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

Beazley underwrites fiduciary coverage and advertises limits up to $20 million; Lockton brokers policies that can cover the organization, benefit plan, and plan administrators, with a specialist claims team.

Beazley lists a $25,000 voluntary-compliance sublimit and other statutory sublimits; Lockton brings claims counsel into the broker team, while coverage for specific fines depends on the policy wording. ^1,^2,³

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

Carrier Form Versus Brokered Placement

Beazley underwrites fiduciary standalone and in ExecuGuard. Lockton places coverage for companies and people managing benefit plans; its reviewed page does not identify which insurers it approaches. ¹ ² ³

Typical Insuring Scope

Beazley publishes HIPAA and other statutory sublimits, a US $25,000 voluntary-compliance sublimit other than HIPAA, and settlor-capacity protection written into the insuring clauses. Lockton describes a typical placed policy as covering breaches of benefit laws, plan-administration errors and omissions, voluntary compliance loss, and, when the wording says so, certain HIPAA, Pension Protection Act and ACA fines, and it distinguishes that policy from a legally required ERISA bond. ¹ ³

Who Is Named as Insured

Beazley focuses the product on individuals who run health, pension and 401(k) plans. Lockton says coverage it places typically extends to the organization, the plans, employees, defined subsidiaries, spouses or domestic partners, estates and heirs, past employees kept as fiduciaries or consultants, and committees and trustees. ¹ ³

Claims Support Around the Policy

Beazley says fiduciary insureds get pre-approved choice-of-counsel flexibility, without a fuller fiduciary claims process on the product page. Lockton’s Professional & Executive Risk Claims team puts insurance and claims counsel inside the broking team so a fiduciary claims strategy exists before a claim is filed. ¹ ³

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

Ask Lockton which insurers it will market and whether Beazley is on that list. ³ ¹
Check whether fines and penalties Lockton describes are actually stated in the specimen, matching Beazley’s published statutory sublimits. ³ ¹
Confirm Beazley’s advertised capacity up to US $20 million and optional additional defense limit against Lockton’s proposed limit. ¹ ³
Ask how Lockton’s claims team would work with Beazley’s choice-of-counsel feature if both appear on the same placement. ³ ¹

Beazley vs Lockton Fiduciary Liability Insurance Compared

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

Criteria	Beazley Fiduciary Liability	Lockton Fiduciary Liability Insurance Brokerage
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.	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	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.	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.
Claims Support	Beazley says fiduciary policyholders get pre-approved choice-of-counsel flexibility, but the reviewed page does not otherwise describe fiduciary-specific claims handling beyond that; general policy notice and claims-contact guidance is provided on Beazley's separate claims-notification page. ¹Company-reported. Fiduciary product page as read on 2026-09-23; claims-handling quality is not independently assessed.	Lockton's Professional & Executive Risk Claims team integrates insurance and claims counsel within the broking team, which Lockton says is meant to have claims strategy in place before a fiduciary liability claim arises. ³Company-reported. Fiduciary liability product page as read 2026-09-23.

Criteria

Beazley Fiduciary Liability

Lockton Fiduciary Liability Insurance Brokerage

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.

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

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.

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.

Claims Support

Beazley says fiduciary policyholders get pre-approved choice-of-counsel flexibility, but the reviewed page does not otherwise describe fiduciary-specific claims handling beyond that; general policy notice and claims-contact guidance is provided on Beazley's separate claims-notification page. ¹Company-reported. Fiduciary product page as read on 2026-09-23; claims-handling quality is not independently assessed.

Lockton's Professional & Executive Risk Claims team integrates insurance and claims counsel within the broking team, which Lockton says is meant to have claims strategy in place before a fiduciary liability claim arises. ³Company-reported. Fiduciary liability product page as read 2026-09-23.