Alliance Risk vs Aon: How Do They Compare for Fiduciary Liability Insurance?

Alliance Risk places fiduciary liability coverage as a broker: it reviews a company's current coverage and markets the risk to carriers that specialize in fiduciary liability. ⁴Company-reported. Fiduciary liability product page; Alliance Risk does not underwrite the policy itself.

Aon presents Fiduciary Liability as a line its Professional Services Practice helps arrange or advise on for professional-service firms. Aon is describing a global brokerage and advisory service, not issuing the underlying policy. The producing legal entity and carrier for any particular placement are not named on this page. ⁸Company-reported. Aon’s global professional-services practice page. This establishes a marketed brokerage/advisory offering, not policy issuance or account-specific placement.

The reviewed fiduciary liability page does not name the insurer that would issue a policy; it says Alliance Risk markets a company's risk to carriers that specialize in fiduciary liability, so the issuing insurer depends on the placement. ⁴Not publicly disclosed. Fiduciary liability product page as read on 2026-09-23.

The reviewed practice page does not name the insurer or producing legal entity for a specific placement. Ask for both on the quote and binder. ⁸Not found in reviewed sources. Aon’s global practice page as reviewed 2026-09-30; no state-specific placement schedule or buyer quote was reviewed. This does not establish that Aon cannot arrange a placement.

Alliance Risk targets fiduciary liability coverage at any employer sponsoring a 401(k), defined benefit pension or health plan, including multi-employer and union plans, nonprofits, sole proprietors and partnerships with plans, and professional groups managing partner retirement plans; it says even plans fully outsourced to a TPA still need fiduciary coverage because the sponsor retains oversight liability. ⁴Company-reported. Fiduciary liability product page; eligibility for a particular company depends on underwriting.

Alliance Risk says a company should add fiduciary liability coverage when it launches a 401(k) or similar benefit plan, because ERISA fiduciary duty attaches the moment the plan goes live. ⁵Company-reported. Management liability page's program-staging guidance, describing fiduciary liability specifically among the three bundled lines.

Aon identifies law, accounting and consulting firms as the audience for its global Professional Services Practice. That audience scope does not establish eligibility for every firm or other business. ⁸Company-reported. Audience described for Aon’s global professional-services practice. It does not establish U.S. state availability or underwriting eligibility for a placement.

Alliance Risk lists legal defense costs, settlements and judgments, and Department of Labor audits and penalties as typically covered, responding to claims such as excessive-fee litigation and imprudent investment selection; it says criminal and fraudulent acts, bodily injury and property damage, and employee dishonesty (covered instead by an ERISA fidelity bond) are excluded. ⁴Company-reported. Fiduciary liability product page; coverage and exclusions described in general terms, subject to the policy as issued.

Aon lists Fiduciary coverage within the professional-services practice’s property-and-casualty coverages. The page does not describe covered fiduciary acts, plans, exclusions or policy terms. ⁸Company-reported. Aon’s marketing description of the brokerage/coverage area. The page is not the insurer’s policy form and does not establish an insured's entitlement to coverage.

Alliance Risk states standard fiduciary liability deductibles it sees range from $5,000 to $50,000, with smaller, lower-risk plans qualifying for lower deductibles and higher deductibles reducing premium at the cost of more out-of-pocket exposure in a claim. ⁴Company-reported. Fiduciary liability product page FAQ; illustrative range, not a quote for any particular plan.

Alliance Risk says entry-level management-liability packages that bundle fiduciary liability with D&O and EPLI often share a single aggregate limit, so a large D&O or EPLI settlement earlier in the policy year can reduce what is left for a fiduciary claim; it says a specialist broker structures shared versus separate limits to manage that risk. ⁵Company-reported. Management liability page's discussion of bundled D&O, EPLI and fiduciary programs.

The reviewed page does not state a buyer-specific limit, retention, deductible or other placement terms. Confirm these in the quote, bond or issued policy. ⁸Not publicly disclosed. Aon’s global practice page as reviewed 2026-09-30; no quote, bond form or issued policy was reviewed.

Alliance Risk offers a no-charge review of an existing fiduciary liability policy, identifying gaps and exclusion risks and comparing the program to market options. ⁴Company-reported. Fiduciary liability product page, Get Your Fiduciary Liability Risk Review section.

Aon says its professional-services advisors use industry knowledge, insights, data and tools to support risk-management and human-capital decisions. This is a company-described advisory service, not a claim outcome or policy benefit. ⁸Company-reported. Company-reported advisory services on Aon’s global practice page; account-specific service scope is not stated.

For a fiduciary liability quote, Alliance Risk asks for the plan type, number of participants, total assets under management, current coverage and limits, whether an ERISA fidelity bond is in place, and a five-year claims history of DOL audits and participant complaints, and says it typically delivers proposals within a few business days. ⁴Company-reported. Fiduciary liability product page, What We Need for Your Quote section; timing is a company estimate, not a guarantee.

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The reviewed fiduciary liability page does not describe an Alliance Risk claims-handling or claims-advocacy process; it discusses what a fiduciary liability policy covers rather than how Alliance Risk itself supports a claim. ⁴Not found in reviewed sources. Fiduciary liability product page as read on 2026-09-23.

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