Actuarial services businesses use statistical skills and mathematics to assess a business’s potential risks. As an actuary, it is your job to figure out what risk factors a certain business has, and what the potential financial costs of those risks are. A business hires you to find out how much to offer for pension plans, make financial decisions for the business and determine the costs of their business insurance policies. Your actuary business has your own set of risks, with professional liability being one of the primary risks. Actuarial services insurance will help you cover this and other risks.
Types of Actuarial Services Insurance
There are different types of insurance policies meant to cover your different actuarial services risks. As an actuarial services company, consider the following important insurance policies:
The first business insurance policy to consider for your actuarial services business is general liability. General liability includes three main types of coverage: premises liability, product liability and completed operations. Any specialty services you provide will be covered. Premises liability is a concern only if you meet clients in your office, as it protects you from medical or legal costs if someone is injured on your premises.
Professional liability is one of the most vital insurance policies for an actuarial services business. Also called errors and omissions insurance, professional liability protects you from any mistakes or errors you might make. Even though they aren’t intentional, human error is possible when you’re helping make financial decisions for other companies. If a decision you made led to loss or damage on their part, they can sue you for damages. Professional liability will cover these legal costs.
If you use your own vehicle for meeting clients, going to the post office, or for other business errands, you should have a business auto insurance policy. Business auto is a commercial policy that covers property damage, vehicle damage and bodily injury in accidents. You can also choose to add additional coverage, such as theft and vandalism.
Your business property and contents are crucial for daily operations. If an unexpected event like a natural disaster, fire, flood or severe storm occurs, it could mean high costs for repairing your building structure and replacing office equipment or files that were destroyed. With business property insurance, you don’t need to worry about covering these costs on your own.
If you have an online website to advertise your actuarial services, you should also have protection from cyber crimes, with a cyber liability insurance policy as it is an essential actuarial services insurance policy. Cyber crimes are a risk for any type of website or online store. Hackers can get past even the best security measures and cause a virus on your site. If this happens, anyone who visits, is susceptible to that same virus and can charge you for the damages. With cyber liability insurance, you have protection from this and other cyber crimes.
All of your employees need to be covered by workers’ compensation insurance. Workers’ comp is for your employees and protects them from any work-related injuries. If an employee works in your offices and lifts heavy boxes of supplies and paper often, they could get a back or shoulder injury. Workers’ comp helps pay for the medical costs and replace lost income during recovery.
Actuarial Crime Insurance
Although your crime risks are low, it doesn’t make them invisible. Your employees could embezzle money from you, clients could pay with stolen credit cards, or someone could break into your actuary office and steal expensive equipment or electronics. The best thing to do is get protection from such crimes with a crime insurance policy.
With these actuarial services insurance policies, you are protecting your business and all of your potential risks. By getting the right types of actuarial services insurance, you protect your business assets and prevent financial struggle as a result of certain risks.