Fiduciary Liability Insurance
Fiduciary Liability Insurance
Let’s make sure you’re ready for health-care and retirement-plan litigation.
Why you need fiduciary liability insurance
As benefit plans become more complex due to healthcare and pension reforms and market and exchange disruptions, employers encounter a difficult landscape that can create both business and personal liability. Employers and leadership can be sued by plan participants, the Department of Labor and the Pension Benefit Guarantee Corporation with combined defense and settlement costs exceeding $1 million.
Employers offering benefits are considered “fiduciaries,” and many leaders can be held personally liable when managing these plans, putting personal assets such as family and college savings and homes at risk.
What’s typically covered
Fiduciary insurance, which is not covered by director’s and officer’s liability policies, provides financial protection for fiduciaries. It covers defense costs and settlements for claims of benefit-plan losses, including:
- Bad insurer, mutual fund or third-party administrator’s choices
- Plan administration errors or conflict of interest
- Benefits denial, changes or reductions
- Bad advice or improper counsel
- Funding a plan insufficiently or failing to diversify
- Choosing poor investments or squandering assets
- Terminating a plan incorrectly
Contact a HUB broker to get started.
Prevent Fiduciary Liability Claims
Claims of fiduciary liability are often the result of human administrative error. Watch to discover what you can do to prevent them, including having the right policies in place and employing best practices.
Related Products
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Directors and Officers InsuranceProtect your executives’ ability to lead — and their personal assets
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Employment Practices Liability Insurance (EPLI)Protect your organization against costly litigation with EPLI.
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Directors and Officers InsuranceProtect your executives’ ability to lead — and their personal assets
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Employment Practices Liability Insurance (EPLI)Protect your organization against costly litigation with EPLI.