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Understanding Fiduciary Insurance

Fiduciary insurance is a specialized form of coverage designed to protect individuals who manage employee benefit plans against claims of mismanagement or breach of fiduciary duty. This type of insurance is crucial for anyone in a fiduciary role because it provides a financial safety net in case of legal claims, which can be costly and damaging to both reputation and finances. As the landscape of employee benefits becomes increasingly complex, having fiduciary insurance is not just a precaution but a necessity.

Why You Need Fiduciary Insurance

The primary role of a fiduciary is to act in the best interest of plan participants and beneficiaries. However, even with the best intentions, mistakes can occur. Fiduciary insurance provides coverage for legal defense costs, settlements, and judgments arising from claims of errors or breaches of duty. Without this insurance, fiduciaries could face significant financial liabilities, which could affect their personal assets. This coverage is particularly important given the increasing scrutiny and regulation around employee benefit plans¹.