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.Â
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.Â
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.Â
Actuaries analyze data and develop models to assist businesses in making informed decisions regarding the management of prospective risks and financial uncertainty.Â
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.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The 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? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can 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.Â
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 controlÂ
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.
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.
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.
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The 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? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
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
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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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| 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 signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
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
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
The coverage limits are based on the value and location of the property. The limits can range from $25,000-$1 million.
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.
| CoverWallet | NEXT (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? | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes |
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
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
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.
