Why Actuaries Need Professional Liability Insurance
In this day and age, actuaries are immensely important. When a disaster happens, these individuals will come into play. They’ll go above and beyond to ensure that the victims of the disaster are 
able to get the money that they need to cover the costs. These professionals are responsible for estimating the long-term levels of damage. In return, this allows them to accurately price the insurance properly. They’ll also help set reserves and design the most appropriate reinsurance and funding management strategies. Suffice to say, these individuals have a lot of responsibilities on their shoulders. Anything could go wrong and it could cost you substantially.
This is why it is absolutely vital to make sure that you have the right amount of insurance. Actuary liability insurance or E&O insurance can make a huge difference in the long run. With this type of coverage, you will be able to protect yourself in the event that you make a mistake and it costs the client severely. They’re going to come after you with a lawsuit. If you happen to lose that lawsuit, you can pretty much guarantee that you’re going to be looking at a hefty settlement. This is why you need professional liability insurance for actuaries.
A professional liability insurance actuary broker will be able to help or you can start off by reading about what risk exposures are covered under a standard policy. They’ll work with you to ensure that you get the right actuary insurance coverage that you need to fully protect your business.
Other Coverage Considerations
At the end of the day, professional liability insurance for actuaries can be immensely beneficial. Nevertheless, you need to understand that E&O insurance will not cover everything. If you want the most coverage humanly possible, you’ll definitely want to protect yourself with additional insurance coverage. Automobile insurance, general liability insurance, fraud insurance, and workers compensation insurance can give you the peace of mind that you need to sleep soundly at night. Below, you will learn more about some these coverage options and you’ll find recommendations for the amount of coverage that you should acquire.
Commercial Automobile Insurance
When it comes down to it, automobile insurance is going to be absolutely essential for actuaries. These individuals are often required to travel and most will do so in their own company vehicle. After all, you cannot assess the damage unless you’re able to see it up close and personal. What is going to happen if you get into an automobile accident and it is your fault? Are you going to be able to pay out for the damages? In all likelihood, the answer is no. The good news is that automobile insurance can help. With this type of coverage, you won’t have to pay out of pocket for anything. Getting at least $500,000 worth of coverage is recommended.
General Liability Insurance
E&O insurance will not cover everything. General liability insurance is a good addition, because it is going to cover pretty much everything else. With this type of coverage, you’ll be able to sleep a little more soundly at night. General liability is likely a legal requirement in your area. With this in mind, you should not skimp on this coverage. Make sure that you get at least $500,000 per year. $1,000,000 will be even better. Additional coverage is recommended.
Fraud Insurance
Fraud insurance is another necessity. You’re probably not going to be working alone and you don’t know who you can trust. By getting fraud insurance, you can protect yourself in the event that one of your workers does something illegal. The risk is slim, but you should still try to obtain $100,000 per claim. If you’re working with a larger group of individuals, you may need additional coverage.
Workers Compensation
Workers comp provides employees financial protection in the event they get injured or ill while working. It must be noted that this covereage is arranged by the employer. To learn about the cost of this coverage, click here.
Potential Actuary Insurance Coverage Costs
At the end of the day, there are many different variables that will come into play to determine how much you’re going to be required to pay. The good news is that there are some averages. Just remember that the numbers are simple estimations and may or may not be true for you.
- Professional Liability Insurance – $50 a month for $1,000,000 coverage per claim
- General Liability Insurance – $30 a month for $1,000,000 coverage per claim
- Commercial Auto – $100 to $150 a month for the standard $1,000,000 policy
- Fraud Insurance – $20 a month
Again, these numbers are simple estimations. They may not may not be true for you and your company. With this in mind, you’re going to need to do a little research to find out if you actually need to be insured before practicing under your profession. On top that, you should compare multiple coverages and quotes to see what works best for you in terms of protection and budgets. To figure out how much you’re going to be required to pay, you just need to get a quote from us. You can do so by using our website and completing the form. This will provide you with a quote within a matter of seconds.
If you wish to contact us in a different way, you can do so using the telephone. You can also contact us through email. We’ll get back to you as quickly as possible.
Actuary Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
FAQ before purchasing actuaries professional liability insurance
- How much professional liability insurance do I need as an actuary?
- How do I get an actuary insurance policy?
- What does actuary professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as an actuary?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for actuaries
- How does the claims process work if I get sued because of my actuarial services?
- What is the cost of actuary professional liability insurance?
- How do I apply for a actuary professional liability insurance policy?
- How do I qualify for coverage as an actuary?
- What is the purpose of getting insured as an actuary?
- How long will it take to get an insurance quote for my actuarial business?
Other professions we also provide insurance for: