According to the ERISA Act of 1974, an ERISA fidelity bond is a type of insurance required by the Department of Labor to protect the plan against losses caused by acts of fraud or dishonesty. Colonial Surety is one of the leading providers of ERISA related products, offering bonds approved by the Dept of Labor. We make it easy to obtain your bond instantly as well as allowing you to purchase retroactive insurance for the years the plan was not previously covered.
An important aspect to keep in mind is that, although an ERISA Bond projects the participants of your plan, this does not cover you as the fiduciary. It’s vital you also invest in fiduciary liability insurance to protect all parties involved.
But are YOU protected?
Fiduciary Liability Insurance
Where the ERISA Fidelity Bond is set in place to protect the participants of the plan it, however, does not protect YOU as the fiduciary. Watch our video to learn how to protect yourself with Fiduciary Liability Insurance.