When it comes to the management of retirement plans, a fiduciary’s liability is often misunderstood. Fiduciary liability stems from the strict obligations set in place by the Employee Retirement Income Security Act of 1974, or ERISA. ERISA was created to assure that plan participants receive the benefits promised by a retirement plan.
However, if a claim is made by a participant against a fiduciary, the fiduciary is at risk of being held personally liable for breach of fiduciary duties. Fiduciaries can be hit with lawsuits by plan participants and beneficiaries. These lawsuits include not following plan documents, claims for failing to make timely contributions, failing to respond to requests for rollovers, distributions and investment changes, and failing to prudently invest to meet employee expectations. With Fiduciary Liability Insurance, you are covered against breach of fiduciary obligations, duties, responsibilities and improper investments. Our extensive coverage will cover defense costs associated with employee benefit plan lawsuits. While you continue to safeguard the interests of your employees, we want you to be protected as well.
Purchase ERISA Fidelity Bond Package
Colonial Surety Company offers Fiduciary Liability Insurance with our ERISA fidelity bond package, which includes ERISA Fidelity Bond coverage, Fiduciary Liability Insurance and Cyber Liability Insurance. We provide this package for the best value and protection for you and your employees. You can purchase your package instantly online! Contact us today to get the protection you and your company deserve.