Protecting the personal assets of plan fiduciaries
Fiduciary Liability Insurance
Companies generally offer employee benefit plans to help attract and retain quality employees. However, you may not be aware of the liability exposure created from the management of these plans. Fiduciary Liability Programs are specifically designed to respond to claims arising out of improper investments, insufficient funding, or breach of fiduciary duties.
As a plan fiduciary, your personal assets are at risk. Protect yourself today with a cost-effective Fiduciary Insurance policy.
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What is Fiduciary Insurance ?
- Pays the legal liability arising from claims for alleged failure to act prudently.
- Protects the personal assets of a plan fiduciary due to allegations of breach of fiduciary duties.
- ERISA explicitly allows for the purchase of fiduciary insurance. It could be a breach of fiduciary duty if a claim arises and no insurance is in place that was readily available.
Is Insurance important for ERISA Plan Administrators ?
- ERISA requires that a fiduciary of an employee benefit plan act solely in the best interest of participants and beneficiaries.
- Fiduciaries can be held personally liable for any breach of their responsibilities. Studies indicate significant increases in claims severity and frequency over the past several years.
Are you an Investment Advisor, Plan Administrator, or Third Party Administrator ?
- Fiduciary Insurance is considered 1st Party coverage and may only be purchased by the named fiduciaries of a company ERISA Plan.
- Learn more about our Fiduciary Insurance Partner Program, offering first party Fiduciary Insurance to your clients, Here
- Do you have Errors & Omissions Insurance with Affirmative Fiduciary Coverage? Click Here
