---
title: "Cowbell vs Lockton Fiduciary Liability Insurance"
description: "Cowbell sells a Zurich fiduciary module through wholesalers; Lockton brokers typical policy terms including voluntary compliance and selected fines."
canonical: "https://spot.insure/compare/cowbell-vs-lockton/fiduciary"
page-type: "line-comparison"
updated-at: "2026-09-23"
---

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[Human-readable page](https://spot.insure/compare/cowbell-vs-lockton/fiduciary)

# Cowbell vs Lockton Fiduciary Liability Insurance

Cowbell sells a Zurich fiduciary module through wholesalers; Lockton brokers typical policy terms including voluntary compliance and selected fines.

## Research Scope and Use

Use this comparison to evaluate Cowbell and Lockton for Fiduciary Liability Insurance against the same documented criteria. It identifies differences and questions to confirm; it does not select a winner for a particular business. Offering claims are what each provider publishes about this line unless marked otherwise. “Not found” describes the evidence reviewed, not proof that a feature is unavailable. Confirm the insurer, policy wording, limits, retentions, exclusions and cost in an actual quote.

## Summary

Cowbell’s fiduciary product is Zurich Select Plus, accessed only by appointed wholesalers for smaller private companies. Lockton places fiduciary liability as a broker and describes typical cover for benefit-law breaches, administration errors, voluntary compliance loss, and certain named fines. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [3](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## What Is Cowbell Insurance?

Cowbell is a specialty-insurance platform and agency focused on cyber risk for small and midsize businesses. Its U.S. catalogue also includes combined Technology E&O and cyber products and a Zurich management-liability offering distributed through appointed wholesalers. [1](https://cowbell.insure/ "Cowbell") [2](https://cowbell.insure/wp-content/uploads/pdfs/CB-US-PrimeTech-Overview-1.pdf "Prime Tech Product Overview") [3](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus")

[Cowbell profile](https://spot.insure/insurance-providers/cowbell)

## What Is Lockton?

Lockton is a privately held insurance brokerage that arranges commercial risk, employee benefits and retirement programs. US pages describe a technology practice and intermediary placement with insurers, not Lockton as the policy’s insurer. [5](https://global.lockton.com/us/en "Lockton United States") [6](https://global.lockton.com/us/en/technology "Technology") [7](https://global.lockton.com/us/en/terms-of-business "US Terms of Business")

[Lockton profile](https://spot.insure/insurance-providers/lockton)

## What Is Fiduciary Liability Insurance?

Fiduciary liability insurance addresses covered claims alleging breaches of duties in managing employee benefit plans. [9](https://www.dol.gov/sites/dolgov/files/ebsa/employers-and-advisers/guidance/field-assistance-bulletins/erisa-fidelity-bonding-requirements.pdf "Field Assistance Bulletin No. 2008-04: Guidance Regarding ERISA Fidelity Bonding Requirements") [10](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

## Key Differences in Fiduciary Liability Insurance

### Underwriting Versus Placement

Cowbell distributes Zurich’s fiduciary module; Zurich underwrites it. Lockton places fiduciary liability to protect companies and the people who manage benefit plans, and it is the broker, not the insurer. Lockton’s reviewed page does not name the markets it uses. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [3](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

### 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. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

### 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. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

### 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. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## What to Confirm in 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. [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")
- Ask for the issuer: Cowbell’s pages point to Zurich admitted paper; Lockton’s page does not name insurers. [3](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")
- Check insured-versus-additional-insured wording against Lockton’s listed classes and against Cowbell’s module declarations. [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises")
- 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. [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [3](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus")

## Offering Details

| Criteria | Cowbell / Zurich Select Plus Fiduciary Liability | Lockton Fiduciary Liability Insurance Brokerage |
| --- | --- | --- |
| 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. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [3](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") (Evidence: Company-reported; scope: 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. [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: Fiduciary liability product page as read 2026-09-23..) |
| Issuing Insurer | Cowbell and Zurich both say the Select Plus modules, including fiduciary liability, are written on Zurich admitted paper. Zurich's site footer names 'Zurich American Insurance Company' in its copyright notice, but neither page states that entity is the specific policy issuer for this module. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [3](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") (Evidence: Company-reported; scope: Management liability page intro; Zurich page intro and footer..) | The page does not name the insurers Lockton places fiduciary liability coverage with. [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") (Evidence: Not publicly disclosed; scope: Fiduciary liability page checked 2026-09-23..) |
| 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. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") (Evidence: Company-reported; scope: 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. [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: 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. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") (Evidence: Company-reported; scope: 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. [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form..) |
| Limits and Retentions | Neither the Cowbell page nor Zurich's own Select Plus page, both read in full, publishes fiduciary-liability limit or retention amounts. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [3](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") (Evidence: Not publicly disclosed; scope: Cowbell page and Zurich page, both read on 2026-09-23..) | Not described in the reviewed sources. |
| Risk Services | Both Cowbell and Zurich describe the Select Plus product generally as backed by 'the reputable Zurich Claims service'; neither reviewed page describes a fiduciary-specific service such as plan-compliance consulting. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [3](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") (Evidence: Not publicly disclosed; scope: Management liability page intro; Zurich page intro, both read on 2026-09-23..) | Not described in the reviewed sources. |
| How to Apply | This fiduciary module is accessed only by appointed Zurich E&S wholesalers through the Cowbell platform's API; it is not sold directly to businesses. [4](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") (Evidence: Company-reported; scope: FAQ 'How can I access the Zurich Select Plus management liability product through Cowbell?'..) | Not described in the reviewed sources. |
| Claims Support | Not described in the reviewed sources. | 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. [8](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: Fiduciary liability product page as read 2026-09-23..) |

