Beazley vs Gallagher: How Do They Compare for Fiduciary Liability Insurance?

Beazley underwrites fiduciary insurance for plan administrators; Gallagher places coverage with outside carriers for corporations sponsoring retirement or welfare plans and uses proprietary risk models to assess fiduciary risk.

Beazley underwrites fiduciary and advertises limits up to $20 million; Gallagher places coverage and uses proprietary models to advise ERISA fiduciaries and committees on limits. ^1,^2,³

What Are the Key Differences Between Beazley and Gallagher Fiduciary Liability Insurance?

Underwriter Versus Limit-Advice Broker

Beazley underwrites fiduciary coverage. Gallagher’s Executive and Financial Risk practice places the line with insurers and uses proprietary models to help clients choose limits; its page does not name the insurer or publish specific limit figures. ¹ ³

Personal Liability Form Versus ERISA Committee Description

Beazley emphasizes personal liability for individuals running health, pension and 401(k) plans; Gallagher describes ERISA fiduciaries, committees and personnel who design or implement 401(k) or pension plans. Ask whether Gallagher’s proposed form protects each individual role as explicitly as Beazley’s published description does. ¹ ³

What Should You Confirm in Beazley and Gallagher Fiduciary Liability Insurance Quotes?

Get Gallagher’s issuing carrier and the limit its models recommend. ³
Ask Beazley which entity issues and whether ExecuGuard limits are shared. ¹ ²
Compare HIPAA, voluntary-compliance and settlor terms on the Gallagher-placed form with Beazley’s published sublimits. ¹ ³
Confirm whether Gallagher’s quote is standalone fiduciary or part of a broader executive-risk program. ³

Beazley vs Gallagher Fiduciary Liability Insurance Compared

Beazley vs Gallagher: Fiduciary Liability Insurance: documented features by provider

Criteria	Beazley Fiduciary Liability	Gallagher Fiduciary Liability Insurance
Coverage Features	Beazley explains that fiduciary liability protects the individuals responsible for running employee benefit plans, such as health plans, pension plans and 401(k) accounts, from personal liability if a claim is made against the plan, a personal exposure the page says many plan sponsors don't realize they have. ¹Company-reported. Fiduciary product page description; exclusions and conditions are set by the issued policy. The policy includes statutory-claim sublimits of US $250,000 for claims under the Pension Protection Act of 2006, ERISA Section 502(c), Internal Revenue Code Section 4975 and the PPACA, plus a separate US $1,000,000 sublimit for HIPAA claims and up to US $1,000,000 in coverage for HIPAA civil fines. ¹Company-reported. Fiduciary product page sublimit list; these sublimits sit inside, and are lower than, the overall policy limit. Beazley includes "omnibus" pension and welfare plan language, a US $25,000 sublimit for IRS and DOL voluntary compliance programs other than HIPAA, and settlor-capacity protection now written into the fiduciary insuring clauses. ¹Company-reported. Fiduciary product page feature list; actual plan-coverage scope depends on the issued policy wording.	Gallagher describes fiduciary liability as protecting a corporation's Employee Retirement Income Security Act (ERISA) fiduciaries, fiduciary committees and personnel who design or implement 401(k) or pension plans for employees and retirees. ³Company-reported. Group-level executive-and-financial-risk practice page; a service description, not a specific policy's insuring agreement or exclusions.
Role in This Line	Beazley underwrites fiduciary liability coverage for the individuals who administer employer benefit plans, sold standalone on its dedicated Fiduciary page and as one of three coverages bundled in its ExecuGuard package policy alongside D&O and employment practices liability. ^1,²Company-reported. US fiduciary liability as described on the two reviewed product pages; does not establish which entity issues a particular policy.	Gallagher's Executive and Financial Risk practice places fiduciary liability coverage with outside carriers and advises on limits; it does not underwrite the policy. ³Company-reported. Group-level executive-and-financial-risk practice page.
Risk Services	Fiduciary policyholders get free access to BeazleySure, Beazley's online risk-management platform, which the Fiduciary page describes as providing loss-prevention content on employee-benefits topics. ¹Company-reported. Fiduciary product page service description; actual entitlements depend on the policy purchased.	Gallagher says it has proprietary models to measure fiduciary risk and assist clients in selecting coverage limits. ³Company-reported. Group-level executive-and-financial-risk practice page.

Criteria

Beazley Fiduciary Liability

Gallagher Fiduciary Liability Insurance

Coverage Features

Beazley explains that fiduciary liability protects the individuals responsible for running employee benefit plans, such as health plans, pension plans and 401(k) accounts, from personal liability if a claim is made against the plan, a personal exposure the page says many plan sponsors don't realize they have. ¹Company-reported. Fiduciary product page description; exclusions and conditions are set by the issued policy.

The policy includes statutory-claim sublimits of US $250,000 for claims under the Pension Protection Act of 2006, ERISA Section 502(c), Internal Revenue Code Section 4975 and the PPACA, plus a separate US $1,000,000 sublimit for HIPAA claims and up to US $1,000,000 in coverage for HIPAA civil fines. ¹Company-reported. Fiduciary product page sublimit list; these sublimits sit inside, and are lower than, the overall policy limit.

Beazley includes "omnibus" pension and welfare plan language, a US $25,000 sublimit for IRS and DOL voluntary compliance programs other than HIPAA, and settlor-capacity protection now written into the fiduciary insuring clauses. ¹Company-reported. Fiduciary product page feature list; actual plan-coverage scope depends on the issued policy wording.

Gallagher describes fiduciary liability as protecting a corporation's Employee Retirement Income Security Act (ERISA) fiduciaries, fiduciary committees and personnel who design or implement 401(k) or pension plans for employees and retirees. ³Company-reported. Group-level executive-and-financial-risk practice page; a service description, not a specific policy's insuring agreement or exclusions.

Role in This Line

Beazley underwrites fiduciary liability coverage for the individuals who administer employer benefit plans, sold standalone on its dedicated Fiduciary page and as one of three coverages bundled in its ExecuGuard package policy alongside D&O and employment practices liability. ^1,²Company-reported. US fiduciary liability as described on the two reviewed product pages; does not establish which entity issues a particular policy.

Gallagher's Executive and Financial Risk practice places fiduciary liability coverage with outside carriers and advises on limits; it does not underwrite the policy. ³Company-reported. Group-level executive-and-financial-risk practice page.

Risk Services

Fiduciary policyholders get free access to BeazleySure, Beazley's online risk-management platform, which the Fiduciary page describes as providing loss-prevention content on employee-benefits topics. ¹Company-reported. Fiduciary product page service description; actual entitlements depend on the policy purchased.

Gallagher says it has proprietary models to measure fiduciary risk and assist clients in selecting coverage limits. ³Company-reported. Group-level executive-and-financial-risk practice page.