Fiduciary Liability Insurance
Fiduciary Liability, also called “pension trust liability,” protects fiduciaries against claims. Many fiduciaries don’t even realize that their assets are at risk, but if you’re a fiduciary who handles the matters of your company’s employee benefit plans, it’s vital that you consider Fiduciary Liability Insurance.
When losses occur due to errors, omissions, or breaches of fiduciary duties, the fiduciaries are the ones who are responsible (although claims can also involve the employer and/or the plan itself). Fiduciaries generally deal with such employee benefit plans as pension and profit sharing, employee stock ownership, health, and welfare plans. However, this necessary Fiduciary Liability, type of insurance, is not included in a directors and officers policy, despite popular belief.
Claims against fiduciaries can include:
- Improper advice or disclosure
- Inappropriate selection of advisors or service providers
- Imprudent investments
- Lack of investment diversity
- Breach of responsibilities or fiduciary duties
- Negligence in the administration of a plan
- Conflict of interest with regard to investments
Contact us to find out how we can begin to help cover you for Fiduciary Liability today!
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