Where the ERISA fidelity bond is set in place to protect the participants of the plan, it does not protect you as the fiduciary.
If you already have an ERISA bond, click here to simply add Fiduciary Liability Insurance, and you will still obtain the included 50k of Cyber Liability Insurance.
Did you know the Department of Labor states that not having cyber liability insurance to protect your plan is a fiduciary breach? “Responsible plan fiduciaries have an obligation to ensure proper mitigation of cybersecurity risks”.*DOL
Watch our quick video to learn more:
*read the published guidance from the DOL titled “Cybersecurity Program Best Practices” here.
Under ERISA, fiduciaries may be personally liable for a breach of their responsibilities in the administration or handling of employee benefit plans. Under ERISA 410, the plan cannot relieve you of this responsibility with indemnification language. However, it specifically permits persons with personal liability to purchase fiduciary liability insurance. Covering yourself with fiduciary liability insurance gives you peace of mind that you are protected. Learn how to bundle your ERISA bond and fiduciary liability insurance for a discounted rate.
Already have your ERISA Bond? No problem: now you can add Fiduciary Liability and Cyber Liability to complete your coverage. Remember, our Cyber Liability Insurance covers the retirement plan, as well as the company, when purchased through one of our special protection packages for plan sponsors. Click here to purchase FLI standalone with 50k Cyber.
Fiduciary Liability Insurance is also available as part of an ERISA bond package.
We currently offer fiduciary liability insurance with our ERISA bond packages, which provide greater protection and value. One, two and three year packages include cyber liability insurance — to safeguard plan assets and your company against a loss due to cyber attack.