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

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.

Heffernan offers fiduciary liability to two named segments: general business clients through its business-insurance brokerage, and family offices, trust companies, trustees, financial advisors, private equity firms, foundations, and other financial institutions through its family-office practice. ^3,4Company-reported. Direct practice-page listings; no minimum size or asset-under-management threshold was published for the coverage specifically.

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.

The family-office practice's fiduciary-liability coverage is reached through a named Private Client Group specialist contact rather than a self-service online quote flow. ⁴Company-reported. Family Office page as read on 2026-09-23; the general business-insurance page's fiduciary listing routes through Heffernan's general Contact Us form instead.

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.

On the family-office page, fiduciary liability insurance is listed alongside directors and officers, professional liability, employment practices liability, trustee liability, and other management-liability-adjacent lines as coverage the practice can arrange, without describing the policy's insuring agreement or exclusions. ⁴Company-reported. Family Office page as read on 2026-09-23.

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.

Heffernan places fiduciary liability coverage within its general corporate/executive-protection lineup and again within a dedicated family-office and financial-institution practice. It shops and places the coverage with insurers rather than underwriting it. ^3,4Company-reported. Business Insurance and Family Office page listings; no dedicated fiduciary-liability product page was found.

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. ¹Company-reported. Fiduciary liability product page, Get Your Fiduciary Liability Risk Review section.

Heffernan's family-office practice describes a Risk Management Assessment: itemizing a client's structures, assets, and exposures; crafting insurance and risk-management strategies to close coverage gaps; and helping navigate claims, for its fiduciary and financial-institution client base. ⁴Company-reported. Family Office page as read on 2026-09-23; a company-described service, not a measured outcome.