralized nature of many cryptocurrencies, the pseudonymity of transactions, and the rapid technological development. Insurers need to develop risk models that accommodate these particularities. The future of crypto-insurances is expected to see greater standardization of products, broader acceptance, and potentially integration into traditional insurance policies. As cryptocurrencies establish themselves more firmly as an asset class, the demand for reliable hedging solutions increases. nextsure closely monitors regulatory developments in order to offer innovative and legally compliant insurance solutions for the crypto sector and strengthen user trust in digital assets.
Integration with existing cyber insurance: Are there overlaps?
A common question is whether an existing cyber insurance policy already provides coverage for crypto wallets. In most cases, this is not the case or only very limited. Standard cyber insurance policies for private clients or businesses typically focus on damages from data loss, identity theft, cyber extortion, or damage to IT systems. The loss of cryptocurrencies from wallets is often explicitly excluded or does not fall under the definition of insured assets. The risks in the crypto sector are very specific and require specialised knowledge and coverage concepts that go beyond traditional cyber policies. A dedicated crypto wallet insurance is designed to cover particular dangers such as the compromise of private keys, hacks of exchange wallets, or specific attack vectors on blockchain technologies. It is therefore advisable to carefully review the terms of your existing cyber insurance and, if necessary, take out specialised crypto wallet insurance to avoid coverage gaps. Nextsure helps you analyse your individual insurance needs and identify any overlaps or additions.
Which cryptocurrencies are insurable?
In the event of a loss of your cryptocurrencies due to an insured event, prompt and correct action is crucial for a successful claims settlement. Step 1: Secure evidence. Document the incident as thoroughly as possible: Create screenshots of error messages, suspicious transactions, phishing emails, or chat histories. Note the date, time, and exact sequence of events. Step 2: Try to prevent further damage. Change passwords, lock affected accounts if possible, and inform wallet providers or exchanges if necessary. Step 3: Report the damage to your insurer immediately. Most insurers, including nextsure, offer online forms or hotlines for this purpose. Have your contract number ready. Step 4: Fill out the damage report completely and truthfully. Attach all collected evidence and documents. This may include proof of ownership of the cryptocurrencies and the security measures implemented. Step 5: Cooperate with the insurer. Respond to follow-up questions promptly and provide any additional requested information. Transparent and swift communication accelerates the claims process. The exact steps and requirements may vary depending on the insurer and policy, so it is important to familiarize yourself with the specific conditions of your crypto wallet insurance.
