Fiduciary Liability Insurance
Event planners who manage benefit plans or associations carry fiduciary responsibilities. Even small errors in plan administration or board decisions can lead to costly claims. Fiduciary liability insurance protects planners and organizations against lawsuits tied to mismanagement of employee benefits, association funds, or fiduciary duties.
Fiduciary Insurance Coverage
Fiduciary insurance coverage includes protection for:
Mismanagement of benefit plans
Breach of fiduciary duty
Administrative errors
Regulatory violations
Benefit Plan Fiduciary Insurance
Event planners offering staff benefits need benefit plan fiduciary insurance to cover:
Errors in plan administration
Miscommunication about benefits
Investment mismanagement
Association Fiduciary Insurance
Associations face governance risks. Association fiduciary insurance protects board members against:
Misuse of funds
Membership disputes
Compliance failures
Fiduciary Liability Coverage
Fiduciary liability coverage ensures protection against claims tied to fiduciary responsibilities.
Defense costs
Settlements or judgments
Regulatory penalties
Fiduciary Liability Policy
A fiduciary liability policy outlines coverage limits, exclusions, and claims processes.
Premiums based on organization size
Coverage for directors, officers, and trustees
Clear claims procedures
Fiduciary Liability Cost
Factors influencing fiduciary liability cost include:
Number of employees covered by benefit plans
Size of the association or company
Claims history
Regulatory environment
Employee Benefit Liability
Employee benefit liability covers mistakes in administering employee benefits such as health insurance or retirement plans.
Fiduciary Risk Insurance
Fiduciary risk insurance provides broad protection against fiduciary exposures across industries.
Investment errors
Administrative mistakes
Breach of duty claims