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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.