Fiduciary liability insurance to protect your livelihood.

Fiduciary liability insurance protects individuals acting as ERISA fiduciaries against fiduciary-related claims of mismanagement of a company’s employee benefit plan. We’ll work with you to ensure that employee benefits are handled responsibly and your trustees are protected.

Specific coverage for a specific financial risk.

Fiduciary liability insurance covers a very specific risk–and a potentially financially devastating one. The risk is breaching fiduciary duties, and it comes from the Employee Retirement Security Act of 1974 (ERISA), which governs many employee benefit schemes.

Mitigates risk from breach of fiduciary duties.

Officers of a company who oversee such schemes have fiduciary duties. This means that they are ethically and legally bound to act in the best interests of the employees, and can be sued if they breach this duty (even unintentionally). A breach of this duty could be as simple as making an investment decision for the plan that doesn’t work out well.

Covers claims relating to Employee Retirement Security Act of 1974.

ERISA means a fiduciary could be held financially responsible for making good any losses from their alleged mistakes or failings, and when you’re talking about a workforce’s retirement benefits, that can make for eye-watering figures. Many general liability insurance policies don’t cover claims relating to ERISA, so a fiduciary liability policy is the best way to mitigate this risk.

Typically covers the costs of defending claims.

Policies usually cover the costs of defending claims and paying out any liability. Additionally, fiduciary liability insurance often includes access to expert lawyers who specialize in ERISA cases.

Our insurance agents can help you obtain a fiduciary liability insurance policy that’s for your business. So, reach out today!

The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.

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