Fiduciary Liability Consulting
Safeguarding Your Fiduciaries
Under ERISA, an individual or organization is deemed a fiduciary if they or the entity exercises any authority or control over the management of any type of employee benefit plan. Not just retirement plans, but all employer plans that provide employee benefits—health, life, pension, savings, profit sharing, disability and employee leave. Those having anything to do with these plans are personally liable to the beneficiaries for any breach of their fiduciary duties.
Fiduciaries can also be held liable for the acts, errors, and omissions of outside entities that provide administrative and related services. You must monitor these fiduciaries’ activities.
AssuredPartners’ financial professionals provide invaluable insight and guidance on these exposures and significant liabilities. We work closely with clients to design an insurance program that safeguards assets against a fiduciary-related claim of mismanagement of an employee benefit plan. Fiduciary Liability insurance also covers legal expenses to defend a claim as well as any losses the plan may have suffered as a result of errors, omissions or breach of fiduciary duty.
We will help your organization and its employees who are engaged in fiduciary roles stay compliant with ERISA’s standards and code of conduct to prevent any surprises. We assess your entire portfolio of investment solutions, for example, to see that your 401(k) retirement plan offers adequate diversification options or doesn’t charge excessive fees.