Fiduciary Liability Insurance - IncomeResourceGroup

Don’t leave your future to chance—secure the right insurance protection today.

Fiduciary Liability Insurance from Income Resource Group

Fiduciary Liability Insurance provides crucial protection for individuals and organizations responsible for managing employee benefit plans. If you serve as a plan trustee, administrator, or decision-maker, this coverage safeguards you against claims alleging mismanagement or breach of fiduciary duty.

Missteps—whether intentional or accidental—in handling retirement plans, health benefits, or other employee programs can lead to costly lawsuits, regulatory fines, or reputational damage. Fiduciary liability insurance helps cover legal defense costs, settlements, and judgments, so you can fulfill your responsibilities with confidence.

At Income Resource Group, we understand the complexities of fiduciary roles and the risks involved. We’ll work with you to design a tailored policy that fits your unique needs, helping protect both your personal assets and your organization’s future.

Contact us today to learn more about how fiduciary liability insurance can provide peace of mind for those who manage employee benefits.

What is Fiduciary Liability Insurance?

When deciding where to work, employees often choose companies that offer a comprehensive range of benefits. From health insurance and stock options to 401(k) plans, these perks play a key role in attracting and retaining top talent.

If your business provides these benefits, you likely have a dedicated team managing them. But it’s important to understand that your company—and those overseeing the plans—could be held liable if mistakes occur.

That’s where fiduciary liability insurance comes in. It’s a vital risk management tool designed to protect both your business and the individuals responsible for managing employee benefit plans. This coverage safeguards against claims of mismanagement, negligence, or breaches of fiduciary duty, covering legal defense costs and any resulting settlements.

Many businesses aren’t aware of fiduciary liability insurance because it’s not legally required under ERISA. However, this policy offers unique protection, shielding both the company and its fiduciaries from potentially costly legal actions tied to the administration of employee benefits.

While there are various types of employer liability coverages, only fiduciary liability insurance specifically addresses the risks associated with managing employee benefit plans—helping you protect your business and the people who rely on you.

At Income Resource Group, we’ll help you understand this important coverage and ensure you have the right protection in place.

Key Coverages Provided by Fiduciary Liability Insurance

Making improper changes to plan benefits
Wrongfully denying benefits to employees
Providing incorrect or misleading advice to the employer or plan participants
Acting in ways that benefit the fiduciary at the expense of the plan sponsor (conflicts of interest)
Making poor decisions when selecting or supervising plan service providers
Errors in plan administration
Mismanagement of plan assets, including failure to diversify investments

When these issues arise, fiduciary liability insurance helps cover legal defense costs as well as settlements or judgments resulting from claims or lawsuits.

At Income Resource Group, we work with you to ensure your fiduciary liability coverage is comprehensive and tailored to protect both your business and those entrusted with managing your employee benefit plans.

Is Fiduciary Liability Insurance Right for Your Small Business?

If you’re a solopreneur or have just a handful of employees without offering formal benefit plans, fiduciary liability insurance may not be necessary for your business.

However, once your team grows and you provide employee benefits, protecting yourself with fiduciary liability insurance becomes essential. This coverage helps shield you from the financial risks associated with managing those plans and fulfilling your fiduciary duties responsibly.

At Income Resource Group, we’ll help you assess your business’s needs and find the right protection to safeguard both your company and your employees.

Why Fiduciary Liability Insurance Is Essential for Your Business

Fiduciary liability claims can be financially devastating—legal defense costs are often substantial, and the likelihood of settling or losing a case is significant. For a growing business, a single claim can threaten your financial stability.

Employee benefit plans are complex, and even with a dedicated team managing them, mistakes can happen. If fiduciaries don’t strictly follow plan terms, they risk facing lawsuits.

Additionally, when you engage third-party vendors to manage benefit plans, your company’s fiduciaries who oversee those plans can still be held personally liable and named in claims alongside the vendor.

As fiduciary claims have become more common and costly, the scope of fiduciary liability insurance has expanded to meet these challenges. At Income Resource Group, we help you understand your exposure and find the right coverage to protect your business and its leaders.

Already Have Fiduciary Liability Insurance? Let’s Ensure It Still Fits Your Needs

If your current fiduciary liability policy isn’t providing the support, claims service, or value you expect—whether due to rising premiums, frustrating claims experiences, or limited coverage—it might be time to explore other options.

That said, switching requires careful timing. Canceling your existing policy before your new one is in place could leave your business exposed to costly risks.

At Income Resource Group, we make the process straightforward. We’ll help you review your current coverage, compare better alternatives, and ensure a smooth, secure transition.

Feel Free Contact Us Now

Name *

Email *

Phone *

Message *

Thanks! , you can now fill the form!