Discussion: View Thread

Hi All,
About 2 years ago there was some discussion on this board about how consulting statisticians obtain professional insurance, and whether the ASA has any resources that may help.
The conclusion at the time seemed to be that statisticians who do a small amount of consulting on the side generally go without E & O insurance.
A few get policies through the company that handles their homeowners/auto policies at a cost of about $1500-$2000/yr.
There was one suggestion that one could join an organization like the National Association for the Self-Employed and get a discounted policy that way.
Does anyone have any updates about whether the ASA has any resources or any other suggestions.

Thanks,
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Phillip Chapman
Colorado State Univ
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Hello!  I'm not aware of any resources for you, however, in a prior career as a Professional Coach, the professional association (International Coach Federation) arranged with an insurance company for a policy to be made available to its members at a much, much lower rate than the one you quoted.  Part of the reason, aside from the suits happening infrequently, was the commitment to professional standards coaches made to be a member of the professional association.  Seems a shame if the ASA doesn't provide something similar for its members.

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Colleen Mangeot
Biostatistician
Cincinnati Children's Hospital
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This seems to be a very important issue. I wonder whether ASA's certification committee had considered it.
In fact, it will be great even if ASA were to negotiate a "group" rate for its membership.

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Nagaraj Neerchal
Professor and Chair
UMBC
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Original Message:
Sent: 05-15-2013 07:32
From: Colleen Mangeot
Subject: Errors and Omissions Insurance for Statistical Consultants

Hello!  I'm not aware of any resources for you, however, in a prior career as a Professional Coach, the professional association (International Coach Federation) arranged with an insurance company for a policy to be made available to its members at a much, much lower rate than the one you quoted.  Part of the reason, aside from the suits happening infrequently, was the commitment to professional standards coaches made to be a member of the professional association.  Seems a shame if the ASA doesn't provide something similar for its members.

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Colleen Mangeot
Biostatistician
Cincinnati Children's Hospital
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I've passed this question and concern to the ASA and heard from both Steve Porzio and Ron Wasserstein. They had looked into this a few years ago, but found that individuals were able to get better rates than the group plan at that time.  However, Steve said he would inquire again and try to get more information.  I think it would be helpful if we could identify an insurance company that would offer a group policy, which would provide both a good benchmark for members who wanted to get other quotes and an option available directly without the need to negotiate on their own.  I will pass on anything I learn, probably after a few days or weeks, depending on who quickly Steve can get a response from their insurance company. 

Jim

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James Rosenberger
Pennsylvania State University
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Original Message:
Sent: 05-15-2013 14:31
From: Nagaraj Neerchal
Subject: Errors and Omissions Insurance for Statistical Consultants

This seems to be a very important issue. I wonder whether ASA's certification committee had considered it.
In fact, it will be great even if ASA were to negotiate a "group" rate for its membership.

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Nagaraj Neerchal
Professor and Chair
UMBC
-------------------------------------------

I have my E/O insurance through the American Psychological Association (APA) and it maxes out at about $1100.00 annually

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Dale Glaser
Principal/Adjunct Faculty
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Original Message:
Sent: 05-16-2013 19:31
From: James Rosenberger
Subject: Errors and Omissions Insurance for Statistical Consultants

I've passed this question and concern to the ASA and heard from both Steve Porzio and Ron Wasserstein. They had looked into this a few years ago, but found that individuals were able to get better rates than the group plan at that time.  However, Steve said he would inquire again and try to get more information.  I think it would be helpful if we could identify an insurance company that would offer a group policy, which would provide both a good benchmark for members who wanted to get other quotes and an option available directly without the need to negotiate on their own.  I will pass on anything I learn, probably after a few days or weeks, depending on who quickly Steve can get a response from their insurance company. 

Jim

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James Rosenberger
Pennsylvania State University
-------------------------------------------







Original Message:
Sent: 05-15-2013 14:31
From: Nagaraj Neerchal
Subject: Errors and Omissions Insurance for Statistical Consultants

This seems to be a very important issue. I wonder whether ASA's certification committee had considered it.
In fact, it will be great even if ASA were to negotiate a "group" rate for its membership.

-------------------------------------------
Nagaraj Neerchal
Professor and Chair
UMBC
-------------------------------------------

All of us private consultants will be very happy to hear about where this goes.

Thank you,

Nayak



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Nayak Polissar
Principal Statistician
The Mountain-Whisper-Light Statistics
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Original Message:
Sent: 05-16-2013 19:31
From: James Rosenberger
Subject: Errors and Omissions Insurance for Statistical Consultants

I've passed this question and concern to the ASA and heard from both Steve Porzio and Ron Wasserstein. They had looked into this a few years ago, but found that individuals were able to get better rates than the group plan at that time.  However, Steve said he would inquire again and try to get more information.  I think it would be helpful if we could identify an insurance company that would offer a group policy, which would provide both a good benchmark for members who wanted to get other quotes and an option available directly without the need to negotiate on their own.  I will pass on anything I learn, probably after a few days or weeks, depending on who quickly Steve can get a response from their insurance company. 

