Could you defend your business against claims of errors and a breach of fiduciary duty?
Fiduciary Liability Insurance
Fiduciary liability insurance protects both your business and your employees from claims related to the mismanagement of benefit plans and the legal liability arising out of their role as fiduciaries. There are many different types of employer liability coverages, but only fiduciary liability insurance will protect both the company and the individuals against fiduciary-related claims of negligence, mismanagement, or actions that are not in the best interest of the plan participants.
- Claims made worldwide (as long as they’re filed in the U.S., a U.S. territory or Canada)
- Any kind of employee benefit plan, including stock ownership plans
- Any employee (including directors and officers) acting as a fiduciary for the firm, the organization itself and the option to extend to spouses and partners
- HIPAA and ERISA fines and penalty payments
- Legal defense costs and damages
- No demand to settle a claim
What’s Not Covered
- Your policy will not cover fraudulent (or intentional) acts (such as stealing or deliberately defrauding). These types of risks you need a fidelity bond.
- You will not have coverage for outside advisors, consultants and administrators you’ve hired to look after your employee benefit plans. They should have their own policy. Before hiring an outside vendor to manage your benefits require a certificate of insurance proving they have coverage in place.
Interested in an insurance proposal at no obligation or cost?
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