Comprehensive solutions that fit your needs.
Fiduciary liability insurance for your business.
Fiduciary liability insurance protects individuals acting as ERISA fiduciaries against fiduciary-related claims of mismanagement of a company’s employee benefit plan. We’ll work with you to ensure that employee benefits are handled responsibly and your trustees are protected.
Fiduciary Liability Insurance in South Carolina
When your business offers employee benefit plans, like 401(k)s, pension plans, or health and welfare plans, you take on a fiduciary duty to manage those plans responsibly.
A single mistake in plan administration or a breach of fiduciary duty can lead to personal liability and financial losses.
Fiduciary liability insurance offers coverage for your business and its decision-makers from these risks. Since 1850, C.T. Lowndes & Company has helped South Carolina businesses, from small firms to organizations with hundreds of employees, secure fiduciary liability coverage that fits their risk profile and regulatory obligations.
Let’s talk about your business and your insuring your plan fiduciaries. Get a quote from C.T. Lowndes & Company today.
What Is Fiduciary Liability Insurance?
Fiduciary liability insurance is a type of liability insurance designed to insure plan fiduciaries, such as business owners, HR managers, or anyone with discretionary authority over employee benefit plans. These plans include:
- Retirement plans
- Pension plans
- Defined benefit plans
- Employee stock ownership plans
- Health and welfare plans
Fiduciaries can be held personally liable for issues such as plan mismanagement, investment decisions, or fee structures even if those actions were unintentional or made in good faith.
Fiduciary liability policies help cover legal expenses, settlements, and damages from fiduciary liability claims, including administrative errors or breach of fiduciary duty allegations.
Who Needs Fiduciary Liability Insurance?
If your business offers any kind of employee benefits, you likely have fiduciary responsibilities under the Employee Retirement Income Security Act (ERISA). That means you’re exposed to liability whether you’re actively managing the plans or simply making business decisions related to them.
You should consider fiduciary insurance coverage if your organization:
- Sponsors 401(k), pension, or retirement plans
- Oversees plan administration or plan assets
- Has discretionary authority over employee benefit decisions
- Is responsible for hiring other fiduciaries or third-party administrators
- Wants additional insurance beyond what ERISA fidelity bonds provide
Even if you work with outside administrators, your company and its plan fiduciaries can still be named in a lawsuit. Having the right fiduciary policy in place helps to cover both your organization and individual decision-makers.
What Does Fiduciary Liability Insurance Cover?
Fiduciary liability insurance typically covers:
- Claims of breach of fiduciary duty
- Imprudent investments or excessive fees
- Administrative errors or omissions
- Mismanagement of employee benefit plans
- Misleading statements to plan participants
- Personal liability of plan trustees or other fiduciaries
- Legal defense costs and settlements
In some cases, it may also include settlor coverage for certain settlor functions, depending on your fiduciary insurance policy.
Why Work with C.T. Lowndes & Company?
With over 175 years of service, C.T. Lowndes & Company has become a trusted insurance company for South Carolina businesses. From Charleston to Columbia and beyond, we help businesses:
- Understand applicable law under ERISA
- Compare fiduciary liability coverage
- Identify risks tied to plan sponsors, plan participants, and other fiduciaries during your consultation
Whether you need coverage for multi employer plans, governmental plans, or a single defined benefit plan, we’ll make sure your coverage depends on real needs, not guesswork.
Get Started Today
As an independent agency, we are here to help you find the right Fiduciary Liability Insurance coverage.
Get a Quote
Fiduciary Liability Insurance Quote Request
As an independent agency, we are here to help you find the right coverage.
Get a Quote
It only takes a minute to get started.
- Fill out the form, we’ll be in touch.
- Review options with an agent.
- Get the coverage you need.
