Lockton vs RiskCube: How Do They Compare for Fiduciary Liability Insurance?

Lockton brokers fiduciary policies for organizations, benefit plans, and administrators; RiskCube lists the line in its startup catalogue and describes coverage for directors and plan administrators.

Lockton describes typical fiduciary grants and eligible insureds; RiskCube lists the line for startup 401(k), health and stock-option plans and says institutional investors often require it. ^1,²

What Are the Key Differences Between Lockton and RiskCube Fiduciary Liability Insurance?

Broker Roles on This Line

Lockton describes coverage for companies and the people who manage benefit plans. RiskCube lists fiduciary in its startup catalogue for directors, officers and plan administrators. ¹ ²

What Each Coverage Description Includes

Lockton says a typical policy it places covers breaches of benefit laws, errors and omissions in plan administration, voluntary compliance loss, and, when explicitly stated, certain HIPAA, Pension Protection Act and ACA fines. It also notes fiduciary liability is distinct from an ERISA bond that insures plan assets against theft. RiskCube’s catalogue describes the cover as protecting directors, officers and plan administrators against claims of mismanaging employee benefit plans, including 401(k) plans, health benefits and stock option programs. ¹ ²

Those are two different published pictures of the same line: Lockton’s typical grants and statutory-fine caveat versus RiskCube’s benefit-plan types, including stock options. The issued form still controls. ¹ ²

Who Each Says the Purchase Is For

Lockton says coverage typically extends to the organization, the benefit plans, employees, defined subsidiaries, spouses or domestic partners, estates and heirs, past employees retained as fiduciaries or consultants, and committees and trustees. RiskCube says fiduciary liability is required by many institutional investors, positioning it as an investor-driven purchase rather than coverage every startup is expected to carry from day one. ¹ ²

What Should You Confirm in Lockton and RiskCube Fiduciary Liability Insurance Quotes?

Ask RiskCube whether stock-option programs are on the form if that is why investors asked for the line. ²
Ask Lockton whether statutory fines are scheduled and whether an ERISA bond is also being placed. ¹
Compare named insureds with Lockton’s typical list; RiskCube’s catalogue does not publish that roster. ¹ ²
Ask each which insurer would issue the policy; Lockton’s page and RiskCube’s catalogue both leave that unnamed. ¹ ²

Lockton vs RiskCube Fiduciary Liability Insurance Compared

Lockton vs RiskCube: Fiduciary Liability Insurance: documented features by provider

Criteria	Lockton Fiduciary Liability Insurance Brokerage	RiskCube Fiduciary Liability Insurance
Who It’s For	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. ¹Company-reported. Fiduciary liability product page as read 2026-09-23.	RiskCube's catalogue says fiduciary liability coverage is "required by many institutional investors," positioning it as an investor-driven purchase rather than a coverage every startup is expected to carry from day one. ²Company-reported. Catalogue marketing description, not an underwriting eligibility rule.
Coverage Features	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. ¹Company-reported. Fiduciary liability product page as read 2026-09-23. General policy-structure description, not a specimen form.	RiskCube's catalogue describes fiduciary liability as covering directors, officers and plan administrators against claims of mismanaging employee benefit plans, including 401(k) plans, health benefits and stock option programs. ²Company-reported. One-paragraph catalogue card; no policy form or exclusion list was found for this line.
Role in This Line	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. ¹Company-reported. Fiduciary liability product page as read 2026-09-23.	RiskCube lists Fiduciary Liability Insurance as one line in its startup catalogue, sold through RiskCube Insurance Services, LLC, which the catalogue page describes as an "Independent brokerage." RiskCube does not underwrite the policy itself. ²Company-reported. Catalogue-level description; no fiduciary-liability-specific product page exists to confirm additional role detail.