Actuarial Services Insurance

Actuaries assess business risks and know better than most about the inherent risks most businesses face. However, there are risks particular to actuaries, which is why we offer Actuarial Services Insurance programs tailored to their unique needs, including General Liability, Business Auto, Errors & Omissions, Property, Crime, Workers’ Compensation and more.

General Liability Insurance for Actuary Service Companies

Since actuaries generally don’t meet with clients in the actuary’s office, the chances of customer injuries occurring on-site are low. However, employees, delivery people, cleaning staff and other visitors are always susceptible to unpredictable accidents. A courier or repairperson could slip/trip/fall and get seriously injured while on the premises.

Errors and Omissions Insurance for Actuaries

This is also known as Professional Liability Insurance. Clients expect to be steered in the right direction by their actuary. So mistakes made in analyzing the risks can result in financial loss for the client. Professional liability lawsuits can occur when actuaries err in their determinations of the financial consequences of a risk.

Workers’ Compensation Insurance for Actuarial Service Companies

The exposures for actuaries and their employees are similar to those of any office. Common injuries are associated with to clerical duties and include carpal tunnel syndrome, neck and should strain, and vision issues from spending long hours in front of a computer screen. Other possible employee injuries include tripping and falling and back injuries. For example, employees lifting heavy files or moving desks can suffer back strain or disk injuries that require costly medical attention. Worker’s Comp also covers lost pay by employees whose injuries are serious enough to keep them from work.

Business Auto Insurance for Actuaries 

The risk of auto accidents exists if actuaries and their employees use non-owned or hired vehicles for business activities. If an employee travels to a client’s office and causes an auto accident, the damages and injuries could be covered by your Business Auto plan if employees’ personal auto coverage is not sufficient.

Property Insurance for Actuarial Services

The premises and contents of actuaries’ offices, including important documents, computer files and accounts receivable information is at risk of being lost due to a fire, severe weather, deletion of computer files, or electrical/plumbing mishap. Hurricanes, thunderstorms, hail and other weather events can cause serious damage to a building. Burst water pipes and faulty electrical wiring can also result in serious damage to floors, ceilings, equipment, and files. Property insurance covers the cost of repairs and replacement, as well as any lost income if the business has to close while repairs are being made.

Crime Insurance for Actuarial Services 

Crimes against actuarial companies are typically the result of employee dishonesty, which may take the form of embezzlement or theft of other property. Standard risk management controls should include separation of duties for writing checks, making deposits, and bank account reconciliations.