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Actuary Insurance: Cost & Quotes From $35/mo

Table of contents
1. What is an Actuary?2. General Liability Insurance for Actuarial Services2.1. What Are the Add-Ons You Can Have?2.2. Coverage Limits of General Liability Insurance for Actuarial Service2.3. Are There Any Specific Exclusions You Should Know When Getting General Liability Insurance for Actuarial Service?2.4. Can the Policy Be Extended to Cover Independent Contractors Working On Behalf of the Actuary?3. Errors and Omissions Insurance for Actuarial Services3.1. What Add-Ons Can Be on This Policy?4. Commercial Property Insurance for Actuarial Services4.1. What Are Common Add-Ons You Can Have In Your Insurance Policy?4.2. Coverage Limits for Commercial Property Insurance for Actuarial Service4.3. What is the Level of Risk Associated With an Actuarial Service Business, and How Does It Affect Commercial Property Coverage Limits?5. Business Owner’s Policy (BOP) for Actuarial Services5.1. Add-Ons for BOP for Actuarial Services5.2. Coverage Limits of Business Owner’s Policy for Actuarial Services 6. Tools and Equipment Insurance for Actuarial Services6.1. Coverage Limits for Tools and Equipment Insurance for Actuarial Services6.2. What Common Equipment is Covered Under the Tools and Equipment Policy?7. Commercial Auto Insurance for Actuarial Services7.1. Add-Ons to Commercial Auto Insurance for Actuarial Services7.2. Coverage Limits for Commercial Auto Insurance for Actuarial Services8. Workers Compensation Insurance for Actuarial Services8.1. Coverage Limits for Workers Compensation for Actuarial Service9. Excess Liability Insurance for Actuarial Services9.1. Coverage Limits for Excess Liability Insurance for Actuarial Service10. Actuary Insurance Cost11. Best Insurance Companies for Actuaries11.1. NEXT Actuary Insurance 11.1.1. Pros11.1.2. Cons11.2. CoverWallet Actuary Insurance 11.2.1. Pros11.2.2. Cons11.3. The Hartford Actuary Insurance 11.3.1. Pros11.3.2. Cons11.4. Tivly Actuary Insurance 11.4.1. Pros11.4.2. Cons11.5. Thimble Actuary Insurance 11.5.1. Pros11.5.2. Cons11.6. Hiscox Actuary Insurance 11.6.1. Pros11.6.2. Cons

If accountants help businesses manage their finances, actuaries help clients assess their risks.  After all, keeping a business running well isn’t all about a good marketing strategy and bookkeeping practices. 

Knowing the upcoming financial losses and how they can be prevented with the help of an actuary is also crucial. Work with more peace of mind. Getting actuary insurance will help you cater to any financial losses that your business may incur due to liability claims, commercial property damage, and employee injuries. 

What is an Actuary?

An actuary is a professional who employs mathematical, statistical, and financial techniques to assess and manage risk in numerous industries, such as insurance, finance, and healthcare. 

Actuaries analyze data and develop models to assist businesses in making informed decisions regarding the management of prospective risks and financial uncertainty. 

They are essential in setting insurance rates, developing pension programs, and analyzing the viability of businesses financially. Actuaries must pass a string of difficult exams in order to become recognized professionals, and they often hold advanced degrees in mathematics, statistics, or actuarial science.


General Liability Insurance for Actuarial Services


CoverWallet NEXT (Best)Thimble HiscoxThe 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?YesNoIncludedCan be includedNo
Hired/non-owned auto liability coverage included?YesNoExcludedCan be includedCan be included
Equipment breakdown floater included?No YesYesCan be includedCan be included

General liability insurance for actuarial service is the policy you can get to protect your actuary from potential liabilities that can arise as you carry out your professional activities. It can cover you against risks and expenses incurred from third-party claims for property damage, bodily injury, and other related legal costs. 


What Are the Add-Ons You Can Have?

