There are a variety of insurance policies available to help today’s businesses. Fiduciary liability insurance is an important coverage option that can protect you as a person of authority. Acting properly with others and engaging in a high standard of conduct is important to maintaining trust and confidence as a fiduciary. In the event you fail to meet your obligations, the right insurance is beneficial.
Employee Benefit Plans
To perform well as a fiduciary, many companies strive to provide quality benefit plans such as retirement or profit sharing options. While these benefits are appealing, they also expose a business to a variety of risks. If the benefit plans are mismanaged, the company can be held liable. Mismanagement can result from a variety of circumstances including omissions, errors, or breach of duty. Having the right fiduciary liability insurance can minimize the negative consequences that result from these scenarios.
Depending on the nature of your business and its fiduciary responsibilities, you may need coverage for the following items:
- Personal asset protection
- Legal costs
- Protection from the actions of third party service providers
It is important to evaluate your company’s benefit plans and the associated risks to determine what fiduciary liability insurance is needed. Contact an insurance agent today for help choosing the right policy.