Why choose Hensure for PI insurance
Personal Service
Our business is not a call centre, but instead provides a personal service and dedicated team to assist with your queries.
Experienced Team
Our team has a wealth of experience and knowledge to help you and your business get the most appropriate cover for your needs.
Online System
Our full 24/7 quote and buy facility allows you to run a personalised quotation, at a time that suits you and your business.
Why is professional indemnity insurance for Actuaries required?
Actuaries apply financial and statistical theories to solve real business problems. They use their skills in maths and statistics to create theoretical models of the world around them.
Work may involve analysing future financial events, especially when the amount or timing of a payment is uncertain. It may involve analysing the weather, assessing when and where devastating storms may hit, which can help to predict risks and likely costs associated with investments or insurance. Actuarial work involves a lot of risk management.
As an Actuary you owe a duty of care to your clients, whether as a result of a direct contractual relationship or indirectly through your employers. A duty of care includes working to appropriate professional standards at all times.
It is the professional responsibility of all Actuaries to consider the potential for clients to suffer loss as a result of any breach of their duty of care and to ensure that appropriate arrangements are maintained, firstly to minimise a breach of their duty of care and, secondly, to provide compensation for loss in the event of any breach.
Professional Indemnity Insurance for Actuaries (PII) is likely to be appropriate where the link between the Actuary and the client is a direct one or an Actuary has a private practice. In certain circumstances, it may be mandatory and may also be stipulated as a contractual requirement by the client.
Our PI Insurance for Actuaries complies with all the requirements necessary, as stipulated by the Institute of Actuaries.
Do not hesitate to contact us for further information.

Things we look for
- Company Size – one of the major factors that determine insurers’ rating and underwriting criteria is the size of the practice. This is mainly established in two ways, the number of partners/principals and staff and the gross annual income of the firm.
- Type of Work – insurers will be particularly interested in what type of work the actuary is carrying out. As a general rule, the profession is seen as high-risk activity by underwriters, but by splitting out the turnover in to a number of areas of practice then underwriters can get a real feel for the likely exposure and rate the risk accordingly.
- Retroactive Exposure – does the business have an exposure to claims arising from past work, whether in the current firm or a former practice?
- Qualifications & Experience - the Underwriters will want to check when an actuary is suitably qualified and/or experienced to carry out the work undertaken on behalf of their client.
- Overseas Exposure – does the practice carry out any work for overseas clients? Careful consideration would be paid to such work carried out for USA/Canadian firms.
- Claims Experience – the claims experience is an important determining factor in the assessment of risk. This information usually reflects the type of work carried out by a practice. It also reflects the quality of the practices work, staff, internal risk management and experience.
- Largest fees – there is a direct relationship between the size and complexity of the job and exposure.
- Contract sizes – there is a direct relationship between the size and complexity of the job and the exposure.
Due to the perceived risk from underwriters, the placement of an actuarial risk in the Professional Indemnity market can be difficult. Hensure Business Insurance Consultants have developed a relationship with an underwriter who is willing to look at PI cover for Actuaries, and can provide favourable terms for those involved in low-risk activities via an online quoting facility. Any risk that falls outside of the underwriting criteria for the online system can be considered offline subject to the completion of the relevant proposal form.
Policy coverage
A typical Professional Indemnity insurance policy for Actuaries will normally cover the following areas:
- Breach of civil liability
- Negligent act, error or omission
- Unintentional intellectual property rights infringement (other than patents)
- Unintentional breach of confidentiality
- Unintentional defamation
- Loss of third-party documents or data
- Computer virus transmission
- Negligence of sub-contractors
- Irrecoverable fees
- Bodily injury or property damage arising from breach of professional duty
- Dishonesty
- Libel and slander
- Defence costs
- Court attendance costs
Your policy coverage may vary between insurer.
Insurance types
Professional Indemnity
- Professional Indemnity provides cover for claims that arise as a result of the work you have completed or advice you have given.
Public Liability
- Public Liability provides cover should members of the public receive an injury or property damage due to your work. This protects your business should a compensation claim be made, also covering any legal costs that result from this.
Employers’ Liability
- Employers’ Liability provides cover for compensation claims and associated legal costs, arising from employee injury or work-related illness.
Cyber Insurance
- Cyber Insurance provides support in the event of cyber-crime and unintentional data breaches, offering cover against the cost of revenue and fines.
Directors and Officers
- Directors and Officers insurance policies protect you financially against any claims that are made against you personally in your position as a director, partner or officer of your business.
Legal expenses insurance
- If you were involved in a legal battle, knowing that any money you spend on legal bills would be reimbursed could make all the difference. Legal expenses insurance does just that. It ensures that your business remains financially stable after a legal case by helping to compensate the business for incurred costs.
Contact us to find out more about the right cover for your business.