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.
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.
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.
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
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
Get all the best quotes from leading providers in a click of a button!
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.
NEXT | Thimble | Hiscox | The 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/$5,000 | No | Yes |
Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
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
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.
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.
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
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
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.
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
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 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.
The coverage limits can be $1 million to $10 million.
Cost per Month | Cost per Year | Deductible | |
---|---|---|---|
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:
Company | Monthly Cost | Annual Cost | Best for |
---|---|---|---|
NEXT | $28 | $336 | Best overall; Fastest general liability insurance for actuaries |
CoverWallet | $30 | $360 | Comparing actuary insurance quotes online |
The Hartford | $34 | $408 | Workers compensation insurance for actuaries |
Tivly | $35 | $420 | Comparing actuary insurance quotes over the phone |
Thimble | $37 | $444 | Short-term general liability insurance for actuaries |
Hiscox | $39 | $468 | General liability insurance with worldwide coverage for actuaries |
Get all the best quotes from leading providers in a click of a button!
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:
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
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
It covers all ranges of industries
Helps you compare different quotes online
Connects you to the top-rated carriers
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
It has an outstanding rating for financial strength
Provides personalized experience through its local agents
Renowned company for workers compensation insurance
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
Connects you with the insurer that best suits you
Has a simple quote process
A partner of many reputable insurance companies
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
On-demand coverage
Numerous add-ons to general liability insurance
Easy to customize policy limits
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
You can file your claims online
Has a variety of policies available to its customers
14-day money-back guarantee
Worldwide coverage
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
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!