---
title: "Liberty Mutual vs Lockton: Fiduciary Liability Insurance"
description: "Compare how Liberty Mutual and Lockton structure fiduciary liability insurance coverage, then check the policy form, eligibility, and quote route."
canonical: "https://spot.insure/compare/liberty-mutual-vs-lockton/fiduciary"
page-type: "line-comparison"
updated-at: "2026-09-30"
comparison-pair: "liberty-mutual-vs-lockton"
provider-a: "liberty-mutual"
provider-b: "lockton"
coverage-line: "fiduciary"
---

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

## Agent Guide

**What this page is:** Focused comparison of Liberty Mutual and Lockton for Fiduciary Liability Insurance: what each provider publishes about this line, checked against the same criteria, with numbered sources.

**Use this page when:** Cite or fetch this for Fiduciary Liability Insurance questions about Liberty Mutual versus Lockton. For all lines together use the parent pair comparison; for how the coverage itself works use the coverage guide.

**Questions this page answers:**
- Liberty Mutual vs Lockton for Fiduciary Liability Insurance: how do they differ?
- Which is better for Fiduciary Liability Insurance, Liberty Mutual or Lockton?
- What does Liberty Mutual or Lockton publish about Fiduciary Liability Insurance (limits, eligibility, claims, add-ons)?
- What should I confirm in a quote for Fiduciary Liability Insurance from Liberty Mutual or Lockton?

**Key facts:**
- Line: Fiduciary Liability Insurance. Providers: Liberty Mutual and Lockton.
- Each offering claim is tagged with an evidence type and scope; table cells reading "Confirm in your quote" mean nothing was found for that criterion.
- Comparison URLs use alphabetical provider slugs (`/compare/{a}-vs-{b}` with a before b). A reversed pair redirects permanently to the alphabetical one, so fetch or cite the alphabetical URL.

**Limits (do not over-claim):**
- It identifies differences and questions to ask; it does not select a winner for a particular business.
- "Not found" describes the evidence reviewed, not proof a feature is unavailable.
- Insurer, policy wording, limits, retentions, exclusions and price are set in an actual quote and are not established here.

**Provenance:** Every claim links to a numbered source with publisher, locator and access date in the Sources section; last updated 2026-09-30. Editorial policy: /editorial-policy.

**Related pages:**
- [Liberty Mutual vs Lockton](https://spot.insure/compare/liberty-mutual-vs-lockton) — parent: all coverage lines for this pair
- [Fiduciary Liability Insurance guide](https://spot.insure/coverage/fiduciary) — coverage explainer for this line
- [Liberty Mutual profile](https://spot.insure/insurance-providers/liberty-mutual) — provider profile (evidence)
- [Lockton profile](https://spot.insure/insurance-providers/lockton) — provider profile (evidence)
- [Liberty Mutual vs Lockton Crime Insurance](https://spot.insure/compare/liberty-mutual-vs-lockton/crime) — sibling comparison (other line, or other pair for this line)
- [Liberty Mutual vs Lockton Cyber Insurance](https://spot.insure/compare/liberty-mutual-vs-lockton/cyber) — sibling comparison (other line, or other pair for this line)
- [Liberty Mutual vs Lockton General Liability Insurance](https://spot.insure/compare/liberty-mutual-vs-lockton/general-liability) — sibling comparison (other line, or other pair for this line)
- [Liberty Mutual vs Lockton Surety Bonds](https://spot.insure/compare/liberty-mutual-vs-lockton/surety-bonds) — sibling comparison (other line, or other pair for this line)
- [Liberty Mutual vs Lockton Workers’ Compensation Insurance](https://spot.insure/compare/liberty-mutual-vs-lockton/workers-compensation) — sibling comparison (other line, or other pair for this line)
- [AIG vs Liberty Mutual Fiduciary Liability Insurance](https://spot.insure/compare/aig-vs-liberty-mutual/fiduciary) — sibling comparison (other line, or other pair for this line)
- [AIG vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/aig-vs-lockton/fiduciary) — sibling comparison (other line, or other pair for this line)
- [Alliance Risk vs Liberty Mutual Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-liberty-mutual/fiduciary) — sibling comparison (other line, or other pair for this line)
- [Alliance Risk vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-lockton/fiduciary) — sibling comparison (other line, or other pair for this line)
- [Aon vs Liberty Mutual Fiduciary Liability Insurance](https://spot.insure/compare/aon-vs-liberty-mutual/fiduciary) — sibling comparison (other line, or other pair for this line)
- [Aon vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/aon-vs-lockton/fiduciary) — sibling comparison (other line, or other pair for this line)

# Liberty Mutual vs Lockton: How Do They Compare for Fiduciary Liability Insurance?

Compare how Liberty Mutual and Lockton structure fiduciary liability insurance coverage, then check the policy form, eligibility, and quote route.

