Protect Your Retirement Secure Fiduciary Liability Insurance Today
Benefits of Fiduciary Liability Insurance
1. **Legal Protection**: This insurance covers legal fees and settlements, which can otherwise drain your personal or business finances. Legal costs in fiduciary cases can easily reach tens of thousands of dollars, making insurance a cost-effective safeguard.
2. **Peace of Mind**: Knowing you have coverage allows you to focus on managing your fiduciary responsibilities without the constant worry of potential lawsuits.
3. **Reputation Management**: In the event of a claim, having insurance can help manage and mitigate reputational damage, ensuring your business continues to operate smoothly.
Cost of Fiduciary Liability Insurance
The cost of fiduciary liability insurance varies based on factors such as the size of the plan, the number of participants, and the level of coverage required. Premiums typically range from $500 to $3,000 annually for small to mid-sized plans. Larger plans may have higher premiums due to increased risk exposure. It's advisable to compare quotes from different providers to find a policy that suits your needs and budget2.