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

Coverdash arranges fiduciary quotes and can bundle the coverage with D&O and EPLI; Lockton brokers policies that can cover the organization, benefit plan, and plan managers, with claims support from a specialist team.

Lockton describes typical fiduciary policies that can include voluntary-compliance loss and stated HIPAA, PPA and ACA fines; Coverdash distinguishes the policy from a required ERISA bond. ^1,²

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

Panel Placement Versus Described Policy Structure

Coverdash lists breach of duty, benefit-plan administration errors, imprudent investment selection and defense among its fiduciary coverage. Lockton describes typical policies that also cover benefit-law breaches, administration errors and voluntary-compliance loss, with certain fines only when explicitly stated. ¹ ²

Bond Versus Crime

Both Coverdash and Lockton separate fiduciary liability from an ERISA bond. Coverdash says the bond protects the plan from theft and is legally required. Lockton adds that the bond insures plan assets against theft under a crime or fidelity policy, while fiduciary liability covers governance and decision-making risk and is not legally required. ¹ ²

Who Is an Insured

Coverdash speaks to individuals who manage or advise plans. Lockton says coverage typically extends to the organization, the benefit plans, employees, defined subsidiaries, spouses and domestic partners, estates and heirs, past employees retained as fiduciaries or consultants, and committees and trustees. ¹ ²

Claims Support

Coverdash’s reviewed page does not describe a fiduciary claims team. Lockton’s Professional & Executive Risk Claims team integrates insurance and claims counsel in the broking team so claims strategy can be in place before a claim arises. ¹ ²

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

Ask Lockton whether HIPAA, ACA, and Pension Protection Act fines are scheduled. ²
Ask Coverdash whether voluntary-compliance costs would be covered on the panel form. ¹
Confirm the insured-person schedule, especially spouses, heirs, and former-employee consultants on a Lockton quote. ²
Get carrier and limit from both; neither page publishes them. ¹ ²

Coverdash vs Lockton Fiduciary Liability Insurance Compared

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

Criteria	Coverdash Fiduciary Liability Insurance	Lockton Fiduciary Liability Insurance Brokerage
Who It’s For	Coverdash markets fiduciary liability to anyone who manages or advises an employee benefit plan, such as a 401(k), health plan or pension, saying that role carries personal fiduciary liability under ERISA. ¹Company-reported. Who it's for section and FAQ answer to 'Who is considered a fiduciary?'.	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. ²Company-reported. Fiduciary liability product page as read 2026-09-23.
Coverage Features	Coverdash describes the fiduciary policy as covering claims of breach of duty to plan participants, plan administration errors such as enrollment or advising mistakes, and claims over poor selection or monitoring of plan investment options, plus legal defense costs. ¹Company-reported. Types of Coverage cards on the product page; exclusions and defense-cost structure are not described and would appear on the issued policy. Coverdash distinguishes fiduciary liability from an ERISA fidelity bond: the bond protects the plan itself from theft and is legally required, while fiduciary liability protects the individual fiduciaries from lawsuits and is optional, though recommended. ¹Company-reported. FAQ answer to 'Isn't this the same as an ERISA bond?'. Coverdash says fiduciary liability is often packaged with D&O and EPLI in a management liability policy, but is also available standalone. ¹Company-reported. FAQ answer to 'Is it included in management liability?'.	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. ²Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.
Role in This Line	Coverdash arranges fiduciary liability quotes from its panel of insurers rather than underwriting the policy itself; you request a quote on its fiduciary page and it places coverage on your behalf. ¹Company-reported. Coverdash's fiduciary liability product page, read together with the provider record's brokerage role. Does not identify which insurer would actually issue a given quote.	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. ²Company-reported. Fiduciary liability product page as read 2026-09-23.

Criteria

Coverdash Fiduciary Liability Insurance

Lockton Fiduciary Liability Insurance Brokerage

Who It’s For

Coverdash markets fiduciary liability to anyone who manages or advises an employee benefit plan, such as a 401(k), health plan or pension, saying that role carries personal fiduciary liability under ERISA. ¹Company-reported. Who it's for section and FAQ answer to 'Who is considered a fiduciary?'.

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. ²Company-reported. Fiduciary liability product page as read 2026-09-23.

Coverage Features

Coverdash describes the fiduciary policy as covering claims of breach of duty to plan participants, plan administration errors such as enrollment or advising mistakes, and claims over poor selection or monitoring of plan investment options, plus legal defense costs. ¹Company-reported. Types of Coverage cards on the product page; exclusions and defense-cost structure are not described and would appear on the issued policy.

Coverdash distinguishes fiduciary liability from an ERISA fidelity bond: the bond protects the plan itself from theft and is legally required, while fiduciary liability protects the individual fiduciaries from lawsuits and is optional, though recommended. ¹Company-reported. FAQ answer to 'Isn't this the same as an ERISA bond?'.

Coverdash says fiduciary liability is often packaged with D&O and EPLI in a management liability policy, but is also available standalone. ¹Company-reported. FAQ answer to 'Is it included in management liability?'.

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. ²Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.

Role in This Line

Coverdash arranges fiduciary liability quotes from its panel of insurers rather than underwriting the policy itself; you request a quote on its fiduciary page and it places coverage on your behalf. ¹Company-reported. Coverdash's fiduciary liability product page, read together with the provider record's brokerage role. Does not identify which insurer would actually issue a given quote.

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. ²Company-reported. Fiduciary liability product page as read 2026-09-23.