Who Needs Fiduciary Liability Insurance?

Exposure depends on plan type, decision-making authority, and who the policy treats as insured. Review plan documents and policy definitions together.

Insurance does not erase those duties, and neither every employer nor every person connected to a plan is automatically an insured under a policy. Consider the plans you sponsor, who makes investment and eligibility decisions, which tasks are delegated, and how providers are monitored. Then compare those facts with the quote’s definitions of insured person, organization and employee benefit plan, including subsidiaries, new plans and acquired plans. Ask whether the broker has scheduled every relevant plan and role.