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 Highlights
Benefits
- Private company underwriters located across the U.S. are experienced in a broad spectrum of industries
- Loss prevention resources
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
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