---
title: "Founder Shield vs Lockton Fiduciary Liability Insurance"
description: "Founder Shield places A-rated fiduciary paper for 401(k) sponsors; Lockton describes typical cover for voluntary compliance and named statutory fines plus a dedicated claims team."
canonical: "https://spot.insure/compare/foundershield-vs-lockton/fiduciary"
page-type: "line-comparison"
updated-at: "2026-09-23"
---

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

# Founder Shield vs Lockton Fiduciary Liability Insurance

Founder Shield places A-rated fiduciary paper for 401(k) sponsors; Lockton describes typical cover for voluntary compliance and named statutory fines plus a dedicated claims team.

## Research Scope and Use

Use this comparison to evaluate Founder Shield 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

Founder Shield places fiduciary liability with AM Best A-rated carriers for plan sponsors and individual fiduciaries. Lockton brokers the line and describes a typical policy as covering benefit-law breaches, administration errors, voluntary compliance loss, and certain HIPAA, Pension Protection Act, and ACA fines when the form provides them. [7](https://foundershield.com/about-us/ "About Us") [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") [11](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## What Is Founder Shield Insurance?

Founder Shield is a commercial insurance broker for venture-backed and growing businesses. Buyers can request coverage through its online portal and work with advisors on insurer selection, policy changes and claims reporting. [1](https://foundershield.com/ "Founder Shield") [2](https://apx.foundershield.com/ "Quote Portal") [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") [4](https://foundershield.com/insurance-faqs/general-faqs/what-if-our-company-grows-a-lot-or-things-change-during-the-year/ "What If Our Company Grows A Lot or Things Change During the Year?") [5](https://foundershield.com/claims/ "Claims")

[Founder Shield profile](https://spot.insure/insurance-providers/foundershield)

## 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. [8](https://global.lockton.com/us/en "Lockton United States") [9](https://global.lockton.com/us/en/technology "Technology") [10](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. [12](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") [13](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

## Key Differences in Fiduciary Liability Insurance

### Markets Named by Rating Versus Typical Form Terms

Founder Shield places the line with A-rated carriers and does not underwrite. Lockton also brokers rather than issues, and its page does not name markets; it instead describes typical policy terms, including voluntary compliance loss and certain statutory fines, and separates fiduciary liability from a legally required ERISA bond. [7](https://foundershield.com/about-us/ "About Us") [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") [11](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

### 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. [6](https://foundershield.com/coverage/fiduciary-liability-insurance/ "Fiduciary Liability Insurance") [11](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

### 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. [11](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [7](https://foundershield.com/about-us/ "About Us")

### 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. [7](https://foundershield.com/about-us/ "About Us") [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") [11](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## What to Confirm in Fiduciary Liability Insurance Quotes

- Ask Lockton whether voluntary compliance and named fines are included, and whether Founder Shield’s market offers the same. [11](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [6](https://foundershield.com/coverage/fiduciary-liability-insurance/ "Fiduciary Liability Insurance")
- Compare insured schedules with Lockton’s listed classes. [11](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")
- Confirm Founder Shield’s A-rated issuer name; Lockton’s page leaves markets unnamed. [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") [11](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")
- Ask how each broker would staff a fiduciary claim. [11](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [7](https://foundershield.com/about-us/ "About Us")

## Offering Details

| Criteria | Founder Shield Fiduciary Liability Insurance | Lockton Fiduciary Liability Insurance Brokerage |
| --- | --- | --- |
| 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. [7](https://foundershield.com/about-us/ "About Us") (Evidence: Company-reported; scope: 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. [11](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 | Founder Shield says it places policies, including Founder Shield Fiduciary Liability Insurance, only with carriers rated A- or better by AM Best, chosen for the client's industry. It does not name the issuing insurer for this line; that depends on which carrier the policy is placed with. [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") (Evidence: Company-reported; scope: General carrier-selection FAQ, not specific to this line's placements..) | The page does not name the insurers Lockton places fiduciary liability coverage with. [11](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 | 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. [6](https://foundershield.com/coverage/fiduciary-liability-insurance/ "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: 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. [11](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 | 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. [6](https://foundershield.com/coverage/fiduciary-liability-insurance/ "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: Product page; the issued policy and declarations control actual coverage..)<br><br>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. [6](https://foundershield.com/coverage/fiduciary-liability-insurance/ "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: 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. [11](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..) |
| How to Apply | You request Founder Shield Fiduciary Liability Insurance through Founder Shield's website or an insurance advisor rather than binding coverage directly; Founder Shield says its placement team then approaches carriers on the client's behalf. [7](https://foundershield.com/about-us/ "About Us") [3](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/ "How Do You Decide Which Carriers to Approach?") (Evidence: Company-reported; scope: About-us and carrier-selection pages describe the general placement process, not a line-specific application form..) | 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. [11](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

