Fiduciary Insurance

"Fiduciary liability insurance protects companies and employers from claims made due to breach in fiduciary duty. Even though fiduciary claims arise out of errors, errors and omissions insurance (E&O) will not cover such claims which is why fiduciary insurance is important. Most businesses aren’t aware of fiduciary liability, since ERISA does not legally mandate fiduciary insurance. Both public and private businesses, non-profit organizations, and financial institutions require fiduciary coverage. But small business that do not offer employee benefits don’t need it. Fiduciary insurance provides coverage under situations like: careless selection and supervision of service providers, improper investments, making unauthorized changes in the employee benefit plans, prohibited transactions, lost or incorrect benefits stemming from inadequate counseling, mistakes in administering the plans itself, conflict of interest, and not disclosing retirement plans properly. The exclusions of this policy include: failure to finance according to ERISA requirements, acts of dishonesty, criminal or acts of intentional wrongdoing, and intentional embezzlement. The price of fiduciary insurance depends on various factors like: size of the business, choice of insurance company, the industry of your business, total assets, the amount of coverage you choose, and the policy limits. To learn more about Fiduciary Insurance, follow this link: http://quotezebra.com/fiduciary-insurance/ "

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