ABOUT THIS COVERAGE

How would your insurance respond if a plan participant sued your company and your managers alleging an error in the calculation of your company’s benefits? As a fiduciary, you can be held personally liable for losses to a benefit plan incurred as a result of an alleged error, omission or breach of fiduciary duty. This policy is designed to help protect your privately owned company, its fiduciaries and your benefit plans.

Coverage:

  • Responds to allegations including:
    • Wrongful denial or improper change in benefits
    • Error or omission in plan administration
    • Improper advice or counsel
    • Fiduciaries engaging in a prohibited transaction
    • Failure to administer the plan according to plan documents
    • Conflict of interest
    • Imprudent investment of assets or lack of investment diversity
    • Imprudent selection and failure to monitor third-party service providers
  • Insures the company, the company’s executives and employees, and the company’s employee benefits plan