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

Cowbell distributes Zurich-underwritten fiduciary coverage to eligible private firms only through insurance brokers appointed by Zurich; Lockton brokers policies that can cover the organization, benefit plan, and plan administrators.

Cowbell limits its Zurich Select Plus fiduciary module to smaller private companies; Lockton describes typical benefit-law and administration cover, including some explicitly stated statutory fines. ^1,^2,³

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

Underwriting Versus Placement

Cowbell distributes Zurich’s fiduciary module within Select Plus. Lockton places coverage for companies and benefit-plan managers and describes typical policy terms; its reviewed page does not identify the markets it uses. ¹ ² ³

How Much Coverage Detail Is Published

Cowbell’s public definition is limited to claims from fiduciary-duty breaches on plans such as a 401(k) or health plan. Lockton describes a typical placed policy as covering breaches of benefit laws, errors and omissions in plan administration, voluntary compliance loss, and, when the form says so, certain HIPAA, Pension Protection Act, and ACA fines. Lockton also separates this line from a legally required ERISA bond. ¹ ³

Insureds and Account Size

Cowbell targets private firms under 250 employees and $50 million in assets. Lockton lists who a typical policy may insure: the organization, the plans, employees, defined subsidiaries, spouses, estates, past employees kept as fiduciaries or consultants, and committees and trustees—without a published size cap. ¹ ³

Access and Claims Help

Cowbell’s module is available only through appointed Zurich E&S wholesalers and the Cowbell API. Lockton’s page describes a Professional & Executive Risk Claims team that puts claims strategy in place before a fiduciary claim, a service Cowbell’s reviewed pages do not describe for this module. ¹ ³

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

Confirm whether Lockton’s quote includes voluntary compliance and named statutory fines, which its typical-policy description treats as form-dependent. ³
Ask for the issuer: Cowbell’s pages point to Zurich admitted paper; Lockton’s page does not name insurers. ² ³
Check insured-versus-additional-insured wording against Lockton’s listed classes and against Cowbell’s module declarations. ³ ¹
Ask how you would file a claim: Lockton names an integrated claims team; Cowbell and Zurich’s reviewed pages mention Zurich Claims service generally, not a fiduciary workflow. ³ ²

Cowbell vs Lockton Fiduciary Liability Insurance Compared

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

Criteria	Cowbell / Zurich Select Plus Fiduciary Liability	Lockton Fiduciary Liability Insurance Brokerage
Who It’s For	Cowbell targets this fiduciary module at private companies with under 250 employees and under $50M in assets, across the same target industries listed for the broader Select Plus product, such as manufacturing and technology. ¹Company-reported. FAQ 'What size accounts are targeted?' and Target industries list.	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	Cowbell describes fiduciary liability as protecting against claims arising from breaches of fiduciary duties related to employee benefit plans, such as a company's 401(k) or health plan. ¹Company-reported. FAQ 'What is the difference between management liability and D&O?'.	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	Fiduciary liability is one module within Cowbell's distribution of Zurich's Select Plus management liability product; Cowbell operates the platform, Zurich underwrites the module. Zurich's own page lists 'Fiduciary Liability' as one of the four modules a buyer can combine. ^1,²Company-reported. Management liability page intro and module list; Zurich page module-name section.	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.