Fiduciary liability insurance

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Fiduciary Risk Management Solutions

Fiduciary Liability Insurance, combined with risk management solutions and business insurance, is designed to protect companies and individuals who manage employee benefit plans from legal claims. If a business or person is accused of failing to meet their responsibilities, this insurance helps cover the costs. This guide explains what fiduciary liability insurance is, why it’s important, and how it works.

What Is Fiduciary Liability Insurance?

Fiduciary Liability Insurance protects businesses and individuals who manage employee benefit plans, like retirement funds, from claims of poor management. If someone accuses you of mismanaging the funds or failing to act in the best interest of employees, this insurance can cover legal costs and damages.

Why Is Fiduciary Liability Insurance Important?

Fiduciary liability insurance is important for businesses that manage employee benefits or retirement plans. Here’s why:

Protection from Lawsuits

If your business is accused of poor management, this insurance helps cover the legal costs.

Financial Protection

Without insurance, defending against a lawsuit or paying damages could be very expensive.

Peace of Mind

You can feel confident knowing your business is protected from potential legal claims.

Risk Management Services

Fiduciary liability insurance is a key part of your overall risk management plan, helping your business stay compliant with laws and avoid big risks.

Types of Fiduciary Liability Coverage

There are different types of coverage in fiduciary liability insurance, including:

Fiduciary Breach Coverage

Protects against claims that you didn’t meet your fiduciary duties, like mismanaging funds.

Employee Benefit Plan Coverage

Covers the risks of managing employee benefit plans.

Legal Expense Coverage

Pays for legal fees if you need to defend yourself against a claim, even if you’re not found guilty.

Explore the Types of Business Insurance

Comprehensive business insurance and risk management services designed to protect your assets, employees, and profits from unforeseen events.

Automobile Insurance

Covers your business vehicles against accidents, liability, and damage with specialized automobile insurance.

Business Personal Property Insurance

Protect your business equipment, inventory, and furnishings from loss, damage, or theft with comprehensive business personal property insurance.

Cyber Liability Insurance

Defend your business against cyber-attacks and data breaches with robust cyber liability insurance coverage.

Directors and Officers (D&O) Liability Insurance

Safeguard directors and officers from legal claims related to business decisions with directors and officers (D&O) liability insurance.

Employment Practices Liability Insurance

Ensure coverage for claims related to wrongful termination, discrimination, or harassment through employment practices liability insurance.

Environmental Liability Insurance

Secure your business against environmental damage, cleanup costs, and related legal expenses with environmental liability insurance.

Fidelity and Crime Insurance

Protect your business from financial losses due to fraud or theft by employees with fidelity and crime insurance.

Fiduciary Liability Insurance

Provide coverage for claims arising from the mismanagement of employee benefit plans with fiduciary liability insurance.

General Liability Insurance

Obtain fundamental protection for bodily injury, property damage, and advertising injury claims with general liability insurance.

Inland Marine Insurance

Cover your business assets in transit or stored off-site with inland marine insurance.

Kidnap and Ransom Insurance

Get comprehensive coverage for ransom payments and crisis management for high-risk operations with kidnap and ransom insurance.

Professional Liability Insurance

Protect your business against claims of negligence, errors, or omissions in professional services with professional liability insurance.

Surety Bond Insurance

Your business meets its contractual obligations with surety bond insurance.

Umbrella Insurance Policy

Extend your coverage beyond standard policy limits for added protection with an umbrella insurance policy.

Workers Compensation Insurance

Cover medical expenses and wages for work-related injuries or illnesses with workers compensation insurance.

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FAQs about Fiduciary Liability Insurance

What is fiduciary liability insurance?

It’s insurance that protects businesses from legal claims related to managing employee benefit plans, like retirement funds.

Is fiduciary liability insurance required?

It’s not required by law, but it’s important for businesses managing employee benefits or retirement plans.

How are premiums determined?

Premiums depend on the size of your business, the type of benefits you manage, and the level of coverage you need.

What happens if I don’t have fiduciary liability insurance?

Without this insurance, your business could face high legal fees or damages if a claim is made against you.

Can I customize my coverage?

Yes, you can customize your fiduciary liability insurance to meet the specific needs of your business.

What should I do if a claim is filed against me?

If a claim is filed, contact your insurance provider right away and provide the necessary information.

How do I file a claim?

To file a claim, contact your insurer and explain what happened. Be sure to submit any supporting documents.

What does fiduciary liability insurance cover?

It covers legal costs and damages if your business is accused of mismanaging employee benefit plans.

Is this coverage the same as employee benefits insurance?

No. Fiduciary liability insurance covers legal claims about fiduciary duties, while employee benefits insurance covers the actual benefits provided to employees.

Can my coverage be cancelled?

Yes, your coverage can be cancelled if premiums aren’t paid or if your business’s risk profile changes.

Why Choose Risk Specialty Group for Fiduciary Liability Insurance?

At Risk Specialty Group, we’re more than just an insurance agency – we’re your partner in protecting your business from risks related to the management of employee benefit plans. Here’s why businesses trust us for their Fiduciary Liability Insurance:

Industry Expertise

We understand the complex responsibilities and risks involved in managing employee benefit plans and offer policies tailored to your business needs.

Tailored Coverage

Our Fiduciary Liability Insurance covers claims related to the mismanagement of retirement plans, health benefits, and other employee benefit programs.

Proactive Risk Management

We help you identify potential risks and ensure your plan administrators are properly covered, minimizing exposure to costly lawsuits.

