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

Alliance Risk places fiduciary coverage for employers sponsoring benefit plans; Lockton brokers policies that typically extend to the organization, plan, and people responsible for administering plan benefits.

Lockton describes coverage for benefit-law breaches, plan-administration errors and some stated HIPAA, PPA and ACA fines; Alliance Risk lists DOL audits among typical cover. ^1,³

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

Broker Roles and Named Insurers

Alliance Risk markets fiduciary risks to specialist carriers. Lockton places policies intended to protect companies and the people managing benefit plans against mismanagement claims. Neither reviewed page names the insurer, so identify the carrier and read the form before comparing terms. ¹ ³

Typical Policy Scope

Lockton describes benefit-law breaches, plan-administration errors, voluntary-compliance loss and certain stated fines; Alliance Risk lists defense, settlements, judgments and DOL audits and penalties, so compare which regulatory items the proposed forms actually grant. ³ ¹

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

Ask Lockton whether HIPAA, PPA and ACA fines are explicitly stated on the form. ³
Get both issuing carriers and whether an ERISA bond is quoted alongside fiduciary. ³ ¹
Confirm who is an insured person on each quote against Lockton’s roster. ³
Ask Alliance Risk whether the fiduciary limit is shared; Lockton’s page does not publish limits. ² ³

Alliance Risk vs Lockton Fiduciary Liability Insurance Compared

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

Criteria	Alliance Risk Fiduciary Liability Insurance	Lockton Fiduciary Liability Insurance Brokerage
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.	Lockton says coverage under a fiduciary liability policy it places typically extends to the organization, the benefit plans, employees, subsidiaries as defined in the policy, spouses/domestic partners, estates/heirs, past employees retained as fiduciaries or consultants, and committees and trustees. ³Company-reported. Fiduciary liability product page as read 2026-09-23.
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.	Lockton says a typical fiduciary liability policy it places covers breaches of benefit laws, errors and omissions in plan administration, voluntary compliance loss, and, when explicitly stated, certain fines and penalties such as under HIPAA, the Pension Protection Act and the ACA. It also notes fiduciary liability is distinct from an ERISA bond, which is legally required and insures plan assets against theft under a crime/fidelity policy, whereas fiduciary liability is not legally required but covers governance and decision-making risk. ³Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.
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.	Lockton places fiduciary liability insurance to protect companies and the individuals who manage their employee benefit plans against claims of mismanagement; Lockton is the broker, not the insurer. ³Company-reported. Fiduciary liability product page as read 2026-09-23.

Criteria

Alliance Risk Fiduciary Liability Insurance

Lockton Fiduciary Liability Insurance Brokerage

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.

Lockton says coverage under a fiduciary liability policy it places typically extends to the organization, the benefit plans, employees, subsidiaries as defined in the policy, spouses/domestic partners, estates/heirs, past employees retained as fiduciaries or consultants, and committees and trustees. ³Company-reported. Fiduciary liability product page as read 2026-09-23.

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.

Lockton says a typical fiduciary liability policy it places covers breaches of benefit laws, errors and omissions in plan administration, voluntary compliance loss, and, when explicitly stated, certain fines and penalties such as under HIPAA, the Pension Protection Act and the ACA. It also notes fiduciary liability is distinct from an ERISA bond, which is legally required and insures plan assets against theft under a crime/fidelity policy, whereas fiduciary liability is not legally required but covers governance and decision-making risk. ³Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.

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.

Lockton places fiduciary liability insurance to protect companies and the individuals who manage their employee benefit plans against claims of mismanagement; Lockton is the broker, not the insurer. ³Company-reported. Fiduciary liability product page as read 2026-09-23.