Fiduciary Liability
Fiduciary liability insurance coverage is designed to protect businesses and their employees who serve as fiduciaries of employee benefit plans. Fiduciaries are individuals or entities entrusted with managing and making decisions regarding employee benefit plans, such as retirement plans or health insurance programs. This insurance protects against claims alleging the sponsor organization or employee mismanaged the administration of the employee benefit plan or plan assets. It provides coverage for legal defense costs and potential settlements or judgments arising from claims made by plan participants or beneficiaries.