---
title: "Lockton vs Travelers Fiduciary Liability Insurance"
description: "Lockton brokers typical fiduciary grants and an ERISA-bond distinction; Travelers underwrites the line through named Travelers casualty affiliates."
canonical: "https://spot.insure/compare/lockton-vs-travelers/fiduciary"
page-type: "line-comparison"
updated-at: "2026-09-23"
---

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# Lockton vs Travelers Fiduciary Liability Insurance

Lockton brokers typical fiduciary grants and an ERISA-bond distinction; Travelers underwrites the line through named Travelers casualty affiliates.

## Research Scope and Use

Use this comparison to evaluate Lockton and Travelers 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

Lockton places fiduciary liability with typical grants, a detailed insured list and a Professional & Executive Risk Claims team. Travelers underwrites fiduciary liability for companies and individuals who manage retirement or health plans, naming Travelers Casualty and Surety Company of America and affiliates. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

## 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. [1](https://global.lockton.com/us/en "Lockton United States") [2](https://global.lockton.com/us/en/technology "Technology") [3](https://global.lockton.com/us/en/terms-of-business "US Terms of Business")

[Lockton profile](https://spot.insure/insurance-providers/lockton)

## What Is Travelers Insurance?

Travelers is a U.S. property-casualty insurance group that markets business coverage, including a technology practice, through independent agents and brokers. Buyers can investigate CyberRisk Tech, a small-business technology-services policy, and other commercial lines, then confirm the issuing company and California availability on a quote. [5](https://www.travelers.com/business-insurance/technology "Technology Insurance") [6](https://www.travelers.com/about-travelers/producer-compensation-disclosure "Travelers Producer Compensation Disclosure (United States)") [7](https://www.travelers.com/contact-us "Contact Us")

[Travelers profile](https://spot.insure/insurance-providers/travelers)

## What Is Fiduciary Liability Insurance?

Fiduciary liability insurance addresses covered claims alleging breaches of duties in managing employee benefit plans. [9](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") [10](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

## Key Differences in Fiduciary Liability Insurance

### Placement Versus Named Issuer

Lockton brokers fiduciary liability and does not name the insurers it uses. Travelers underwrites the coverage in Management & Professional Liability, standalone or with other management-liability coverages, and the product-page video names Travelers Casualty and Surety Company of America and property-casualty affiliates. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

### Typical Grants Versus ERISA Personal-Liability Copy

Lockton describes typical cover for benefit-law breaches, administration errors, voluntary compliance loss and optional statutory fines, and distinguishes fiduciary liability from a legally required ERISA bond. Travelers describes protection from mismanagement claims and personal liability for ERISA breach of fiduciary duty, including litigation costs and plan-administration errors. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

Lockton lists possible insureds such as spouses, estates, former-employee consultants, committees and trustees. Travelers markets the product to financial institutions, nonprofits, private companies and public companies. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

### Claims Team Versus Independent Agent

Lockton’s Professional & Executive Risk Claims team integrates counsel before a claim. Travelers coverage is bought through a Travelers independent agent. Travelers cites industry claim-cost examples as context, not as policy limits; Lockton’s reviewed page does not publish limits. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

## What to Confirm in Fiduciary Liability Insurance Quotes

- Ask whether Lockton is placing Travelers paper or another market. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")
- Confirm the Travelers issuing company on the declarations. [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")
- Ask Lockton whether HIPAA, ACA or Pension Protection Act fines are scheduled and whether an ERISA bond is also in force. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance")
- Compare individual ERISA personal liability on the Travelers form with Lockton’s typical insured roster. [4](https://global.lockton.com/us/en/products-services/fiduciary-liability-insurance "Fiduciary Liability Insurance") [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance")

