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What Is Fiduciary Liability?
Fiduciary liability insurance helps protect the people who manage employee benefit plans, like a 401(k) or health plan, if they’re accused of mismanaging the plan. It can help pay legal defense and covered settlements tied to fiduciary decisions.
What Does Fiduciary Liability Cover?
It can cover claims alleging errors, omissions, or breaches of duty in administering or overseeing employee benefit plans, including defense costs, settlements, and judgments, subject to the policy terms and exclusions.
401(k) fee and investment oversight dispute
Enrollment or eligibility mistake
Benefit communication and administration allegations
Key Features of Fiduciary Liability
Protection for the people making plan decisions
Designed for plan fiduciaries such as owners, officers, trustees, and plan committee members who can be personally named in a lawsuit tied to benefit plan management.
Legal defense is often the first and biggest cost
Claims can be expensive even when you did nothing wrong. Fiduciary liability typically helps pay defense costs for covered allegations, which can matter long before a case is resolved.
Built for benefit-plan specific allegations
Addresses fiduciary duty claims related to administering, interpreting, or overseeing employee benefit plans. It is different from general liability and often distinct from employment practices liability.
Fiduciary Liability Made Simple
Everything you need to know about this coverage, from basic definitions to real-world application scenarios.