- [Founder Shield vs Lockton](https://spot.insure/compare/foundershield-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.
- [Founder Shield vs Lockton Cargo and Transit Insurance](https://spot.insure/compare/foundershield-vs-lockton/cargo-transit)
- [Founder Shield vs Lockton Commercial Property Insurance](https://spot.insure/compare/foundershield-vs-lockton/commercial-property)
- [Founder Shield vs Lockton Crime Insurance](https://spot.insure/compare/foundershield-vs-lockton/crime)
- [Founder Shield vs Lockton Cyber Insurance](https://spot.insure/compare/foundershield-vs-lockton/cyber)
- [Founder Shield vs Lockton D&O Insurance](https://spot.insure/compare/foundershield-vs-lockton/directors-officers)
- [Founder Shield vs Lockton Employee Health Benefits](https://spot.insure/compare/foundershield-vs-lockton/employee-health-benefits)
- [Founder Shield vs Lockton Employment Practices Liability Insurance](https://spot.insure/compare/foundershield-vs-lockton/employment-practices)
- [Founder Shield vs Lockton General Liability Insurance](https://spot.insure/compare/foundershield-vs-lockton/general-liability)
- [Founder Shield vs Lockton Product Liability Insurance](https://spot.insure/compare/foundershield-vs-lockton/product-liability)
- [Founder Shield vs Lockton Representations and Warranties Insurance](https://spot.insure/compare/foundershield-vs-lockton/representations-warranties)
- [Founder Shield vs Lockton Workers’ Compensation Insurance](https://spot.insure/compare/foundershield-vs-lockton/workers-compensation)
- [Alliance Risk vs Founder Shield Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-foundershield/fiduciary)
- [Alliance Risk vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-lockton/fiduciary)
- [Beazley vs Founder Shield Fiduciary Liability Insurance](https://spot.insure/compare/beazley-vs-foundershield/fiduciary)
- [Beazley vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/beazley-vs-lockton/fiduciary)
- [Chubb vs Founder Shield Fiduciary Liability Insurance](https://spot.insure/compare/chubb-vs-foundershield/fiduciary)
- [Chubb vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/chubb-vs-lockton/fiduciary)

## Sources

### Founder Shield

1. [Founder Shield](https://foundershield.com/). Founder Shield; Opening broker description; Specialized Practices; Smart Tech, Smarter People; quote and sign-in links. Accessed 2026-09-15.
2. [Quote Portal](https://apx.foundershield.com/). Founder Shield; Public landing screen, Create Account and Sign In links. Accessed 2026-09-15.
3. [How Do You Decide Which Carriers to Approach?](https://foundershield.com/insurance-faqs/general-faqs/how-do-you-decide-which-carriers-to-approach/). Founder Shield; FAQ answer on carrier selection: works exclusively with A-rated (AM Best) carriers, matched by industry appetite. Accessed 2026-09-23.
4. [What If Our Company Grows A Lot or Things Change During the Year?](https://foundershield.com/insurance-faqs/general-faqs/what-if-our-company-grows-a-lot-or-things-change-during-the-year/). Founder Shield; Carl Niedbala answer, November 25, 2024: operational changes and coverage adjustments. Accessed 2026-09-15.
5. [Claims](https://foundershield.com/claims/). Founder Shield; Our Approach; How We Support Claims Management, steps 1–5; Make a claim link. Accessed 2026-09-15.
6. [Fiduciary Liability Insurance](https://foundershield.com/coverage/fiduciary-liability-insurance/). Founder Shield; What Is Fiduciary Liability Insurance?; Who Needs Fiduciary Liability Insurance Coverage?; What Does Fiduciary Liability Insurance Cover?. Accessed 2026-09-23.
7. [About Us](https://foundershield.com/about-us/). Founder Shield; “Founder Shield is the innovation arm of The Baldwin Group”; company history and mission. Accessed 2026-09-23.

### Lockton

8. [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.
9. [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.
10. [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.
11. [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

12. [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.
13. [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.

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