Fiduciary Liability Insurance

Fiduciary liability insurance protects individuals acting as ERISA fiduciaries against fiduciary-related claims of mismanagement of a company's employee benefit plan. We will 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 does not 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 are talking about a workforce's retirement benefits, that can make for eye-watering figures. Many general liability insurance policies do not cover claims relating to ERISA, so a specialist 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 experts can help you obtain a fiduciary liability insurance policy that is for your business. So, reach out today!

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