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Actuaries use their mathematical and statistical expertise to help businesses assess their potential risks and the financial costs of those risks. They determine the costs of insurance policies, help develop pension plans and assist businesses with other financial decisions.

General Liability Insurance for Actuarial Services – The chances of customer injuries occurring on-site are low since actuaries generally do not interact with clients in person at their offices.

Professional Liability Insurance for Actuarial Services – Professional liability lawsuits can occur when actuaries make mistakes in their determinations of the financial consequences of risk. Risk increases if actuaries do not follow company procedures or adhere to the American Academy of Actuaries.

Workers’ Compensation Insurance for Actuaries – Employees may be at risk of injury while traveling off-site, including overseas travel. Otherwise, the exposures for actuaries are similar to any office, and workers may be subject to injuries related to clerical duties. Other possible employee injuries include tripping and falling, back injuries, and electrical shocks.

Business Auto Insurance for Actuaries – The risk of auto accidents exists if actuaries use non-owned or hired vehicles for business activities. When employees use their own vehicles for travel, their MVRs should be checked and verified for acceptability and they should be required to carry a Personal Auto policy with minimum Auto Liability limits of at lease $300,000 combined single limits.

Property Insurance for Actuarial Services – The contents of actuaries’ offices, including important documents, computer files and accounts receivable information is at risk of being lost due to a fire or deletion of computer files. Smoking inside actuaries’ offices can increase the risk of a fire. The risk of fire is also impacted by the proximity and occupancy of neighboring businesses. Neighboring businesses with occupancies such as restaurants, service, and manufacturing carry a higher than normal risk of a fire escaping their boundaries and spreading to other buildings. A one-hour firewall extending through the roof should be used whenever one building is connected to other buildings, such as in a strip shopping center.

Crime Insurance for Actuarial Services – Crime can occur as a result of employee dishonesty, which may take place at the actuary’s office or on the property of a client. These crimes can result in monetary loss for the business or for the business’ clients. One of the most important controls to prevent embezzlement by dishonest employees is to require prospective employees to undergo rigorous pre-employment screening to include a detailed application, reference checks, and a criminal background check.