Get protection for your company's leaders and assets.
Fiduciaries have a responsibility to act in the interests of their clients both ethically and legally. This is a particularly important position where employees and their benefits are concerned. Increasingly, employers are being held accountable for the benefit options of their employees with fiduciaries being held personally liable for losses as a result of errors, omissions, or breach of duties.
Fiduciary liability insurance fills the gap left in traditional coverages such as general liability and directors and officer liability insurance. It helps protect the financial assets of the company, personal assets of fiduciaries, and the employee benefits plan against lawsuits.
Get with an IOA expert to make sure you fill any gaps you may have in fiduciary exposure.
Lawsuits are brought for a host of reasons:
- Administrative error
- Change, reduction, or denial of benefits
- Conflict of interest
- Employee/plan participant complaint
- Failure to adequately fund a plan
- Government allegations
- Unwise investment of assets or lack of investment diversity
- Unwise choice of plan providers