## Research Scope and Use

Use this comparison to evaluate Liberty Mutual 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

Liberty Mutual’s record describes a broker placement with claims counsel versus package underwriting; Lockton’s reviewed offering gives a distinct route or detail. Check both quoted forms for your business. [3](https://business.libertymutual.com/commercial-insurance-solutions/management-liability/proshield/ "ProShield") [7](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## What Is Liberty Mutual Business Insurance?

Liberty Mutual spans small-commercial, commercial, specialty, surety, and reinsurance businesses. The insurer and distribution route depend on the product, so check the offer and policy before you compare terms. [1](https://www.libertymutualgroup.com/about-lm/investor-relations/our-company/company-profile "Company Profile") [2](https://business.libertymutual.com/commercial-solutions/ "Commercial Insurance Solutions")

[Liberty Mutual profile](https://spot.insure/insurance-providers/liberty-mutual)

## What Is Lockton?

Lockton suits technology companies and larger businesses seeking a broker across cyber, D&O, property, liability and benefits; small firms wanting an instant standard quote should compare digital agencies. [4](https://global.lockton.com/us/en "Lockton United States") [5](https://global.lockton.com/us/en/technology "Technology") [6](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 can protect your company and plan fiduciaries when participants claim mishandling of an employee benefit plan. If you sponsor a retirement or health plan, check who is insured and whether both administration errors and fiduciary-breach claims are addressed. [8](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") [9](https://asset.trvstatic.com/download/assets/fri-3001.pdf/c75b6c8e63ca11ee93454641efede6a9 "Fiduciary Liability") [10](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

## Key Differences in Fiduciary Liability Insurance

### Broker placement with claims counsel versus package underwriting

Lockton places fiduciary liability with insurers and says its claims team integrates claims counsel into the broking team before a claim. Liberty Mutual packages fiduciary liability in ProShield. Buyers should compare the broker’s pre-claim planning service with the specific claims process and combined limits in Liberty Mutual’s policy. [3](https://business.libertymutual.com/commercial-insurance-solutions/management-liability/proshield/ "ProShield") [7](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

### Typical coverage terms versus selected package features

Lockton describes typical coverage for benefit-law breaches, plan-administration errors, voluntary compliance losses, and certain fines when expressly included. Liberty Mutual lists fiduciary-duty protection and selected defense and compliance features, with exact terms in the policy. Compare each form’s penalties and voluntary-correction provisions. [3](https://business.libertymutual.com/commercial-insurance-solutions/management-liability/proshield/ "ProShield") [7](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## What to Confirm in Fiduciary Liability Insurance Quotes

- Ask Lockton which fines and compliance losses are endorsed; ask Liberty Mutual for covered penalties, defense advancement, and the ProShield aggregate. [3](https://business.libertymutual.com/commercial-insurance-solutions/management-liability/proshield/ "ProShield") [7](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")

