---
title: "Cowbell vs Lockton: Fiduciary Liability Insurance"
description: "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."
canonical: "https://spot.insure/compare/cowbell-vs-lockton/fiduciary"
page-type: "line-comparison"
updated-at: "2026-09-25"
comparison-pair: "cowbell-vs-lockton"
provider-a: "cowbell"
provider-b: "lockton"
coverage-line: "fiduciary"
---

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

## Agent Guide

**What this page is:** Focused comparison of Cowbell and Lockton for Fiduciary Liability Insurance: what each provider publishes about this line, checked against the same criteria, with numbered sources.

**Use this page when:** Cite or fetch this for Fiduciary Liability Insurance questions about Cowbell versus Lockton. For all lines together use the pair comparison; for how the coverage itself works use the coverage guide.

**Questions this page answers:**
- Cowbell vs Lockton for Fiduciary Liability Insurance: how do they differ?
- Which is better for Fiduciary Liability Insurance, Cowbell or Lockton?
- What does Cowbell or Lockton publish about Fiduciary Liability Insurance (limits, eligibility, claims, add-ons)?

**Key facts:**
- Line: Fiduciary Liability Insurance. Providers: Cowbell and Lockton.
- Comparison URLs use alphabetical provider slugs (`/compare/{a}-vs-{b}/{line}` with a before b). A reversed pair redirects permanently to the alphabetical one.

**Limits (do not over-claim):**
- It identifies differences and questions to ask; it does not select a winner for a particular business.
- Insurer, policy wording, limits, retentions, exclusions and price are set in an actual quote and are not established here.

**Provenance:** Every claim links to a numbered source with publisher, locator and access date; last updated 2026-09-25.

**Related pages:**
- [Cowbell vs Lockton](https://spot.insure/compare/cowbell-vs-lockton) — all coverage lines for this pair
- [Fiduciary Liability Insurance guide](https://spot.insure/coverage/fiduciary) — how this coverage works
- [Cowbell profile](https://spot.insure/insurance-providers/cowbell) — provider profile
- [Lockton profile](https://spot.insure/insurance-providers/lockton) — provider profile

# 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’s Zurich fiduciary module targets private firms under 250 employees and $50 million in assets; Lockton describes typical coverage for administration errors and certain stated fines.

## Cowbell vs Lockton Fiduciary Liability Insurance Summary

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](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [2](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") [3](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## 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](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [2](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") [3](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. [1](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [3](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. [1](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [3](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. [1](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [3](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## 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](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. [2](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus") [3](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. [3](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [1](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. [3](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [2](https://www.zurichna.com/insurance/excess-and-surplus/small-business-management-liability "Small and Midsize Business Management Liability | Zurich Select Plus")

## Cowbell vs Lockton Fiduciary Liability Insurance Compared

| 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. [1](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. [3](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. [1](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. [3](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..) |
| 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](https://cowbell.insure/mgmt-liability/ "Management liability coverage for small & medium enterprises") [2](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. [3](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..) |

## About Cowbell and Lockton and Fiduciary Liability Insurance

- [Cowbell company profile](https://spot.insure/insurance-providers/cowbell) · [Cowbell customer reviews](https://spot.insure/insurance-providers/cowbell/reviews)
- [Lockton company profile](https://spot.insure/insurance-providers/lockton) · [Lockton customer reviews](https://spot.insure/insurance-providers/lockton/reviews)
- [What Is Fiduciary Liability Insurance?](https://spot.insure/coverage/fiduciary)

## Related Pages for Cowbell vs Lockton Fiduciary Liability Insurance

- [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 can protect your company and plan fiduciaries from covered claims about benefit-plan management; check who is insured and whether administration errors are included.
- [Cowbell Fiduciary Liability Insurance](https://spot.insure/insurance-providers/cowbell/fiduciary)
- [Lockton Fiduciary Liability Insurance](https://spot.insure/insurance-providers/lockton/fiduciary)

## Sources for Cowbell vs Lockton Fiduciary Liability Insurance

### Sources About Cowbell

1. [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.
2. [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.

### Sources About Lockton

3. [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.

Updated 2026-09-25. 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.

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