Fiduciary Liability Insurance
As a fiduciary, you are charged with the effective management of assets. Of course, this comes with a tremendous number of risk exposures and responsibilities. Lawsuits, fines, and legal penalties can seriously affect your ability to deliver optimal service, not to mention your reputation.
Offering a retirement plan can be one of the most challenging, yet rewarding, decisions an employer can make. Administering a plan and managing its assets, however, require certain actions and involve specific responsibilities.
To meet their responsibilities as plan sponsors, employers need to understand some basic rules, specifically the Employee Retirement Income Security Act of 1974(ERISA). ERISA sets standards of conduct for those who manage an employee benefit plan and its assets (called fiduciaries). Under ERISA, fiduciaries can be held liable for losses to a benefit plan incurred as a result of alleged errors, omissions, or breach of their fiduciary duties.
To learn more about Fiduciary Liability Insurance, feel free to speak to any of our outstanding agents today.
Contact B.H. Gold Insurance Agency now.