## Offering Details

| Criteria | Liberty Mutual ProShield Fiduciary Liability | Lockton Fiduciary Liability Insurance Brokerage |
| --- | --- | --- |
| Role in This Line | Liberty Mutual includes fiduciary liability in its ProShield management-liability package. [3](https://business.libertymutual.com/commercial-insurance-solutions/management-liability/proshield/ "ProShield") (Evidence: Company-reported; scope: Liberty Mutual’s cited product or program overview documents this description. It does not establish the issuing insurer for an individual quote, exact state or provincial availability, the policy form, complete exclusions, or terms offered to a particular buyer; confirm those in the quote and policy documents..) | 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. [7](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 | Confirm in your quote. | The page does not name the insurers Lockton places fiduciary liability coverage with. [7](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 | The source scopes ProShield to private and not-for-profit organizations; it does not establish eligibility for a particular plan or sponsor. [3](https://business.libertymutual.com/commercial-insurance-solutions/management-liability/proshield/ "ProShield") (Evidence: Company-reported; scope: Liberty Mutual’s cited product or program overview documents this description. It does not establish the issuing insurer for an individual quote, exact state or provincial availability, the policy form, complete exclusions, or terms offered to a particular buyer; confirm those in the quote and policy documents..) | 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. [7](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 | The page describes protection for fiduciaries, benefit plans and sponsors against fiduciary-duty exposures and lists selected defense-cost and compliance features; the policy form determines terms. [3](https://business.libertymutual.com/commercial-insurance-solutions/management-liability/proshield/ "ProShield") (Evidence: Company-reported; scope: Liberty Mutual’s cited product or program overview documents this description. It does not establish the issuing insurer for an individual quote, exact state or provincial availability, the policy form, complete exclusions, or terms offered to a particular buyer; confirm those in the quote and policy documents..) | 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. [7](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 cited public overview does not establish the limits, deductibles, exclusions or form terms that would apply to a specific buyer. [3](https://business.libertymutual.com/commercial-insurance-solutions/management-liability/proshield/ "ProShield") (Evidence: Not publicly disclosed; scope: Ask for the quote and specimen or issued policy forms before treating a listed feature as covered..) | Confirm in your quote. |
| Risk Services | Liberty Mutual describes ProShield as one package policy that combines multiple management-liability coverages and is designed to reduce the need for separate endorsements. [3](https://business.libertymutual.com/commercial-insurance-solutions/management-liability/proshield/ "ProShield") (Evidence: Company-reported; scope: Liberty Mutual’s cited product or program overview documents this description. It does not establish the issuing insurer for an individual quote, exact state or provincial availability, the policy form, complete exclusions, or terms offered to a particular buyer; confirm those in the quote and policy documents..) | Confirm in your quote. |
| Claims Support | Confirm in your quote. | 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. [7](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

- [Liberty Mutual vs Lockton](https://spot.insure/compare/liberty-mutual-vs-lockton): all coverage lines, business roles, service and claims.
- [What Is Fiduciary Liability Insurance?](https://spot.insure/coverage/fiduciary): Fiduciary liability can protect your company and plan fiduciaries from covered claims about benefit-plan management; check who is insured and whether administration errors are included.
- [Liberty Mutual vs Lockton Crime Insurance](https://spot.insure/compare/liberty-mutual-vs-lockton/crime)
- [Liberty Mutual vs Lockton Cyber Insurance](https://spot.insure/compare/liberty-mutual-vs-lockton/cyber)
- [Liberty Mutual vs Lockton General Liability Insurance](https://spot.insure/compare/liberty-mutual-vs-lockton/general-liability)
- [Liberty Mutual vs Lockton Surety Bonds](https://spot.insure/compare/liberty-mutual-vs-lockton/surety-bonds)
- [Liberty Mutual vs Lockton Workers’ Compensation Insurance](https://spot.insure/compare/liberty-mutual-vs-lockton/workers-compensation)
- [AIG vs Liberty Mutual Fiduciary Liability Insurance](https://spot.insure/compare/aig-vs-liberty-mutual/fiduciary)
- [AIG vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/aig-vs-lockton/fiduciary)
- [Alliance Risk vs Liberty Mutual Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-liberty-mutual/fiduciary)
- [Alliance Risk vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-lockton/fiduciary)
- [Aon vs Liberty Mutual Fiduciary Liability Insurance](https://spot.insure/compare/aon-vs-liberty-mutual/fiduciary)
- [Aon vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/aon-vs-lockton/fiduciary)

## Sources

### Liberty Mutual

1. [Company Profile](https://www.libertymutualgroup.com/about-lm/investor-relations/our-company/company-profile). Liberty Mutual Group; Strategic business units paragraph: US Retail Markets (individuals/small businesses; small commercial; countrywide) and Global Risk Solutions (mid-size/large businesses; commercial, specialty, reinsurance, surety; worldwide).. Accessed 2026-09-29.
2. [Commercial Insurance Solutions](https://business.libertymutual.com/commercial-solutions/). Liberty Mutual Business Insurance; Commercial solutions index names commercial auto and fleet, cyber, environmental liability, equipment breakdown, excess and surplus, general liability, healthcare liability, inland marine, management liability, multinational, ocean marine, professional liability, property, reinsurance, surety, umbrella/excess and workers compensation. Disclosure says policy insurer is named when offered, may be an affiliate/subsidiary or surplus-lines insurer; states/jurisdictions and actual policy terms vary.. Accessed 2026-09-29.
3. [ProShield](https://business.libertymutual.com/commercial-insurance-solutions/management-liability/proshield/). Liberty Mutual Business Insurance; Opening paragraphs identify package combining directors and officers, employment practices, fiduciary, and crime coverages; D&O and crime sections describe examples of exposures and selected coverage features. Examples are not policy terms.. Accessed 2026-09-29.

