Protecting Your Employee Benefit Plan Managers’ Personal Assets is a Must
Under the Employee Retirement Income Security Act of 1974 (ERISA), those who oversee your Employee Benefit Plans have various fiduciary duties to the plan participants, and can be held personally liable for errors in the administration of these plans. If you have people managing your 401k, defined contribution plan, or other Employee Benefit Plans, Fiduciary Liability is a must.
Fiduciary Liability provides coverage for negligent wrongful acts concerning 401K and other Employee Benefit Plans including, but not limited to, a breach of fiduciary duties as imposed by ERISA and negligent errors or omissions in the administration of a benefit program (ie: giving counsel to employees, handling the records, effecting enrollment, termination or cancellation of employees under any benefit plan).
Contact us today to discuss Fiduciary Liability insurance, so the administrators of your Employee Benefit Plans can continue fulfilling their responsibilities to your Employees.