Insurance that shields tomorrow’s fintech innovation
Don't let risks derail your financial innovation! Transform your risk management with insurance for BFSI companies in India.
Our Trusted Partners
Insurance Policy to Cover Your BFSI & Fintech Startup
Mitigate Financial Risks with Errors & Omissions Coverage
Protect your fintech startup from the financial fallout of unintentional errors, omissions, or negligence in your products or services.
What Are the Risks Faced By the BFSI Sector
Bank Data Breaches
A leading private bank is battling lawsuits after a cyber attack exposed customer records, bringing heavy compliance penalties and compensation claims.
Trading App Glitch
A stockbroking platform faces investor lawsuits over massive losses from a trading halt caused by a system failure, raising tech accountability concerns.
Advisor Under Fire
Clients have sued a wealth advisor for mis-selling financial products, sparking costly legal battles and reputational damage.
Insured Professionals: Who's Covered?
Employees and their dependents
Directors and key senior management
Investors and other shareholders
Product and Asset protection
Inclusions
Professional Negligence
Covers claims arising from errors or omissions in professional services.
Data Breach Response
Provides coverage for costs associated with managing data breaches in banks and fintech companies.
Cyber Extortion
Protects against ransomware and other cyber threats targeting the BFSI sector.
Legal Defense Costs
Covers expenses for defending against covered claims.
Directors' Personal Assets
Protects personal assets of directors and officers in case of lawsuits.
Exclusions
Intentional Damage
Does not cover damages caused intentionally by the insured.
Prior Knowledge
Does not cover claims arising from circumstances that were known or should have been known prior to the policy inception date.
Insured vs Insured Claims
Typically excludes claims between insured parties.
Property Damage
Typically excludes damage to physical property.
War and Terrorism
Excludes damages resulting from acts of war or terrorism.
How are Fintech Startups Covered with Insurance
In 2024, WazirX, a prominent Indian fintech startup and cryptocurrency exchange, fell victim to a significant cyber attack. Hackers exploited a vulnerability in their system, leading to the theft of approximately $230 million worth of cryptocurrency. This breach resulted in a massive financial loss, damaged user trust, and triggered regulatory scrutiny. With Cyber Risk insurance, the BFSI industry can easily mitigate the financial impact of this disaster.
Secure your Fintech Startup Today!
Covrzy’s insurance for Fintech Startups in India is here to safeguard your business in minutes. Connect with a Covrzy expert to craft your perfect insurance plan.
Frequently Asked Questions
How can Covrzy's insurance protect against data breaches for fintech companies?
Our cyber insurance covers costs related to data breach response, including forensic investigations and legal expenses. Contact us to learn more about our Cyber Insurance solutions for fintech startups in India.
How quickly can a fintech startup get insured with Covrzy?
Is Directors & Officers (D&O) insurance important for Fintech startups?
Do you have more questions?
Contact us for any queries related to business insurance, coverages, plans and policies. Our insurance experts will assist you.
Get certain insurance against an uncertain market
Connect with Covrzy’s experts to build an insurance strategy for your startup.
