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

Founder Shield places fiduciary coverage for plan sponsors and individual fiduciaries; Lockton brokers it for organizations and benefit plans and provides support through a professional-risk claims team.

Founder Shield uses fiduciary carriers rated A- or better by AM Best; Lockton describes typical coverage for benefit-law breaches and plan-administration errors, including certain stated fines. ^2,^3,⁴

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

Markets Named by Rating Versus Typical Form Terms

Founder Shield selects insurers by financial rating and industry fit. Lockton instead describes typical policy terms, including voluntary-compliance loss and certain statutory fines when explicitly stated, and explains that fiduciary liability is separate from the required ERISA bond. ² ³ ⁴

Who Is Insured

Founder Shield speaks to sponsors with a 401(k) or similar plan and to individuals who handle plan funds. Lockton lists the organization, the plans, employees, defined subsidiaries, spouses, estates, past employees retained as fiduciaries or consultants, and committees and trustees. ¹ ⁴

Claims Support

Lockton describes a Professional & Executive Risk Claims team that integrates insurance and claims counsel before a fiduciary claim. Founder Shield’s reviewed fiduciary sources describe placement mechanics, not a line-specific claims unit. ⁴ ²

Application

You ask Founder Shield or an advisor to approach carriers. Lockton’s page is a product-and-service description for a broking team rather than a self-serve bind. ² ³ ⁴

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

Ask Lockton whether voluntary compliance and named fines are included, and whether Founder Shield’s market offers the same. ⁴ ¹
Compare insured schedules with Lockton’s listed classes. ⁴
Confirm Founder Shield’s A-rated issuer name; Lockton’s page leaves markets unnamed. ³ ⁴
Ask how each broker would staff a fiduciary claim. ⁴ ²

Founder Shield vs Lockton Fiduciary Liability Insurance Compared

Founder Shield vs Lockton: Fiduciary Liability Insurance: documented features by provider

Criteria	Founder Shield Fiduciary Liability Insurance	Lockton Fiduciary Liability Insurance Brokerage
Who It’s For	Founder Shield markets fiduciary liability to plan sponsors offering a 401(k) or similar plan and to the individual fiduciaries who handle plan funds or property. ¹Company-reported. Fiduciary Liability product page.	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. ⁴Company-reported. Fiduciary liability product page as read 2026-09-23.
Coverage Features	Founder Shield lists claims of risky plan investments, poor investment advice, administrative errors in benefits processing, and improper denial or change of benefits as scenarios fiduciary liability responds to. ¹Company-reported. Product page; the issued policy and declarations control actual coverage. Founder Shield distinguishes fiduciary liability from D&O and general liability: it responds to breach-of-fiduciary-duty claims tied to ERISA plan administration, not general management or bodily-injury claims. ¹Company-reported. Fiduciary Liability product page.	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. ⁴Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.
Role in This Line	Founder Shield is a retail insurance brokerage, described on its site as “the innovation arm of The Baldwin Group,” and places Founder Shield Fiduciary Liability Insurance with third-party carriers rather than underwriting the policy itself. ²Company-reported. About-us page; applies to Founder Shield's brokerage model generally, restated here for this line.	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. ⁴Company-reported. Fiduciary liability product page as read 2026-09-23.

Criteria

Founder Shield Fiduciary Liability Insurance

Lockton Fiduciary Liability Insurance Brokerage

Who It’s For

Founder Shield markets fiduciary liability to plan sponsors offering a 401(k) or similar plan and to the individual fiduciaries who handle plan funds or property. ¹Company-reported. Fiduciary Liability product page.

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. ⁴Company-reported. Fiduciary liability product page as read 2026-09-23.

Coverage Features

Founder Shield lists claims of risky plan investments, poor investment advice, administrative errors in benefits processing, and improper denial or change of benefits as scenarios fiduciary liability responds to. ¹Company-reported. Product page; the issued policy and declarations control actual coverage.

Founder Shield distinguishes fiduciary liability from D&O and general liability: it responds to breach-of-fiduciary-duty claims tied to ERISA plan administration, not general management or bodily-injury claims. ¹Company-reported. Fiduciary Liability product page.

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. ⁴Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.

Role in This Line

Founder Shield is a retail insurance brokerage, described on its site as “the innovation arm of The Baldwin Group,” and places Founder Shield Fiduciary Liability Insurance with third-party carriers rather than underwriting the policy itself. ²Company-reported. About-us page; applies to Founder Shield's brokerage model generally, restated here for this line.

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. ⁴Company-reported. Fiduciary liability product page as read 2026-09-23.