Fiduciary Liability Insurance
Employee benefit programs, including retirement plans, are intended to help employers attract and retain a high quality workforce. An attractive benefits program and generous retirement benefits can make the difference in securing a top-notch candidate or losing that person to the competition.
For employers, the benefits of offering a retirement plan must be weighed against the complexities and legal obligations that come with running such a program. The legal rules governing employee benefits plans are established under the Employee Retirement Income Security Act (ERISA) of 1974. The well-intentioned Act is intended to balance the benefits offered by companies with their obligations to perform, however, the complexity of ERISA opens up many areas in which litigation can occur.
Employee retirement plan sponsors and fiduciaries can be exposed to significant liabilities – even personal liabilities can exist -- if their fiduciary obligations are breached. Fiduciary liability insurance helps to protect a person or entity against claims alleging breach of fiduciary duties or errors in the administration of a company’s employee retirement plan, as required by ERISA.
At Lyceum, we help you through the maze of fiduciary liabilities to design insurance coverage that helps to reduce your unique risks. Because we are an independent broker, we sit on your side of the table and are completely invested in your success.
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The content on this website is descriptive only. Actual coverage is subject to the language of the policies as issued.
