Gallagher vs 
Lockton Fiduciary Liability Insurance
Gallagher models fiduciary limits for ERISA committees; Lockton describes typical cover for voluntary compliance, named fines, and a dedicated claims team.
What Is Gallagher?
Gallagher is a business-insurance broker and risk-management consultancy. Its technology practice serves startups through global enterprises, alongside a separate small-business offering for IT professionals and an executive-risk practice covering D&O and transaction-related coverages. Woodruff Sawyer is now part of Gallagher. 1,2,3,4,5
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. 6,7,8
What Is Fiduciary Liability Insurance?
Fiduciary liability insurance addresses covered claims alleging breaches of duties in managing employee benefit plans. 10,11
Key Differences in Fiduciary Liability Insurance
How Each Advises Before Binding
Gallagher says it uses proprietary models to measure fiduciary risk and help select limits. Lockton describes typical coverage terms in more detail—breaches of benefit laws, administration errors, voluntary compliance loss, and selected statutory fines—and separates fiduciary liability from a required ERISA bond. Neither reviewed page names the insurers it uses. 3 9
Committees Versus a Long Insured List
Gallagher focuses on corporations’ ERISA fiduciaries, fiduciary committees, and people who design or implement 401(k) or pension plans. Lockton lists who a typical policy may cover: the organization, the plans, employees, defined subsidiaries, spouses, estates, past employees retained as fiduciaries or consultants, and committees and trustees. 3 9
Claims Staffing
Lockton’s Professional & Executive Risk Claims team integrates insurance and claims counsel so strategy exists before a fiduciary claim. Gallagher’s reviewed page emphasizes limit modeling rather than a named fiduciary claims unit. 9 3
What to Confirm in Fiduciary Liability Insurance Quotes
- Ask Lockton whether voluntary compliance and named fines are on the form, and whether Gallagher’s market matches that. 9 3
- Compare Gallagher’s modeled limit with Lockton’s proposed limit; neither page publishes a default. 3 9
- Check insured schedules against Lockton’s listed classes. 9
- Ask how each broker would handle a claim, given Lockton’s named claims team. 9
Offering Details
Gallagher vs Lockton Fiduciary Liability Insurance: documented features by provider
| Criteria | Gallagher Fiduciary Liability Insurance | Lockton Fiduciary Liability Insurance Brokerage |
|---|---|---|
| Role in This Line | Gallagher's Executive and Financial Risk practice places fiduciary liability coverage with outside carriers and advises on limits; it does not underwrite the policy. 3Company-reported. Group-level executive-and-financial-risk practice page. | 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. 9Company-reported. Fiduciary liability product page as read 2026-09-23. |
| Issuing Insurer | The executive-and-financial-risk page does not name the insurer that would issue a given client's fiduciary liability policy. 3Not publicly disclosed. Checked the group-level executive-and-financial-risk practice page. | The page does not name the insurers Lockton places fiduciary liability coverage with. 9Not publicly disclosed. Fiduciary liability page checked 2026-09-23. |
| Who It’s For | Gallagher targets this coverage at corporations sponsoring retirement or welfare benefit plans, since the described exposure is tied specifically to ERISA fiduciary duties. 3Company-reported. Group-level executive-and-financial-risk practice 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. 9Company-reported. Fiduciary liability product page as read 2026-09-23. |
| Coverage Features | Gallagher describes fiduciary liability as protecting a corporation's Employee Retirement Income Security Act (ERISA) fiduciaries, fiduciary committees and personnel who design or implement 401(k) or pension plans for employees and retirees. 3Company-reported. Group-level executive-and-financial-risk practice page; a service description, not a specific policy's insuring agreement or exclusions. | 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. 9Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form. |
| Limits and Retentions | The page does not publish specific fiduciary liability limits or premium ranges beyond describing its proprietary limit-selection models. 3Not publicly disclosed. Checked the group-level executive-and-financial-risk practice page. | Not described in the reviewed sources. |
| Risk Services | Gallagher says it has proprietary models to measure fiduciary risk and assist clients in selecting coverage limits. 3Company-reported. Group-level executive-and-financial-risk practice page. | 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. 9Company-reported. Fiduciary liability product page as read 2026-09-23. |
Full Comparison
More Gallagher vs Lockton Comparisons
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Sources
Gallagher
- Technology Insurance. Gallagher; Introduction; Solutions and coverages for the technology industry: Technology errors and omissions including cyber, Intellectual property insurance, Product liability, Employee benefits; Data-driven insights; global network. Accessed 2026-09-16.
- Insurance for Technology & IT Businesses. Gallagher Small Business; Protection for IT Professionals & Their Technology-Based Businesses; recommended coverage menu, including Surety Bond Programs; Connect With An Advisor. Accessed 2026-09-16.
- Executive and Financial Risk Insurance. Gallagher; Fiduciary Liability (Pension and Welfare Liability) insurance section. Accessed 2026-09-23.
- Legal Information. Gallagher Small Business; Producer identification immediately above Quick Links. Accessed 2026-09-16.
- Woodruff Sawyer Is Now Gallagher. Gallagher; Opening; Executive and Financial Risk consulting; Continued access to client portals; contact form. Accessed 2026-09-16.
Lockton
- Lockton United States. Lockton; Opening description of independent insurance brokerage for risk, benefits and retirement; Ask an Expert link to contact-us. Accessed 2026-09-16.
- 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.
- US 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.
- 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
- Field Assistance Bulletin No. 2008-04: Guidance Regarding ERISA Fidelity Bonding Requirements. U.S. Department of Labor, Employee Benefits Security Administration; Q2 pp.2–3. Accessed 2026-09-16.
- Fiduciary Liability Insurance. Travelers; What Is Fiduciary Liability Insurance? Accessed 2026-09-16.
