Fiduciary Insurance
We understand that managing employee benefit plans involves significant responsibilities and potential liabilities. Fiduciaries must navigate complex regulations and ensure that plan decisions are in the best interests of beneficiaries. Fiduciary Insurance is designed to protect those who manage and administer employee benefit plans from claims of mismanagement and breaches of fiduciary duty.
What is Fiduciary Insurance?
Fiduciary Insurance provides coverage for businesses and individuals who administer employee benefit plans against claims of errors, omissions, or breaches of fiduciary duty. This insurance helps cover legal defense costs, settlements, and judgments, offering a crucial safety net for fiduciaries.
Why Your Business Needs Fiduciary Insurance
- Protection Against Legal Claims: Covers claims related to errors in plan administration, investment decisions, and regulatory compliance failures.
- Financial Security: Shields your personal and corporate assets from significant financial losses due to legal actions.
- Compliance Assurance: Helps ensure adherence to the Employee Retirement Income Security Act (ERISA) and other regulatory requirements.
- Peace of Mind: Allows fiduciaries to perform their duties confidently without the constant fear of potential liabilities.
Key Features of Our Fiduciary Insurance
- Broad Coverage: Protects against a wide range of fiduciary-related claims, including administrative errors and breaches of duty.
- Legal Defense Costs: Covers costs associated with defending against claims, regardless of the claim’s outcome.
- Settlement and Judgment Coverage: Provides coverage for settlements and judgments related to covered claims.
- Voluntary Correction Programs: Covers costs for correcting plan errors under voluntary compliance programs.
- Customizable Policies: Tailored to meet the specific needs and risks of your business.
Get Started Today
Protect your employee benefit plan managers with Fiduciary Insurance from WatchTower. Contact us today to learn more about our coverage options and how we can help safeguard your fiduciary responsibilities.