Fiduciary liability
The Employee Retirement Income Security Act of 1974 (ERISA) substantially increased the exposure of companies and individuals responsible for designing, administering and managing health and welfare, defined contribution and defined benefit, and employee stock ownership plans. Given the amount of money involved in such plans, those individuals 鈥� known as fiduciaries 鈥� and the business or organization that employs them are extremely vulnerable to lawsuits claiming breach of duties. One lawsuit could cost millions of dollars in damages, legal fees, and civil penalties, resulting in reputational damage.
华体会's fiduciary liability solution is designed to help protect benefit plan fiduciaries against legal liability arising out of their role as plan administrators, including the cost of defending those claims.
Our broad appetite and expertise enables us to write fiduciary liability coverage for almost any company or organization of any size. We specialize in:
- Agriculture
- Business to business services
- Business and trade associations
- Charitable organizations
- Construction
- Food processing
- Foundations
- Manufacturing
- Mining
- Museums
- Natural resources
- Oil and gas
- Personal services
- Professional services
- Social services
- Software design and development
- Software as a service (SaaS)
- Tech manufacturing
- Transportation
- Vocational training
- Waste management
- Wholesale
Our fiduciary liability solution is available in a convenient modular policy or as a standalone policy.
What plans are covered?
Our broad definition of insured benefit plan includes any:
- ERISA sponsored plan
- Employee health and welfare plan
- Employee contribution plan
- Employee pension benefit plan
- Employee benefit plan not subject to ERISA
- Government-mandated insurance program for workers' compensation, unemployment, social security or disability
Coverage highlights
- "Insured" includes the company, its fiduciaries, and sponsored plans
- Up to $250,000 optional sub-limit for voluntary compliance resolution program settlement fees coverage
- Broad wrongful acts coverage for errors and omissions and breaches of fiduciary duty
- Coverage for penalties and fees imposed under ERISA section 502(i) and (ii)
- Coverage for terminated plans continues for acts committed prior to their termination
- Low to no retention for most risks
Hanover Fiduciary Liability Advantage protects against the unique risks faced by your clients. Unlock the Hanover advantage.
More options for more businesses
Available as part of a convenient modular management liability policy or as a standalone policy, to serve a broad range of private companies and nonprofits
Online quote and issuance
Fast and easy to secure standalone management liability policies for small businesses, via TAP Sales
Risk management resources
Tools and services including an employment practices liability hotline, e-learning courses, background checks and employment screening services, and more
Dedicated claims professionals
Team of licensed attorneys and paralegals well-versed in management liability claims who work to resolve claims expediently
Customer service center
Services both standard and specialty lines, including management liability, to help agencies improve operational efficiency
Trusted partner
We offer the support and financial strength of an "A"-rated insurance carrier
Our broad appetite and expertise enables us to write fiduciary liability coverage for almost any company or organization of any size. We specialize in:
- Agriculture
- Business to business services
- Business and trade associations
- Charitable organizations
- Construction
- Food processing
- Foundations
- Manufacturing
- Mining
- Museums
- Natural resources
- Oil and gas
- Personal services
- Professional services
- Social services
- Software design and development
- Software as a service (SaaS)
- Tech manufacturing
- Transportation
- Vocational training
- Waste management
- Wholesale
Quote and issue online
You can issue a standalone fiduciary liability policy, or combine the fiduciary liability coverage part with other management liability coverage parts to create a modular solution. This flexibility allows for a focused plan that can accommodate a wide range of clients. This is all backed by our expert underwriters, who can also assist with any risks that are outside of the eligibility guidelines below.
Management liability online quoting appetite
- Construction
- Cultural intuitions
- Manufacturing
- Personal and business services
- Professional associations
- Professional services
- Technology
- Wholesalers
Eligibility and availability
- No claims
- Up to $1M per coverage part available online (up to $5M with underwriter referral)
- Up to $50M in revenue for private companies
- Up to $10M in assets for nonprofit entities
- Nonprofits must be 501(c)(3) or 501(c)(6)
- Application required to issue
- Not available in AK or CA
Product resources
Resources for you
A total Hanover solution
Offer clients an account-focused solution by pairing fiduciary liability coverage with an ERISA fidelity bond, to provide coverage for deliberately fraudulent or dishonest acts committed by someone acting as a fiduciary.
See our fidelity and crime coverage
Quote, bind and issue online
We offer flexible training options to help you better understand TAP Sales and all of our online systems and capabilities.
Resources for your customers
Our management liability risk management offerings include on-demand learning, partner offerings, risk bulletins and more.
See all of our management liability resources
Customer tools
Let's start a conversation today
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