Fiduciary Liability Insurance

Company clients that sponsor an employee benefit plan have risks that fall under the general rubric of “fiduciary liability.” Fiduciary Liability insurance can be issued to either the employer that sponsors the benefits plan or to the plan itself. It is appropriate for retirement plans, health plans, life insurance and disability plans, and employee benefits plans of all kinds.

Further, coverage is not limited to ERISA plans, so if your clients have a non-ERISA benefits plan for which they need fiduciary liability insurance, you can also turn to Hartan to learn about the solutions we have available.

Fiduciary liability insurance protects the insured against allegations that the fiduciary—the money or benefits handler—has breached their duty. The accusation can focus on an error or negligence in administering a plan, including but not necessarily limited to misinterpretation of plan documents, providing imprudent investment options to plan participants, misrepresenting investments, mishandling enrollment or other paperwork, and giving bad advice or faulty instructions to participants.

Coverage Options

Handling financial or medical benefits plans can be highly complex, and helping to protect your insureds’ fiduciaries reflects that. Our staff is immersed in the risk landscape of the financial services sector and will provide you with solid advice and sound insurance solutions to present to your clients. We can provide programs that cover expenses associated with civil lawsuits, written demands for damages that haven’t proceeded to court, administrative or regulatory actions, and investigations by the government or an official agency.

Policy coverage options can include legal defense fees, awards to or settlements with claimants, and voluntary correction programs even when there isn’t a claim. The specific coverage you secure depends on the insurance agreement selected. Many of our carriers offer ERISA bonds, which are required by law for all applicable plans, as well as employment benefit liability insurance endorsements.

Talk to us about fiduciary liability insurance plans.

We invite you to take a look at the specific areas where our wholesale operation can serve you. Give us a call at [phone].