While it is not legally required, fiduciary liability insurance is essential if your company offers health insurance and/or a retirement plan to employees. That’s because as an employer, you have a fiduciary responsibility to act in the best interest of your plan’s participants and beneficiaries.
If a mistake is made managing or administering your employee benefits plan(s), your employee(s) could sue you. In this situation, fiduciary liability insurance is the best form of risk management for protecting the interests of your company and those who administer your plan(s).
The business insurance advisors at JAISIN have been providing customized liability insurance solutions to small and mid-size companies in Florida and select states* for years to cover the defense costs and damages from employee lawsuits. Even though fiduciary liability insurance is often sold as a standalone policy, the safer and smarter solution is to have us develop coverage tailored to your organization that complements your other insurance liability products (e.g., D&O, E&O, EPLI, cyber, crime, general liability and worker’s comp).
This combining of management liability and commercial insurance coverage is something we have experience with and highly recommend, because it results in fewer premiums and additional savings. Although our core client base is small to mid-size companies, our insight and years of experience with fiduciary liability insurance plans translate to large organizations as well.
Don’t let a fiduciary-related claim disrupt or ruin your company. Talk with one of our advisors today, and let us help protect what’s yours.
What Gives JAISIN the Edge on Fiduciary Liability Insurance Coverage?
JAISIN, an independent, full-service insurance company that provides fiduciary liability insurance to businesses like yours, uses the following five-step approach to ensure you get the broadest coverage at the most cost-effective price.