What is Fiduciary Liability?
Fiduciary Liability Insurance is built to protect the business and employer assets against claims arising from mismanaging the company's retirement plans. Under the Employee Retirement Income Security Act (ERISA), a business has a fiduciary responsibility to act in the interest of the plan participants and may be held personally liable for any mismanagement of the employee benefits plan. This coverage provides protection for your company and employees involved in these fiduciary roles.
Who Needs a Fiduciary Liability Policy?
If your business does not offer a benefits package to your employees, then you may not need a fiduciary policy. However, as soon as you start providing plans, you would want to obtain the coverage.
If you are currently offering medical, dental, vision, health insurance, or 401(k) and 403(b) retirement plans, you should consider fiduciary liability insurance.
What does Fiduciary Liability Cover?
Fiduciary Liability protects your company and employees involved in fiduciary roles. These types of claims can include:
• Improper Change in Benefits
• Errors in Plan Administration
• Improper Advice
• Failure to Administer Plan According to Plan Documents
• Conflicts of Interest in Transactions
• Penalties and Fees by the Department of Labor
For more information on this coverage, please contact our office at 209-576-2808 or complete the form below:
