Heffernan Insurance Brokers vs Marsh: How Do They Compare for Fiduciary Liability Insurance?

Heffernan Insurance Brokers serves business clients and family offices with fiduciary protection; Marsh places fiduciary policies for retirement-plan sponsors and describes typical defense and settlement coverage.

Heffernan serves businesses, family offices and financial firms; Marsh FINPRO focuses on retirement-plan sponsors, describes defense and settlement cover and supports claims. ^1,^2,³

What Are the Key Differences Between Heffernan Insurance Brokers and Marsh Fiduciary Liability Insurance?

Family Offices Versus Retirement-Plan Sponsors

Heffernan lists fiduciary for businesses and for family offices, trusts, trustees, advisors and other financial institutions. Marsh’s FINPRO practice places it for retirement-plan sponsors and fiduciaries; Marsh McLennan Agency also lists fiduciary among executive and professional lines. ¹ ² ³ ⁴

What Marsh Says a Policy Typically Pays—and Does Not

Marsh says a typical policy covers defense costs, damages, judgments and settlements from a fiduciary’s breach of duty or from negligence, errors or omissions in administering a benefit plan, but does not cover contractual liability, so it cannot guarantee a plan’s obligation to pay benefits due. Heffernan’s family-office listing does not describe that contractual-liability limit or those payment types. ² ³ Marsh also says a typical policy insures the sponsor organization, the benefit plans and plan fiduciaries who are directors, officers or employees of the sponsor. ³

Risk Assessment Versus Control Review and Advocacy

Heffernan’s family-office practice describes a Risk Management Assessment of structures, assets and exposures, then insurance strategies and claims navigation, via a Private Client Group contact. Marsh says FINPRO helps identify red flags in fiduciary controls, builds programs from limit assessment through carrier selection, and provides claims advocates from the outset of a claim. ² ³

What Should You Confirm in Heffernan Insurance Brokers and Marsh Fiduciary Liability Insurance Quotes?

Ask Marsh how the contractual-liability exclusion would treat unpaid benefits on your plans. ³
Ask Heffernan whether you sit in the family-office book or general business book, and who is named as an insured versus Marsh’s sponsor, plan and employee-fiduciary list. ² ³
Confirm whether the Marsh quote comes through FINPRO or MMA, and who the selected carrier is. ³ ⁴
Compare claims help: Heffernan’s navigation language versus Marsh’s claims advocates. ² ³

Heffernan Insurance Brokers vs Marsh Fiduciary Liability Compared

Heffernan Insurance Brokers vs Marsh: Fiduciary Liability Insurance: documented features by provider

Criteria	Heffernan Fiduciary Liability Insurance	Marsh Fiduciary Liability Insurance
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.	Marsh says a fiduciary liability policy typically insures the sponsor organization, the benefit plans it operates, and plan fiduciaries who are directors, officers or employees of the plan sponsor. ³Company-reported. Fiduciary liability page, Who is covered? FAQ.
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.	Marsh says a fiduciary liability policy typically covers defense costs, damages, judgments and settlements from a fiduciary's breach of duty or from negligence, errors or omissions in administering a benefit plan, but does not cover contractual liability, so it cannot guarantee a plan's obligation to pay benefits due. ³Company-reported. Fiduciary liability page FAQs; illustrative policy description, not a specific policy 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.	Marsh's FINPRO (financial and professional) practice places fiduciary liability insurance for retirement plan sponsors and fiduciaries; MMA also lists fiduciary coverage within its executive and professional liability practice. ^3,⁴Company-reported. Marsh fiduciary liability page and MMA executive and professional liability page.
Risk Services	Heffernan's family-office practice describes a Risk Management Assessment: itemizing a client's structures, assets, and exposures; crafting insurance and risk-management strategies to close coverage gaps; and helping navigate claims, for its fiduciary and financial-institution client base. ²Company-reported. Family Office page as read on 2026-09-23; a company-described service, not a measured outcome.	Marsh says its FINPRO practice helps clients identify red flags in fiduciary controls, builds fiduciary liability programs from limit assessment to carrier selection, and provides claims advocacy to help resolve claims from the outset. ³Company-reported. Fiduciary liability page, Why Marsh section.