If your company offers a plethora of benefits to your employees including a pension plan, then you are a fiduciary, as is anyone who handles or verses the plan. However, did you know if a fiduciary makes a mistake, the fiduciary and the company could be held liable?
Under the Employee Retirement Income Security Act of 1974 or ERISA, fiduciaries are personally accountable for any breaches of duties towards participants of a pension plan. If an employee benefit plan is poorly managed or employees are not offered efficient instruction or information on said plan, fiduciaries will have no choice but to make up for any losses incurred through these errors. In an instant, a fiduciary’s personal assets will be in jeopardy and your company’s reputation on the line.
There’s no need to face risk unprotected. Keep your plan participants and yourself covered with Fiduciary Liability Insurance. As a plan fiduciary, Fiduciary Liability Insurance covers your penalty and defense costs needed to fend off any claims up to $1,000,000. At Colonial Surety, our Fiduciary Liability Insurance is exclusively available as a slice of our ERISA bond package to grant you the best value for protecting your company. We also include Cyber Liability Insurance included in our 2 to 3 year ERISA and FLI packages, to safeguard your plan assets in the event of a cyber-attack.
Purchase it all online in minutes, ERISA bonds, Fiduciary Liability Insurance and Cyber Liability Insurance packages available here.
Colonial Surety allows you to instantly obtain I-Bonds ® and I-Insurance ® at the click of a button. To do so, simply enter in your information and payment method in our system, and you’ll receive your bond! Get the convenience and coverage you deserve with Colonial Surety. Contact us to learn more about our ERISA bond packages.