Comprehensive Protection

Our policies protect you against allegations of breach of fiduciary duty, errors in plan administration, and mismanagement of employee benefits.

Trusted Partnerships

We work with top-rated carriers to offer you the best coverage options at competitive rates.

Ongoing Support

Our team provides continuous guidance and regular policy reviews to ensure your coverage remains up-to-date with changing regulations and best practices.

At Risk Specialty Group, we’re your trusted partner in managing fiduciary responsibilities. Let us help you protect your business from the risks of fiduciary liability and ensure your employee benefit plans are properly covered.

What Our Clients Are Saying

Don’t just take our word for it – hear from businesses who trust Risk Specialty Group to protect their future:

     EXCELLENT  
  18 reviews

    
 
 
      Posted on Google  
   
   Bobbie Llenz 
 20 December 2023
 
 
  I cannot say enough good things about Risk Specialty Group.  Their team is professional, and they have your best interest in mind.  I highly recommend them.   Our agent is Travis Landers and his team always take care of us every step of the way through the renewal process down to a dreaded claim.  We have been in business 27 years and believe me you want these people on your side.
  
 
     Posted on Google  
   
   JMD Engineering LLC 
 27 November 2023
 
 
  Couldn't be more pleased with the level of service and competitive pricing.  I have a niche business that falls outside the norm of most. Risk Specialty Group took the time to understand my business and provide the perfect solution of coverage for me. I highly recommend them to any small business in need of coverage.
  
 
     Posted on Google  
   
   Jill Bard 
 20 November 2023
 
 
  When I started my business 4 years ago, the team at Risk Specialty Group was recommended to me by a long-time colleague to handle business and professional liability insurance.  I could not be happier!  Travis, Deanna, and the entire team are wonderful to work with.  They consistently provide excellent service and go above and beyond to make sure I have what I need, when I need it.  One example: I purchased a new vehicle for the business and was signing paperwork late on a Friday afternoon not realizing I would need auto insurance before I drove it off of the lot.  Travis and his team took my call at 5pm and made sure I had coverage so I could drive home before 6pm, on a Friday!  Just one example of their excellent service and responsiveness.
  
 
     Posted on Google  
   
   Chris Abell 
 17 November 2023
 
 
  I've been partnering with Risk Specialty Group for last few years, and they consistently deliver exceptional service. The team's responsiveness is truly commendable being both prompt and efficient. The account managers at Risk Specialty Group are clearly experienced, making the process of navigating insurance requirements seamless. I appreciate their attention to detail and the assurance that my business is in capable hands. I highly recommend them to any business in search of a reliable insurance partner.
  
 
     Posted on Google  
   
   Blyss 
 16 November 2023
 
 
  I would highly recommend Risk Specialty Group to anyone looking for reliable and helpful insurance professionals who go above and beyond to ensure customer satisfaction. Travis and Leah have consistently shown exceptional reliability, proving to be significant assets in navigating the complexities of insurance policies. Their unwavering commitment to providing assistance is evident in prompt and thorough responses, along with valuable feedback. Barron Engineering appreciates all of your help and support!
  
 
     Posted on Google  
   
   Nicola Hartman 
 15 November 2023
 
 
  The Risk Specialty Group was recommended to TTL by another client of theirs. We have not been disappointed! Both Travis and Candi have been wonderful to work with - the communication is exceptional and the overall switch from a different company has been seamless. I look forward to working with them for many more years to come.
  
 
     Posted on Google  
   
   Real David N 
 12 October 2021
 
 
  Risk Specialty Group has handled my micro-company's insurance for almost five years.  They have consistently provided prompt, professional, friendly, and effective customer service. I am always sure that I have access to their "A" team and that they are in my corner.  Of all my service providers, they are #1 in that department.  6 stars if I could.
  
 
     Posted on Google  
   
   J Smith 
 31 January 2019
 
 
  Prompt, knowledgeable, and courteous. Enjoyed working with the Risk Specialty Group team.
  
 
     Posted on Google  
   
   Brian Richardson 
 28 January 2019
 
 
  My company, EFR Contracting LLC, uses Risk Specialty Group because of their industry expertise, professionalism, superior customer service and attention to detail. I highly recommend them.
  
 
     Posted on Google  
   
   Elizabeth Schlitzberger 
 17 January 2019
 
 
  Very professional group with great attention to detail. They care about their customers! I highly recommend them!

Contact Us Today

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David Nelson

15:10 01 Apr 19

Risk Specialty Group has handled my micro-company's insurance for almost three years. They have consistently provided prompt, professional, friendly, and effective customer service. I am always sure that I have access to their "A" team and that they are in my corner. Of all my service providers, they are #1 in that department. 6 stars if I could.

Todd McMakin

16:00 04 Dec 18

We have been using the Risk Specialty Group for our company insurance for two years and have been very happy with our rates and with the customer service that we have received. They are always quick to respond to questions and requests. Highly recommended!

Su Young

18:52 04 Dec 18

Risk Specialty's owner is great to work with, excellent knowledge of the marketplace and clients' insurance needs. The staff is thorough, experienced and friendly. Great shop to consider for your insurance needs.

Elizabeth Schlitzberger

15:23 17 Jan 19

Very professional group with great attention to detail. They care about their customers! I highly recommend them!

Parallax Consulting Group

01:30 19 Dec 18

I am currently renewing my coverage for year (2) of my business. Everyone at RSG has been extremely helpful, while also being clear and concise with all my options and/or questions through every step of my growth, risk management and company success. I would highly advise and/or recommend RSG to anyone looking to find a firm you can count on...but most importantly, trust!