Companies who sponsor pension, 401(k), ESOP and Health & Welfare plans, as well as the individuals who manage and administer these plans can be held liable for alleged errors & omissions or breach of fiduciary duties.
A Fiduciary Liability policy typically covers claims brought by your benefit plan participants and the government for violations of the Employee Retirement Income Security Act (ERISA), COBRA and other related federal or state regulations.
Fiduciaries (i.e. the individuals managing the plan, including such company employees as directors, officers, trustees, administrators, etc.) can be held personally liable. Policies may be written to cover fines and penalties imposed upon these individuals. Third party fiduciaries (i.e. outside benefit plan managers) are usually not covered in these policies.
Let us help you find coverage that meets your company’s needs. Suits that may be covered by Fiduciary Liability policies can include:
- Breach of fiduciary duties under ERISA
- COBRA Violations
- Imprudent investment decisions
- Denial of benefits
- Errors & Omissions in Plan Administration
- Delinquent employer contributions
- Improper disclosure to plan participants