Heffernan Insurance Brokers vs 
Lockton: How Do They Compare for Fiduciary Liability Insurance?
Heffernan Insurance Brokers serves business clients and family offices through an executive-risk practice; Lockton brokers fiduciary policies for employers and benefit plans and offers dedicated claims support.
Heffernan targets businesses, family offices and financial firms and offers a Risk Management Assessment; Lockton describes typical fiduciary terms, insureds and claims support. 1,2,3
What Are the Key Differences Between Heffernan Insurance Brokers and Lockton Fiduciary Liability Insurance?
Client Segments Each Broker Names
Heffernan splits fiduciary between business-insurance clients and its family-office practice, which also serves trusts, trustees, advisors and financial institutions. Lockton describes coverage for companies and the people managing benefit plans but does not publish a family-office segment list. 1 2 3
Policy Structure Versus Line Listing
Lockton says a typical policy it places covers breaches of benefit laws, errors and omissions in plan administration, voluntary compliance loss, and, when the form says so, certain fines and penalties under HIPAA, the Pension Protection Act and the ACA. It also distinguishes fiduciary liability from an ERISA bond, which is legally required and sits in crime/fidelity cover for theft of plan assets. Heffernan’s family-office page lists fiduciary among other management-liability lines without describing those grants or the ERISA-bond distinction. 2 3 Lockton also lists who a typical policy can cover: the organization, the plans, employees, defined subsidiaries, spouses or domestic partners, estates and heirs, past employees kept as fiduciaries or consultants, and committees and trustees. 3
Claims Counsel Versus Risk Assessment
Lockton’s Professional & Executive Risk Claims team puts insurance and claims counsel inside the broking team so a claims strategy exists before a fiduciary claim. Heffernan’s family-office practice instead describes a Risk Management Assessment of structures, assets and exposures, plus help navigating claims, reached through a Private Client Group specialist rather than a self-serve quote. 2 3
What Should You Confirm in Heffernan Insurance Brokers and Lockton Fiduciary Liability Insurance Quotes?
- Ask Lockton whether HIPAA, Pension Protection Act and ACA fines are actually scheduled, since it says they apply only when explicitly stated. 3
- Ask Heffernan which practice is placing you—business insurance or family office—and who is named as an insured compared with Lockton’s typical list. 2 3
- Confirm you still have any legally required ERISA bond; Lockton treats that as a different product from fiduciary liability. 3
- Ask how each firm will handle a claim: Lockton’s integrated claims counsel versus Heffernan’s assessment-and-navigation description. 2 3
Heffernan Insurance Brokers vs Lockton Fiduciary Liability Compared
Heffernan Insurance Brokers vs Lockton: Fiduciary Liability Insurance: documented features by provider
| Criteria | Heffernan Fiduciary Liability Insurance | Lockton Fiduciary Liability Insurance Brokerage |
|---|---|---|
| Who It’s For | Heffernan offers fiduciary liability to two named segments: general business clients through its business-insurance brokerage, and family offices, trust companies, trustees, financial advisors, private equity firms, foundations, and other financial institutions through its family-office practice. 1,2Company-reported. Direct practice-page listings; no minimum size or asset-under-management threshold was published for the coverage specifically. | 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. 3Company-reported. Fiduciary liability product page as read 2026-09-23. |
| Coverage Features | On the family-office page, fiduciary liability insurance is listed alongside directors and officers, professional liability, employment practices liability, trustee liability, and other management-liability-adjacent lines as coverage the practice can arrange, without describing the policy's insuring agreement or exclusions. 2Company-reported. Family Office page as read on 2026-09-23. | 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. 3Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form. |
| Role in This Line | Heffernan places fiduciary liability coverage within its general corporate/executive-protection lineup and again within a dedicated family-office and financial-institution practice. It shops and places the coverage with insurers rather than underwriting it. 1,2Company-reported. Business Insurance and Family Office page listings; no dedicated fiduciary-liability product page was found. | 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. 3Company-reported. Fiduciary liability product page as read 2026-09-23. |
