Fiduciary Liability Insurance is somewhat of a misunderstood insurance coverage. It pays on behalf of an insured for liability arising out of an act, error, or omission in the scope of administration of an employee benefit, such as a 401K. The coverage is designed to meet the requirements set forth under the Employee Retirement Income Security Act (ERISA) of 1974. Fiduciary Liability Insurance is similar to other insurance coverage, namely ERISA bonds and Employee Benefit Liability Insurance, but has some distinct differences that should be noted.
Thomas Gregory Associates has the knowledge to help your company determine its fiduciary risks and the resources with which to address them. In any case, we give you the data that you need to make informed business decisions.