Top Reasons Your Company May Need Fiduciary Liability Coverage

If your company is currently in the middle of shopping for a new insurance policy, make sure to look into fiduciary coverage. Fiduciary Liability protections can give your company a safeguard against several common types of claimsand could be an essential part of your next policy. Heres why fiduciary coverage is so critical.

It Offers the Company Protections Against Allegations of Breach of Duty

In the event of breach-of-duty claims, having fiduciary coverage is indispensable. With this type of insurance, your company could secure a safety net against claims of:

  • Errors in critical document interpretations
  • Administrative negligence
  • Failure to inform participants
  • Failure to provide reasonable options to participants
  • Fraud or misrepresentation
  • Mishandling of key paperwork

One Policy Could Cover Several Types of Common Claim Expenses

With most fiduciary coverage policies, one policy could provide your company protection against several of the most common claim types and their associated expenses. These claims and expenses could include, but are not limited to:

  • Pre-court proceedings damages
  • Civil lawsuit expenses and other legal defense fees
  • Costs associated with administrative actions
  • Expenses associated with complying with regulations
  • Government investigation fees

Fiduciary Liability coverage can make an excellent addition to any corporate insurance policy and, in some cases, may even prove essential. Consider these top reasons to get fiduciary coverage as you search for your next company insurance package.