Fiduciary liability
Protection for benefit plans
Professionals who manage employee benefit plans carry enormous legal and ethical responsibilities. The organizations that provide pensions and similar plans hold not just employee funds, but their trust. If something goes wrong, fiduciary liability insurance provides an important layer of protection.
Our employee benefit plan fiduciary liability insurance solution helps protect directors, officers, and other fiduciaries as well as employee benefit plans against risks related to the Employee Retirement Income Security Act (ERISA).
A protective partnership
Solutions for complex risks
Fiduciaries are obligated to put the interests of their plan beneficiaries ahead of their own. So, who’s looking out for the fiduciaries and the plans they administer? We are, with solutions that help safeguard the people who manage employee retirement plans – and the plans themselves.
Whether they’re public or private companies, our customers appreciate our tailored solutions.
Key coverage highlights include:
- Capacity up to $25M on primary and excess basis
- Coverage for the sponsor organization, its subsidiaries, employees, fiduciaries, and its covered plans
- Coverage for various acts in the administration of covered plans
- Protection for the sponsor organization’s pension and welfare benefit plans
- Punitive damages coverage
We also offer endorsements for added protection, including:
- Health Insurance Portability and Accountability Act (HIPAA) coverage
- Investment loss coverage
- Voluntary compliance loss coverage
Expertise that delivers
It takes more than teamwork to provide top-tier coverage and services; it takes specialized expertise – something we’re proud to bring to every customer relationship.
Our dedicated underwriters and claims professionals team up to stay on top of current fiduciary liability loss trends and risk scenarios, including:
- Poor investment choices
- Mismanagement or failure to act
- Conflicts of interest
- Administrative errors that result in a loss of benefits
- Failure to comply with ERISA
Backed by our financial strength, stability, and experience as a Fortune 100 carrier, these tailored solutions suit a range of industries, risk profiles, and challenges
Better control over claims
Our approach to claims management starts long before a claim is filed. With ongoing training, highly experienced senior claims leaders, and a culture that promotes proactive decision making, our claims professionals are empowered to deliver better outcomes.
And because our claims professionals work closely with the underwriters who develop our solutions, they’re equipped to resolve claims quickly, always working to limit litigation and control costs.
With our fiduciary liability solutions, customers can benefit from:
- Dedicated claims teams with in-depth experience investigating, evaluating, and resolving fiduciary liability claims
- The flexibility to retain their own legal counsel or select from our roster of approved attorneys
- The ability to settle claims within the retention period
Get in touch
Our commercial and specialty insurance products and services are distributed through brokers and agents. If you are interested in our solutions for your business, please contact your agent or broker. If you are an agent or broker, please reach out to our team for more information.
Related insights
This website is intended to be informational. Descriptions are provided only as a summary outline of the products and services available and are not intended to be comprehensive and do not constitute an offer to sell or a solicitation. The products and services described may not be available in all states or jurisdictions. See your policy, service contract, or program documentation for actual terms, conditions, and exclusions. Any inquiries regarding the subject matter set forth herein should be directed through licensed insurance professionals.
Coverage and insurance are provided and underwritten by Liberty Mutual Insurance Company or its affiliates or subsidiaries. When we offer insurance products, we will state clearly which insurer will underwrite the policy. Some policies may be placed with a surplus lines insurer. Surplus lines insurers generally do not participate in state guaranty funds and coverage may only be obtained through duly licensed surplus lines brokers.
