As a business owner, you know how important benefits are to finding and retaining the right people. However, health insurance, stock options and 401(k) allocations can be a lot to manage, which is why you probably entrust someone else to do it for you. Unfortunately, if this individual or entity makes a mistake, your company could be held liable.
Fiduciary liability insurance can help protect your company and your employees from these costly mistakes. At SBB, we design coverage that can help insulate your business from claims of mismanagement and the legal liability of those you trust as your fiduciaries.
What Does Fiduciary Liability Insurance Cover?
If your fiduciary is accused of an error or a breach of their duty, a fiduciary liability policy will cover the associated legal costs. Some common claims to employee benefits typically involve an improper change in benefits, denial of benefits, errors in plan administration or giving bad advice.
Who Should Consider Fiduciary Coverage?
Employee benefit plans get more complicated every year—we know, because we have an entire team dedicated to them. If your fiduciary or the team appointed to them happens to make a mistake, even a small oversight, they could be sued. For this reason, we recommend that any business offering benefits should also carry a fiduciary insurance policy.
Protect your fiduciary from costly mistakes. Get a fiduciary liability insurance coverage quote today.