## Offering Details

| Criteria | Lockton Fiduciary Liability Insurance Brokerage | Travelers Fiduciary Liability Insurance |
| --- | --- | --- |
| 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. [4](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..) | Travelers underwrites fiduciary liability insurance as part of its Management & Professional Liability line, sold standalone or alongside other management liability coverages. [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: Product page general framing; confirmed against the broader Management and Professional Liability Insurance page..) |
| Issuing Insurer | The page does not name the insurers Lockton places fiduciary liability coverage with. [4](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..) | The product page's video disclosure names Travelers Casualty and Surety Company of America and its property casualty affiliates; the specific issuing entity for a given policy can vary. [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: Product page video legal footer..) |
| 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. [4](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..) | Travelers markets fiduciary liability coverage to financial institutions, nonprofit organizations, private companies and public companies. [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: Product page "Who is fiduciary liability insurance right for?" section..) |
| 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. [4](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..) | Travelers says fiduciary liability coverage protects companies and individuals who manage a company-sponsored retirement or health plan from claims of mismanagement and personal liability for breach of fiduciary duty under ERISA, including litigation costs and errors or omissions in plan administration. [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: Product page "What Is Fiduciary Liability Insurance?" and "What does fiduciary liability insurance cover?" sections; exact terms and exclusions are set by the issued policy..) |
| Limits and Retentions | Not described in the reviewed sources. | The reviewed page does not publish fiduciary liability limits, retentions or premiums; it cites industry claim examples (settlements and defense costs from roughly $1 million to $14 million, and an average ERISA case cost topping $1.2 million) as general risk context, not as policy terms. [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance") (Evidence: Not found in reviewed sources; scope: Product page video claim scenarios and cost statistics as read on 2026-09-23..) |
| How to Apply | Not described in the reviewed sources. | Fiduciary liability coverage is bought through a Travelers independent agent. [8](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability "Fiduciary Liability Insurance") (Evidence: Company-reported; scope: Product page "Find an insurance agent" call to action..) |
| Claims Support | 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. [4](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..) | Not described in the reviewed sources. |

## Full Comparison

- [Lockton vs Travelers](https://spot.insure/compare/lockton-vs-travelers): 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.
- [Lockton vs Travelers Cargo and Transit Insurance](https://spot.insure/compare/lockton-vs-travelers/cargo-transit)
- [Lockton vs Travelers Commercial Property Insurance](https://spot.insure/compare/lockton-vs-travelers/commercial-property)
- [Lockton vs Travelers Crime Insurance](https://spot.insure/compare/lockton-vs-travelers/crime)
- [Lockton vs Travelers Cyber Insurance](https://spot.insure/compare/lockton-vs-travelers/cyber)
- [Lockton vs Travelers D&O Insurance](https://spot.insure/compare/lockton-vs-travelers/directors-officers)
- [Lockton vs Travelers Employment Practices Liability Insurance](https://spot.insure/compare/lockton-vs-travelers/employment-practices)
- [Lockton vs Travelers General Liability Insurance](https://spot.insure/compare/lockton-vs-travelers/general-liability)
- [Lockton vs Travelers Surety Bonds](https://spot.insure/compare/lockton-vs-travelers/surety-bonds)
- [Lockton vs Travelers Workers’ Compensation Insurance](https://spot.insure/compare/lockton-vs-travelers/workers-compensation)
- [Alliance Risk vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-lockton/fiduciary)
- [Alliance Risk vs Travelers Fiduciary Liability Insurance](https://spot.insure/compare/alliance-risk-vs-travelers/fiduciary)
- [Beazley vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/beazley-vs-lockton/fiduciary)
- [Beazley vs Travelers Fiduciary Liability Insurance](https://spot.insure/compare/beazley-vs-travelers/fiduciary)
- [Chubb vs Lockton Fiduciary Liability Insurance](https://spot.insure/compare/chubb-vs-lockton/fiduciary)
- [Chubb vs Travelers Fiduciary Liability Insurance](https://spot.insure/compare/chubb-vs-travelers/fiduciary)

## Sources

### Lockton

1. [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.
2. [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.
3. [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.
4. [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.

### Travelers

5. [Technology Insurance](https://www.travelers.com/business-insurance/technology). Travelers; Technology insurance products we offer: CyberRisk Tech, Global Companion Plus+, general liability, commercial property, workers compensation, commercial auto, umbrella; startup-to-established-leader audience. Accessed 2026-09-16.
6. [Travelers Producer Compensation Disclosure (United States)](https://www.travelers.com/about-travelers/producer-compensation-disclosure). Travelers; Independent producers; seven compensation types; Simply Business, Inc. and InsuraMatch, LLC ownership; The Travelers Indemnity Company footer; Northfield Excess & Surplus Lines product list. Accessed 2026-09-16.
7. [Contact Us](https://www.travelers.com/contact-us). Travelers; Business insurance sold through independent agents; business claims 1.800.238.6225; MyTravelers for business features. Accessed 2026-09-16.
8. [Fiduciary Liability Insurance](https://www.travelers.com/business-insurance/professional-liability-insurance/fiduciary-liability). Travelers; What Is Fiduciary Liability Insurance?; What does fiduciary liability insurance cover?; Who is fiduciary liability insurance right for?; video legal footer naming Travelers Casualty and Surety Company of America. Accessed 2026-09-23.

### Fiduciary Liability Insurance Guide

9. [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.
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 2026-09-23. 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.

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