## Full Comparison

- [Cowbell vs Lockton](https://spot.insure/compare/cowbell-vs-lockton): all coverage lines, business roles, service and claims.
- [What Is Fiduciary Liability Insurance?](https://spot.insure/coverage/fiduciary): Fiduciary liability insurance can help with covered claims alleging that your business or its people breached duties in managing an employee benefit plan.
- [Cowbell vs Lockton Crime Insurance](https://spot.insure/compare/cowbell-vs-lockton/crime)
- [Cowbell vs Lockton Cyber Insurance](https://spot.insure/compare/cowbell-vs-lockton/cyber)
- [Cowbell vs Lockton D&O Insurance](https://spot.insure/compare/cowbell-vs-lockton/directors-officers)
- [Cowbell vs Lockton Employment Practices Liability Insurance](https://spot.insure/compare/cowbell-vs-lockton/employment-practices)
- [Alliance Risk vs Cowbell Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-cowbell/fiduciary)
- [Alliance Risk vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-lockton/fiduciary)
- [Beazley vs Cowbell Fiduciary Liability Insurance](https://spot.insure/compare/beazley-vs-cowbell/fiduciary)
- [Beazley vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/beazley-vs-lockton/fiduciary)
- [Chubb vs Cowbell Fiduciary Liability Insurance](https://spot.insure/compare/chubb-vs-cowbell/fiduciary)
- [Chubb vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/chubb-vs-lockton/fiduciary)

## Sources

### Cowbell

1. [Cowbell](https://cowbell.insure/). Cowbell; What We Do; Assess, Insure, Respond and Improve; U.S. navigation; footer legal disclosure. Accessed 2026-09-15.
2. [Prime Tech Product Overview](https://cowbell.insure/wp-content/uploads/pdfs/CB-US-PrimeTech-Overview-1.pdf). Cowbell; PDF pp. 1–4: non-admitted combined Technology E&O and cyber for technology businesses up to $1 billion; up to $5 million; surplus lines in 50 states; edition PRIME TECH US0001 1025. Accessed 2026-09-16.
3. [Small and Midsize Business Management Liability | Zurich Select Plus](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability). Zurich North America; Intro on the Zurich/Cowbell collaboration; module name 'Fiduciary Liability'; FAQ 'What is the difference between management liability and D&O?' (identical to Cowbell's page); Targeted industries list; footer copyright. Accessed 2026-09-23.
4. [Management liability coverage for small & medium enterprises](https://cowbell.insure/mgmt-liability/). Cowbell; FAQ 'What is the difference between management liability and D&O?' (Fiduciary Liability definition); Target industries list; FAQ on access and account size. Accessed 2026-09-23.

### Lockton

5. [Lockton United States](https://global.lockton.com/us/en). Lockton; Opening description of independent insurance brokerage for risk, benefits and retirement; Ask an Expert link to contact-us. Accessed 2026-09-16.
6. [Technology](https://global.lockton.com/us/en/technology). Lockton; Industry introduction; cyber liability heading; dedicated technology team; listed services including claims advocacy, contract review, directors and officers liability, and international program design; 24/7 service model. Accessed 2026-09-16.
7. [US Terms of Business](https://global.lockton.com/us/en/terms-of-business). Lockton; Opening entity definition; Surplus Lines; Use of a Particular Insurer; Compensation Disclosure; servicing, claims handling and renewal language in Confidentiality section; Intermediaries. Accessed 2026-09-16.
8. [Fiduciary Liability Insurance](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance). Lockton; What is fiduciary liability insurance?; Typical coverage on a fiduciary liability policy; Who can be covered under a fiduciary liability policy?; How does fiduciary liability insurance complement similar lines of coverage; Claims management. Accessed 2026-09-23.

### Fiduciary Liability Insurance Guide

9. [Field Assistance Bulletin No. 2008-04: Guidance Regarding ERISA Fidelity Bonding Requirements](https://www.dol.gov/sites/dolgov/files/ebsa/employers-and-advisers/guidance/field-assistance-bulletins/erisa-fidelity-bonding-requirements.pdf). U.S. Department of Labor, Employee Benefits Security Administration; Q2 pp.2–3. Accessed 2026-09-16.
10. [Fiduciary Liability Insurance](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability). Travelers; What Is Fiduciary Liability Insurance?. Accessed 2026-09-16.

Updated 2026-09-23. Spot, a product of Tools for Enlightenment, publishes this research and works in the commercial insurance market. The comparison applies the same criteria to both providers. [Editorial policy](https://spot.insure/editorial-policy). To suggest a correction, [contact Spot](https://spot.insure/contact) with the page URL and supporting source.

## Agent and Developer Resources

- [Markdown page](https://spot.insure/compare/cowbell-vs-lockton/fiduciary.md)
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