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Benefits of Fiduciary Insurance for IT Providers
The primary benefit of fiduciary insurance is the peace of mind it provides. Knowing that your business is covered against claims related to the management of employee benefits allows you to focus on your core services without the constant worry of potential legal issues. Additionally, having fiduciary insurance can enhance your business's reputation, as clients and employees will see you as a responsible and reliable entity, thereby potentially increasing your competitive advantage in the marketplace.
Cost Considerations and Coverage Options
The cost of fiduciary insurance for IT providers varies based on several factors, including the size of your business, the number of employees, and the specific types of benefits you manage. On average, small to medium-sized IT firms might expect to pay between $500 to $2,000 annually for fiduciary insurance coverage1. However, it's crucial to compare different policies, as coverage limits and exclusions can significantly impact the overall cost and effectiveness of the policy.