Serving all of New England

Fiduciary Liability

Protect Your Personal Assets from a Fiduciary Claim

If you are involved in the management of a retirement or health plan for your company, then you are considered a fiduciary. As a fiduciary, it’s your responsibility to select advisors and investments, minimize expenses, and follow plan documents.

Under the Employee Retirement Income Security Act (ERISA), fiduciaries can be held personally liable for losses to a benefit plan resulting from an alleged error, omission, or breach of duty.

Most directors and officers liability policies specifically exclude ERISA claims. With the average cost of a fiduciary case at about $1.2 million, fiduciary liability insurance is a must have for all businesses.

Fiduciary liability provides financial protection against administrative errors and omissions, as well as personal liability for a breach of duty in connection with an employee plan. This coverage also includes defense costs for such claims.

In addition to fiduciary liability, there are two other types of coverage:

  • ERISA bond: Required by law, provides first-party coverage that pays the plan for any loss from theft of plan assets.
  • Employee Benefits Liability (EBL) insurance: Provides coverage for employee benefit plan claims, but is restricted to administrative errors and omissions (handling records, enrolling, terminating, or cancelling employees, interpreting plan benefits).

Contact us today to discuss fiduciary liability coverage options for your business. Call 508-347-6850, or email our commercial lines department today.

Download our brochure for more information on fiduciary liability insurance:

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Powerful Network

Our staff conducts extensive research to develop a custom insurance plan or risk management strategy for your personal or business needs. We then present you with a selection of programs from multiple insurance carriers that will protect your business equity or personal net worth.
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Tailored Coverage

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Heart of New England

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Educational Partner

Do you know what gaps may be hidden in your coverage, leaving you unprotected when disaster strikes? We pride ourselves on educating our clients on their coverage details, including the terms, limitations and conditions of their insurance policies. We also produce fresh content in our Resource Center that is timely and of most value to you.
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Claims Center

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