The add-ons are what you can have as endorsements to help enhance your general liability insurance. Some of the add-ons you can have include;

  • Cyber liability insurance is an add-on that helps protect you from liabilities arising from cyberattacks, such as data breaches and hacking

  • Customer property coverage takes care of expenses in case a customer’s belonging, such as a laptop or financial record, got lost or damaged while in your care, custody, and control 


Coverage Limits of General Liability Insurance for Actuarial Service

The coverage for your general liability insurance for actuarial service will depend on the deductibles put in effect. But generally, you can get $1 million to $2 million for each occurrence.


Are There Any Specific Exclusions You Should Know When Getting General Liability Insurance for Actuarial Service?

There are exclusions which you can get in your terms and conditions. General liability insurance does not cover claims arising from professional services. It may also exclude acts that your actuary may have done intentionally to harm or injure a client or a third party.


Can the Policy Be Extended to Cover Independent Contractors Working On Behalf of the Actuary?

You can extend your general liability insurance policy for actuarial services to cover independent contractors. To get this coverage, you may require an endorsement and need to pay additional premium costs.


Errors and Omissions Insurance for Actuarial Services


CoverWallet NEXTThimble (Best)HiscoxThe 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
Name additional insureds?YesYesYesYesYes
Waiver of subrogation included?YesNoYesCan be includedNo


It is an insurance policy protecting actuarial professionals when they face liabilities arising from errors, omissions, or negligence in performing professional duties. The policy covers any costs that may arise from professional misconduct or mistakes.

The coverage for this policy can vary significantly depending on your business, the number of employees, and the insurance company you use. The most popular option for actuarial businesses is the limit of $1,000,000. The specific situations where the policy can help your actuarial business include;

  • Calculation errors

  • Missed deadlines

  • Inaccurate advice

  • Misrepresentation


What Add-Ons Can Be on This Policy?

The common add-ons to the errors and omissions policy include;

  • Prior acts coverage–It is an add-on that extends the policy to cover claims arising from the actuarial services you provided before getting the insurance policy

  • Defense outside the limits–This endorsement will allow the policy to cover your defense costs that exceed your coverage limits

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Commercial Property Insurance for Actuarial Services


CoverWalletNEXT (Best)ThimbleThe HartfordHiscox
Building coverage limit (minimum)$50,000$320,000$25,000/$500,000$75,000$25,000
Contents coverage limit (minimum)$50,000$35,000$25,000/$500,000$75,000$15,000
Outdoor signsExcluded$2,500ExcludedExcludedIncluded
Accounts receivable ExcludedExcluded$5,000/$10,000ExcludedIncluded
Money and securitiesExcluded$2,500$1,000ExcludedIncluded
Lock and keys Excluded$2,500ExcludedExcludedIncluded
Business interruption floaterExcludedIncludedIncludedExcludedIncluded
Equipment breakdown floaterExcludedIncludedExcludedExcludedIncluded
Inland marine insurance floaterExcludedExcluded$10,000ExcludedExcluded
Employee dishonesty floaterExcluded$5,000$2,500ExcludedExcluded


This is an insurance policy that covers actuaries owning or renting property for their actuarial services. It covers risks such as theft, vandalism, and also natural disasters. There are specific incidents that this policy can cover you, such as:

  • Fire damage

  • Theft

  • Vandalism

  • Equipment breakdown


What Are Common Add-Ons You Can Have In Your Insurance Policy?

You can have some endorsements of the policy, such as;

  • Flood insurance covers any damage that floods may cause to your building.

  • Earthquake insurance covering damage arising from earthquakes


Coverage Limits for Commercial Property Insurance for Actuarial Service

The coverage limits are based on the value and location of the property. The limits can range from $25,000-$1 million.


What is the Level of Risk Associated With an Actuarial Service Business, and How Does It Affect Commercial Property Coverage Limits?

The level of risk in actuarial services is considered low compared to other industries. Actuaries work with data and don't engage in any hazardous activities; therefore, the risk of property damage is low. For the actuarial services business, the premiums are low. Also, the coverage limits required for these businesses don't need to be high as those needed for high-risk businesses.


