What is Fiduciary Liability insurance?
Fiduciary Liability insurance protects businesses’ and employers’ assets against fiduciary-related claims for mismanagement of a company’s employee benefit plans.
Those who administer employee benefit plans can be held personally liable for actual or alleged breaches of their fiduciary duties. Breach of duty claims can come from plan participants and regulatory agencies and commonly involve:
- Administrative errors
- Denial of benefits
- Conflict of interest
- Mismanagement of funds
- Wrongful termination of a plan
The Fiduciary Liability Policy can protect the personal assets of your fiduciary clients and the financial assets of their organization. The policy can be tailored to meet the specific needs of non-profit, private, and public companies.
Which businesses need Fiduciary Liability insurance?
Businesses that offer or manage an Employee Benefits Plan should have Fiduciary Liability insurance. These include:
- Private Businesses
- Public Businesses
- Non-Profit Organizations
- Financial Institutions
Contact an insurance agent for more information
To learn more about Fiduciary Liability insurance, it's always recommended to consult with an insurance professional who can assess your specific risk and recommend the appropriate level of coverage for your business. They can also answer any questions you may have and help you understand how this insurance can protect your organization's financial assets and those of your fiduciary clients.
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