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Factors Affecting Fiduciary Insurance Rates
Several factors influence the cost of fiduciary insurance, including the size of the employee benefit plan, the number of beneficiaries, and the fiduciary's experience and history of claims. Insurers also consider the types of benefits offered and the complexity of the plan. Companies with comprehensive risk management strategies and a history of compliance may benefit from lower premiums. It’s essential to compare different policies and providers to find the best rates and coverage options that suit your specific needs2.