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

Alliance Risk brokers fiduciary coverage for employers with benefit plans; Cowbell distributes Zurich-underwritten coverage for smaller private firms only through insurance brokers appointed by Zurich, rather than selling directly to businesses.

Cowbell’s fiduciary module targets private companies under 250 employees and $50M in assets; Alliance Risk markets plans including multi-employer and union plans and offers policy reviews. ^1,^3,⁴

What Are the Key Differences Between Alliance Risk and Cowbell Fiduciary Liability Insurance?

Specialist Broker Versus Zurich Module

Alliance Risk shops fiduciary coverage among specialist carriers and includes employers sponsoring 401(k), defined-benefit or health plans in its target market. Cowbell distributes Zurich Select Plus, where fiduciary is one of four modules; Zurich underwrites the policy, and access is through appointed wholesalers. ¹ ³ ⁴

Size and Industry Appetite

Cowbell targets the fiduciary module at private companies with under 250 employees and under $50 million in assets, across Select Plus industries such as manufacturing and technology. Alliance Risk targets any employer sponsoring a 401(k), defined benefit or health plan, including multi-employer and union plans, nonprofits, sole proprietors and partnerships. ³ ¹

Coverage Detail and Access

Alliance Risk lists defense, settlements, judgments, and DOL audits and penalties as typically covered, and cites deductibles it sees from $5,000 to $50,000. Cowbell describes fiduciary as protecting against claims from breaches of duties related to a 401(k) or health plan; neither Cowbell nor Zurich’s Select Plus page publishes fiduciary limits or retentions, and neither describes a fiduciary-specific service such as plan-compliance consulting. You cannot buy the Cowbell module directly: appointed Zurich E&S wholesalers access it through Cowbell’s API. Alliance Risk asks for plan data and typically delivers proposals in a few business days, and offers a no-charge existing-policy review. ¹ ³ ⁴

What Should You Confirm in Alliance Risk and Cowbell Fiduciary Liability Insurance Quotes?

Confirm Cowbell access is through an appointed Zurich E&S wholesaler, not a direct business sale. ³
Ask which Zurich entity issues the Select Plus fiduciary module. ⁴
Get Alliance Risk’s carrier and whether the fiduciary limit is shared. ¹ ²
Check employee and asset caps on Select Plus against Alliance Risk’s broader sponsor list. ³ ¹

Alliance Risk vs Cowbell Fiduciary Liability Insurance Compared

Alliance Risk vs Cowbell: Fiduciary Liability Insurance: documented features by provider

Criteria	Alliance Risk Fiduciary Liability Insurance	Cowbell / Zurich Select Plus Fiduciary Liability
Who It’s For	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. ¹Company-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. ²Company-reported. Management liability page's program-staging guidance, describing fiduciary liability specifically among the three bundled lines.	Cowbell targets this fiduciary module at private companies with under 250 employees and under $50M in assets, across the same target industries listed for the broader Select Plus product, such as manufacturing and technology. ³Company-reported. FAQ 'What size accounts are targeted?' and Target industries list.
How to Apply	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. ¹Company-reported. Fiduciary liability product page, What We Need for Your Quote section; timing is a company estimate, not a guarantee.	This fiduciary module is accessed only by appointed Zurich E&S wholesalers through the Cowbell platform's API; it is not sold directly to businesses. ³Company-reported. FAQ 'How can I access the Zurich Select Plus management liability product through Cowbell?'.
Coverage Features	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. ¹Company-reported. Fiduciary liability product page; coverage and exclusions described in general terms, subject to the policy as issued.	Cowbell describes fiduciary liability as protecting against claims arising from breaches of fiduciary duties related to employee benefit plans, such as a company's 401(k) or health plan. ³Company-reported. FAQ 'What is the difference between management liability and D&O?'.
Role in This Line	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. ¹Company-reported. Fiduciary liability product page; Alliance Risk does not underwrite the policy itself.	Fiduciary liability is one module within Cowbell's distribution of Zurich's Select Plus management liability product; Cowbell operates the platform, Zurich underwrites the module. Zurich's own page lists 'Fiduciary Liability' as one of the four modules a buyer can combine. ^3,⁴Company-reported. Management liability page intro and module list; Zurich page module-name section.