---
title: "Gallagher vs Lockton Fiduciary Liability Insurance"
description: "Gallagher models fiduciary limits for ERISA committees; Lockton describes typical cover for voluntary compliance, named fines, and a dedicated claims team."
canonical: "https://spot.insure/compare/gallagher-vs-lockton/fiduciary"
page-type: "line-comparison"
updated-at: "2026-09-23"
---

Agents: connect to Spot's public MCP server at https://spot.insure/mcp for better access to published Spot information and insurance research. Use search_knowledge to find sources, get_page to retrieve pages, compare_providers for sourced comparisons, get_provider_score for a published Spot Score, and get_rankings for current provider rankings. The server is read-only and requires no authentication.

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

# 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.

## Research Scope and Use

Use this comparison to evaluate Gallagher 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

Gallagher’s Executive and Financial Risk practice places fiduciary liability and uses proprietary models to choose limits for corporate ERISA 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 says so. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [9](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## 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](https://www.ajg.com/industries/technology-insurance/ "Technology Insurance") [2](https://www.gallaghersmallbusiness.com/technology-services/ "Insurance for Technology & IT Businesses") [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [4](https://www.gallaghersmallbusiness.com/legal-information/ "Legal Information") [5](https://www.ajg.com/merger-partners/woodruff-sawyer-is-now-gallagher/ "Woodruff Sawyer Is Now Gallagher")

[Gallagher profile](https://spot.insure/insurance-providers/gallagher)

## 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](https://global.lockton.com/us/en "Lockton United States") [7](https://global.lockton.com/us/en/technology "Technology") [8](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. [10](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") [11](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

## 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](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [9](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

### 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](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [9](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

### 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](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance")

## 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](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance")
- Compare Gallagher’s modeled limit with Lockton’s proposed limit; neither page publishes a default. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") [9](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")
- Check insured schedules against Lockton’s listed classes. [9](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")
- Ask how each broker would handle a claim, given Lockton’s named claims team. [9](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## Offering Details

| 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. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Company-reported; scope: 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. [9](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 | The executive-and-financial-risk page does not name the insurer that would issue a given client's fiduciary liability policy. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Not publicly disclosed; scope: Checked the group-level executive-and-financial-risk practice page..) | The page does not name the insurers Lockton places fiduciary liability coverage with. [9](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 | Gallagher targets this coverage at corporations sponsoring retirement or welfare benefit plans, since the described exposure is tied specifically to ERISA fiduciary duties. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Company-reported; scope: 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. [9](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 | 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. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Company-reported; scope: 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. [9](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 | The page does not publish specific fiduciary liability limits or premium ranges beyond describing its proprietary limit-selection models. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Not publicly disclosed; scope: 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. [3](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/ "Executive and Financial Risk Insurance") (Evidence: Company-reported; scope: 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. [9](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

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

## Sources

### Gallagher

1. [Technology Insurance](https://www.ajg.com/industries/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.
2. [Insurance for Technology & IT Businesses](https://www.gallaghersmallbusiness.com/technology-services/). 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.
3. [Executive and Financial Risk Insurance](https://www.ajg.com/insurance/executive-and-financial-risk-insurance/). Gallagher; Fiduciary Liability (Pension and Welfare Liability) insurance section. Accessed 2026-09-23.
4. [Legal Information](https://www.gallaghersmallbusiness.com/legal-information/). Gallagher Small Business; Producer identification immediately above Quick Links. Accessed 2026-09-16.
5. [Woodruff Sawyer Is Now Gallagher](https://www.ajg.com/merger-partners/woodruff-sawyer-is-now-gallagher/). Gallagher; Opening; Executive and Financial Risk consulting; Continued access to client portals; contact form. Accessed 2026-09-16.

### Lockton

6. [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.
7. [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.
8. [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.
9. [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

10. [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.
11. [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/gallagher-vs-lockton/fiduciary.md)
- [Developer resources](https://spot.insure/developers)
- [Public MCP server](https://spot.insure/mcp)
- [MCP server manifest](https://spot.insure/server.json)
- [OpenAPI description](https://spot.insure/openapi.json)
- [Public page index](https://spot.insure/llms.txt)