What is fiduciary liability?

Coverage for claims that a firm or its people breached their duties in managing employee benefit plans, like a retirement or health plan, including the defense. It is distinct from EPLI.

Is fiduciary liability the same as EPLI?

No. EPLI covers employment-practices claims; fiduciary liability covers benefit-plan management. They are different coverages, and a firm with plans may need both.

Does my firm need fiduciary liability?

It becomes relevant once you sponsor benefit plans for staff. A firm with no plans does not need it yet. We assess it against your benefit offerings.

Professional Services Fiduciary Liability

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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Fiduciary liability covers claims that a firm or its people breached their duties in managing employee benefit plans, such as a retirement or health plan. It is distinct from EPLI and becomes relevant once a firm sponsors benefit plans for its staff.

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.

Fiduciary liability for professional firms.

The fiduciary duty

Distinct from EPLI and other coverage

When it becomes relevant

Common questions.

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Management Liability

EPLI

Professional Services Coverage Review

Professional Services Coverage Review

Cover the duty that comes with benefit plans.