Jim

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James Rosenberger
Pennsylvania State University
-------------------------------------------







Original Message:
Sent: 05-15-2013 14:31
From: Nagaraj Neerchal
Subject: Errors and Omissions Insurance for Statistical Consultants

This seems to be a very important issue. I wonder whether ASA's certification committee had considered it.
In fact, it will be great even if ASA were to negotiate a "group" rate for its membership.

-------------------------------------------
Nagaraj Neerchal
Professor and Chair
UMBC
-------------------------------------------

I'm coming in on this late, so forgive me if I offer info in duplicate.  I recently sought professional liability insurance for my role as an independent consultant.  I searched back through previous threads and found the following message.  I ended up joining AHIMA and the rates are incredibly reasonable.  Hope this helps.  I have a document with all of the commentary on the issue if anyone would like to review it.

I found very reasonable rates at Marsh, but first I had to join an organization which has group rates with them. The organization is the American Health Information Management Association (www.ahima.org). The benefits page at that website gives the Marsh phone as 800-503-9230

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Alexandra L. Hanlon, PhD
Associate Research Professor
University of Pennsylvania
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Original Message:
Sent: 05-16-2013 21:30
From: Nayak Polissar
Subject: Errors and Omissions Insurance for Statistical Consultants

All of us private consultants will be very happy to hear about where this goes.

Thank you,

Nayak



-------------------------------------------
Nayak Polissar
Principal Statistician
The Mountain-Whisper-Light Statistics
-------------------------------------------







Original Message:
Sent: 05-16-2013 19:31
From: James Rosenberger
Subject: Errors and Omissions Insurance for Statistical Consultants

I've passed this question and concern to the ASA and heard from both Steve Porzio and Ron Wasserstein. They had looked into this a few years ago, but found that individuals were able to get better rates than the group plan at that time.  However, Steve said he would inquire again and try to get more information.  I think it would be helpful if we could identify an insurance company that would offer a group policy, which would provide both a good benchmark for members who wanted to get other quotes and an option available directly without the need to negotiate on their own.  I will pass on anything I learn, probably after a few days or weeks, depending on who quickly Steve can get a response from their insurance company. 

Jim

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James Rosenberger
Pennsylvania State University
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Hi James:

It would be helpful if ASA and SSC (Statistical Society of Canada) could work together.  Our E&O runs near $10K/year because we consult in pharma and biotech.  Few offer this type of insurance (apparently - as per my broker), so it would be really helpful to have some benchmarks.  I would be happy to share the terms if we are going to move forward, so there would be a valid comparison on services.

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Janet McDougall
President
McDougall Scientific Ltd
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Original Message:
Sent: 05-16-2013 19:31
From: James Rosenberger
Subject: Errors and Omissions Insurance for Statistical Consultants

I've passed this question and concern to the ASA and heard from both Steve Porzio and Ron Wasserstein. They had looked into this a few years ago, but found that individuals were able to get better rates than the group plan at that time.  However, Steve said he would inquire again and try to get more information.  I think it would be helpful if we could identify an insurance company that would offer a group policy, which would provide both a good benchmark for members who wanted to get other quotes and an option available directly without the need to negotiate on their own.  I will pass on anything I learn, probably after a few days or weeks, depending on who quickly Steve can get a response from their insurance company. 

Jim

-------------------------------------------
James Rosenberger
Pennsylvania State University
-------------------------------------------







Original Message:
Sent: 05-15-2013 14:31
From: Nagaraj Neerchal
Subject: Errors and Omissions Insurance for Statistical Consultants

This seems to be a very important issue. I wonder whether ASA's certification committee had considered it.
In fact, it will be great even if ASA were to negotiate a "group" rate for its membership.

-------------------------------------------
Nagaraj Neerchal
Professor and Chair
UMBC
-------------------------------------------

I have my insurance through Farm Bureau Financial Services, as a possible contact.

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George Milliken
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Original Message:
Sent: 05-17-2013 11:31
From: Janet McDougall
Subject: Errors and Omissions Insurance for Statistical Consultants

Hi James:

It would be helpful if ASA and SSC (Statistical Society of Canada) could work together.  Our E&O runs near $10K/year because we consult in pharma and biotech.  Few offer this type of insurance (apparently - as per my broker), so it would be really helpful to have some benchmarks.  I would be happy to share the terms if we are going to move forward, so there would be a valid comparison on services.

-------------------------------------------
Janet McDougall
President
McDougall Scientific Ltd
-------------------------------------------







Original Message:
Sent: 05-16-2013 19:31
From: James Rosenberger
Subject: Errors and Omissions Insurance for Statistical Consultants

I've passed this question and concern to the ASA and heard from both Steve Porzio and Ron Wasserstein. They had looked into this a few years ago, but found that individuals were able to get better rates than the group plan at that time.  However, Steve said he would inquire again and try to get more information.  I think it would be helpful if we could identify an insurance company that would offer a group policy, which would provide both a good benchmark for members who wanted to get other quotes and an option available directly without the need to negotiate on their own.  I will pass on anything I learn, probably after a few days or weeks, depending on who quickly Steve can get a response from their insurance company. 

Jim

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James Rosenberger
Pennsylvania State University
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