Fiduciary liability for professional firms.
When a firm sponsors employee benefit plans, a retirement plan, a health plan, the people who manage them have fiduciary duties, and fiduciary liability covers claims that those duties were breached.
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The fiduciary duty
When a firm offers benefit plans, the people who select investments, administer the plan, or manage it take on fiduciary duties under federal law, and a participant or regulator can allege those duties were breached, imprudent investment choices, excessive fees, administrative errors. Fiduciary liability covers the defense and covered liability for those claims.
Distinct from EPLI and other coverage
Fiduciary liability is often confused with EPLI, but they are different: EPLI covers employment-practices claims, while fiduciary liability covers benefit-plan management. It is also distinct from the bonding (ERISA fidelity bond) that plans are required to carry. We make sure the right pieces are in place for a firm with plans.
When it becomes relevant
For a firm with no benefit plans, fiduciary liability is not yet needed. Once a firm sponsors a retirement or health plan, especially as it grows, it becomes worth a look. We assess it against your benefit offerings and structure.
Common questions.
What is fiduciary liability?
Is fiduciary liability the same as EPLI?
Does my firm need fiduciary liability?
Does your coverage match the work you do?
Tell us your services, clients, and the data you handle and we will check your program against how your firm actually operates. Educational, no obligation.
Cover the duty that comes with benefit plans.
Tell us about your benefit plans and we will weigh fiduciary liability.