### Lockton

4. [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.
5. [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.
6. [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.
7. [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

8. [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.
9. [Fiduciary Liability](https://asset.trvstatic.com/download/assets/fri-3001.pdf/c75b6c8e63ca11ee93454641efede6a9). Travelers Casualty and Surety Company of America; II.D,J–L pp.2–3; II.A p.1; II.V p.5; Header p.1; II.M p.3; I p.1; III.A.6–8 pp.5–6; II.M.2 p.3; III.B.1 p.6. Accessed 2026-09-16.
10. [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 2026-09-30. 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.

## Liberty Mutual Reviews

Review Score: 7.2 / 10 from 2 rated sources, equally weighted.

Customers give Liberty Mutual 4.2 out of 5 on Trustpilot from 3,836 reviews, but that page mixes auto, home and life customers with business ones. For business insurance specifically, NerdWallet gives 3.0 out of 5 and reports more complaints than expected.

- NerdWallet: NerdWallet editorial rating 3.0/5 (NerdWallet proprietary editorial score; not a consumer rating average or Spot Score). NerdWallet business-insurance editorial review, updated June 3, 2026. Its 3.0/5 is NerdWallet’s editorial score, not a consumer average or Spot Rating. It reports above-expected commercial-property and general-liability complaints for 2022–2024 and a low J.D. Power result. Period: Page updated June 3, 2026. Checked 2026-09-29. [Liberty Mutual Business Insurance Review 2026: Big Company Dogged by Customer Complaints](https://www.nerdwallet.com/business/insurance/learn/liberty-mutual-business-insurance)
- Trustpilot: Trustpilot consumer TrustScore 4.2/5 (Platform aggregate for a mixed Liberty Mutual brand profile; not business-only); 3836 reviews. Company-wide Liberty Mutual Trustpilot profile. Its description highlights auto, home and life insurance; review excerpts are not restricted to commercial buyers or one issuing entity. The displayed score/count are a consumer-review-site aggregate, separate from editorial ratings and survey data. Period: Displayed September 29, 2026; live total changes. Checked 2026-09-29. [Liberty Mutual Reviews](https://www.trustpilot.com/review/www.libertymutual.com)

Reviewed 2026-09-29. [Read the sourced review](https://spot.insure/insurance-providers/liberty-mutual/reviews).

## Lockton Reviews

Review Score: 8.4 / 10 from 3 rated sources, equally weighted.

Lockton’s reviews vary by office and entity. Local Google-derived ratings provide some service feedback, but no reliable firmwide verdict.

- BBB: BBB grade A+ (BBB letter grade). Denver BBB profile for Lockton Companies, LLC; corporate profile, not insurer/customer-star aggregate. Checked 2026-09-25. [Lockton Companies, LLC | BBB Business Profile](https://www.bbb.org/us/co/denver/profile/insurance-companies/lockton-companies-llc-1296-9971)
- ProvenExpert (Google Maps aggregation): Google Maps aggregate shown by ProvenExpert 4 (0–5 stars); 44 reviews. Aggregator profile labeled Lockton, insurance brokerage/consulting, attached to 444 W 47th St, Suite 900, Kansas City, Missouri. This is location-level evidence and should not be treated as firmwide consensus. ProvenExpert says the 44 reviews are from Google Maps; it does not show review-level dates in the captured result. Period: Profile active/updated 2026-08-18; accessed 2026-09-25. Checked 2026-09-25. [Lockton Reviews & Experiences | ProvenExpert](https://www.provenexpert.com/en-us/lockton/)
- Birdeye (aggregates Google and Birdeye reviews): combined Google/Birdeye star rating 3.6 (0–5 stars); 144 reviews. Office/program-specific Lockton Affinity, LLC profile at 10895 Lowell Ave, Overland Park, Kansas; not Lockton Companies, LLC firmwide. Birdeye identifies 141 Google reviews plus 3 Birdeye reviews. Period: Accessed 2026-09-25; visible excerpts dated about 3 years earlier. Checked 2026-09-25. [Lockton Affinity, LLC | Birdeye](https://reviews.birdeye.com/lockton-affinity-llc-542637984)

Reviewed 2026-09-25. [Read the sourced review](https://spot.insure/insurance-providers/lockton/reviews).

## Agent and Developer Resources

- [Markdown page](https://spot.insure/compare/liberty-mutual-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)