Business Owner’s Policy (BOP) for Actuarial Services


CoverWalletNEXT (Best)Thimble Hiscox
General liability aggregate limit $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$75,000
Optional policies can be added?YesYesYesYes
Name additional insureds for free?YesYesYesYes
BOP discount?YesYesYesYes


It is an insurance policy that combines different types of coverage in one single package. A BOP combines general liability insurance and commercial property insurance. It provides comprehensive protection to your business against most risks and liabilities. A business owner’s policy can cover you for the claims arising from these specific situations;

  • Accidental injuries to your clients

  • Property damage

  • Business interruption


Add-Ons for BOP for Actuarial Services

These  are the specific add-ons you can have an endorsements to a BOP:

  • Employment practices liability insurance helps cover your business against employee claims about discrimination, wrongful termination, and harassment

  • Professional liability insurance is an add-on to help cover claims of professional negligence, errors, or omissions


Coverage Limits of Business Owner’s Policy for Actuarial Services 

The coverage for actuarial service business will depend on the terms of your specific policy. But generally it is $500,000 to $2 million for each occurrence.



Tools and Equipment Insurance for Actuarial Services


NEXT ThimbleHiscoxThe 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/$5,000NoYes
Miscellaneous equipment also covered?$5,000/$10,000NoYesYes
Offered as an endorsement to general liability insurance?YesYesYesYes
Deductible$500$500$0$0


Tools and equipment insurance covers the tools, equipment, and specialized instruments actuaries use to conduct their professional work. The policy aims to ensure that it can cover these valuable assets in case of loss, damage, or interruptions arising from the damage. The specific situations in which tools and equipment insurance can offer coverage include;

  • Accidental damage

  • Theft or burglary of the equipment

  • Fire or disasters damaging your tools and equipment


Coverage Limits for Tools and Equipment Insurance for Actuarial Services

The coverage is affected by the terms dictated by your provider. However, you can get a limit that is similar to the market value of your equipment and tools.


What Common Equipment is Covered Under the Tools and Equipment Policy?

The equipment typically covered may entail the computers and laptops you use for analysis and modeling. Also, it covers printers, scanners, servers, and any other equipment you use to carry out your actuarial services.


Commercial Auto Insurance for Actuarial Services

If your actuarial business uses motor vehicles to facilitate transportation to client locations and meetings, you may need commercial auto insurance. It protects against financial losses related to the use of motor vehicles. They are specific situations in which the commercial auto insurance policy can be helpful:

  • Vehicle accidents

  • Theft or vandalism of the business vehicle

  • Injuries to third parties caused by the actuary’s vehicle


Add-Ons to Commercial Auto Insurance for Actuarial Services

The add-ons vary depending on the insurer. However, the most common include:

  • Rental reimbursement coverage is an add-on to help cover renting a vehicle while your business vehicle is undergoing repair

  • Non-owned vehicle coverage covers the cost of accidents caused by a vehicle you hired or borrowed to meet a client, fetch something, or attend a conference


Coverage Limits for Commercial Auto Insurance for Actuarial Services

The typical coverage limits for your commercial auto insurance is $100,000 to $2 million. But this figures can be higher or lower depending on the nature of the accident and damages.


Workers Compensation Insurance for Actuarial Services

This is an actuarial services insurance policy that helps cover claims arising from work-related injuries and illnesses employees suffer. Workers compensation insurance protects the employer and employees by covering any financial needs and providing medical benefits in case of an accident or occupational illness. There are specific situations which the policy can cover you, and they include;

  • Accidental injuries such as slips or falls in the actuarial service workplace

  • Repetitive motion injuries

  • Exposure to chemicals or other harmful substances


Coverage Limits for Workers Compensation for Actuarial Service

The workers compensation insurance will pay for 100% of employees’ hospital bills. This policy will also pay a certain percentage of the workers’ income.


Excess Liability Insurance for Actuarial Services

Excess liability coverage is an actuary insurance cover that extends the primary liability insurance limits. For example, if your general liability insurance has a $1 million and a $2 million lawsuit is filed, excess liability insurance can cover the remaining $1 million you would’ve paid out of pocket. 


Coverage Limits for Excess Liability Insurance for Actuarial Service

The coverage limits can be $1 million to $10 million. 

