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Fiduciary Liability Insurance

Comprehensive solutions that fit your needs.

Fiduciary liability insurance covers a very specific risk–and a potentially financially devastating one. The risk is breaching fiduciary duties, and it comes from the Employee Retirement Security Act of 1974 (ERISA), which governs many employee benefit schemes.

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Officers of a company who oversee such schemes have fiduciary duties. This means that they are ethically and legally bound to act in the best interests of the employees, and can be sued if they breach this duty (even unintentionally). A breach of this duty could be as simple as making investment decisions for the plan that don’t work out well.

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ERISA means a fiduciary could be held financially responsible for making good any losses from their alleged mistakes or failings, and when you’re talking about a workforce’s retirement benefits, that can make for eye-watering figures.

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Many general liability insurance policies don’t cover claims relating to ERISA, so a specialist fiduciary liability policy is the best way to mitigate this risk.

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Policies usually cover the costs of defending claims and paying out any liability. Additionally, fiduciary liability insurance often includes access to expert lawyers who specialize in ERISA cases.

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Our experts can help you obtain a fiduciary liability insurance policy that’s for your business. So, reach out today!

If you have employees and provide them with benefits, then you should consider protecting yourself with a fiduciary insurance policy.

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Contact us for a free insurance quote now.
 

UNION BAY RISK ADVISORS LLC
805 Estelle Drive, Suite 102
Lancaster, PA 17601
Monday - Friday: 9:00 am - 5:00 pm
Fax: (866) 517-1868
Email: info@unionbayrisk.com
For Brookside Insurance customers click below:
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For Maple Insurance Group customers click below:
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Have a question? We are here to help.

Please visit our contact page and we will get back to you as quickly as possible.

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© 2022 Union Bay Risk Advisors LLC. All right reserved. Insurance coverage cannot be bound or changed via submission of any online form/application provided on this site. No binder, insurance policy, change, addition, and/or deletion to insurance coverage goes into effect unless and until confirmed directly by a licensed agent.

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