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Fiduciary Liability Insurance throughout New Jersey
Fiduciary liability insurance protects individuals responsible for managing employee benefit plans against claims related to fiduciary mismanagement. We’ll help ensure that your employee benefits are managed responsibly and that your trustees are shielded from potential financial risks.
Fiduciary liability insurance addresses a specific and potentially costly risk: breaching fiduciary duties under the Employee Retirement Income Security Act (ERISA) of 1974. This law regulates many employee benefit plans, and those who manage these plans are legally and ethically bound to act in the best interests of employees.
If a fiduciary fails in this duty—whether through poor investment choices or other missteps—they can be held financially responsible for any resulting losses. Since retirement benefits can involve significant sums, these risks can be substantial.
Standard general liability insurance often excludes ERISA-related claims, making a specialized fiduciary liability policy crucial for managing this risk. Such policies typically cover legal defense costs and potential payouts, and they often provide access to ERISA experts who can assist in navigating these complex issues.
If you’re considering fiduciary liability insurance for your business, our team is ready to guide you through your options. Contact us today to find the right policy for your needs.