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Actuary Insurance Cost


Cost per MonthCost per YearDeductible
General liability insurance$43$516$0-$500
Professional liability insurance$50$600$500-$1,000
Excess liability insurance$52$624$500-$1,000
Commercial property insurance$70$840$1,000-$2,000
Business owner’s policy$92$1,104$500-$2,000
Commercial auto insurance$63$756$1,000-$2,000
Workers compensation insurance$103$1,236$2,500-$5,000


The average actuarial services insurance cost is $43 per month or $516 per year for a $1 million general liability insurance. Factors that affect the cost of premiums are claims history, business history, number of employees, deductibles, policy limits, location, and revenues. Here’s a table showing how much the best companies charge for a $1 million general liability insurance:

CompanyMonthly CostAnnual CostBest for
NEXT$28$336Best overall; Fastest general liability insurance for actuaries
CoverWallet$30$360Comparing actuary insurance quotes online
The Hartford$34$408Workers compensation insurance for actuaries
Tivly$35$420Comparing actuary insurance quotes over the phone
Thimble$37$444Short-term general liability insurance for actuaries
Hiscox$39$468General liability insurance with worldwide coverage for actuaries

Compare Cheap Actuary Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Best Insurance Companies for Actuaries

Here are the best insurance companies for actuaries. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance:


NEXT Actuary Insurance

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest general liability insurance for actuaries

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you buy two or more policies 

Cons

  • Couldn’t find any

NEXT is an insurer specializing in providing coverage to small business owners, including actuaries. It has about 30 insurance products you can choose from and customize to fit your needs. Their services are available exclusively online.

Best for: Best overall; Fastest general liability insurance for actuaries

Average cost: $28 per month

Our rating: 10/10


CoverWallet Actuary Insurance

Pros

  • It covers all ranges of industries

  • Helps you compare different quotes online

  • Connects you to the top-rated carriers

Cons

  • Not an insurance company but an insurance broker

CoverWallet is an online insurance comparison platform that helps small businesses connect with multiple insurance companies. It's connected to all 50 states, and it allows users to manage all their policies in one place. It partners with different insurance companies which it vets and gauges its policies.

Best for: Comparing actuary insurance quotes online 

Average cost: $30 per month

Our rating: 10/10


The Hartford Actuary Insurance

Pros

  • It has an outstanding rating for financial strength

  • Provides personalized experience through its local agents

  • Renowned company for workers compensation insurance

Cons

  • Limited add-ons to general liability insurance

The Hartford has various coverage options, and its main strength is its finances. Also, it offers unique benefits to its customers. Also, it is partnered to AARP. The Hartford is a renowned company for workers compensation insurance and has garnered numerous awards for how it has underwritten the policy. 

Best for: Workers compensation insurance for actuaries

Average cost: $34 per month

Our rating: 10/10


Tivly Actuary Insurance

Pros

  • Connects you with the insurer that best suits you

  • Has a simple quote process

  •  A partner of many reputable insurance companies

Cons

  • You can request a quote online but you still need to talk to a representative

Tivly is quite popular, especially among small businesses, as it helps them connect with the right insurers. They connect you to the insurer only once you are prequalified for the specific insurance policy. Call now to compare quotes over the phone. 

Best for: Comparing actuary insurance quotes over the phone 

Average cost: $35 per month

Our rating: 9/10


Thimble Actuary Insurance

Pros

  • On-demand coverage

  • Numerous add-ons to general liability insurance

  • Easy to customize policy limits

Cons

  • Its customer support is only available online

Thimble is an online insurance company that provides most of its services online. It is highly accredited for quickly processing its quotes and providing quality services. Moreover, Thimble offers its general liability policy as short-term coverage that can be adjusted to last for hours, days, or weeks. 

Best for: Short-term general liability insurance for actuaries 

Average cost: $37 per month

Our rating: 9/10


Hiscox Actuary Insurance

Pros

  • You can file your claims online

  • Has a variety of policies available to its customers

  • 14-day money-back guarantee

  • Worldwide coverage

Cons

  • Not available in all states

Hiscox is a specialty insurer offering policies designed for business owners such as actuaries. It is an old company founded in 1901 and has claimed over half a million small business customers.

Best for: General liability insurance with worldwide coverage for actuaries 

Average cost: $39 per month

Our rating: 9/10


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